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Debt Relief Industry

AFCC Member 1st Financial Center Allegedly Sends Out Deceptive Advertisement. Consumer Calls AFCC Mailer Misleading.

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A reader just sent me a tip about a mailer they just received. The reader said, “Just wanted to forward you the attached mailing I received from American Fair Credit Council that I found to be appallingly misleading.” The message really caught my eye. For those of us familiar with the American Fair Credit Counsel (AFCC) we recognize it as ... Read More »

Let’s Play Do They Comply – North American Debt Relief

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A reader brought North American Debt Relief to my attention. It seems like a great opportunity to bring back our “Do They Comply” game. If you are not aware, “Do They Comply” is our game where we take a look at the website or claims of a debt relief company and comment about how you feel they are doing with ... Read More »

Consumer Survey by NFCC Shows People Are Wary About Real Help From Credit Counselors

On one hand you have to applaud the most recent release from the National Foundation for Credit Counseling. One thumb up. On the other hand it comes across as simply just more denial about the disturbing lanscape that faces narrow niche nonprofit credit counselors. The NFCC survey was an online poll conducted on the NFCC website. Right off the bat ... Read More »

Consumers Pull Back on Revolving Credit in June

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New Federal Reserve data out shows consumers decreased revolving credit debt by 5.1 percent in June 2012. However, non-revolving debt, that has student loans as a component, rose by 3 percent. Overall, outstanding revolving consumer credit dropped from $868.3 billion to $864.6 billion. The biggest pullback in issuance of revolving consumer credit came from depository institutions. Credit unions picked up ... Read More »

Debt Settlement Advice for Debt Settlement Companies and Consumers – Part 7 – Recovery

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When consumers encounter financial difficulty, I believe it is important to review their potential solutions with the possible end results in mind. To me, the entire purpose behind debt relief intervention, is recovery. What does the consumer need to do in order to resolve their situation, so they may recover, rebuild, and become productive again? That’s the basis for every ... Read More »

Ferry & Nicholas – “We Are Not a Settlement Company.” Walks Like a Duck.

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A reader and employee of a debt settlement company sent in a copy of a letter they received from a company out of Pennsylvania, Ferry & Nicholas. The tipster (send in your tips here) was confused and says, “They are not a debt settlement company, not attorneys but they will negotiate a settlement?” Yea, that is very odd indeed. So ... Read More »

Bankruptcy Filings Drop Again. Not Good News for Debt Relief Industry

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Bankruptcy filings have been a good indication of the overall consumer demand or need for debt relief services. As bankruptcy demand declines, so does the demand for other debt relief options such as debt settlement, and credit counseling. Data out just today shows a 14 percent drop in bankruptcy filings for the 12 month period ending June 30, 2012. For ... Read More »

New Free Consumer Credit and Debt News Service Launched by GetOutOfDebt.org

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We’ve just finished a new section of the website dedicated to the latest news and information on a wide variety of consumer credit and debt subjects. The news section is updated around the clock and both a daily email and realtime RSS feed are available for those who want to track the latest consumer credit and debt news, as we ... Read More »

Reader Sends in August Belmont Agreement for Debt Elimination Through Contract Review.

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A reader sent in a recent contract for services from the debt relief company August Belmont. The tipster (send in your tips here) wanted me to read and review the agreement. The August Belmont & Company services are described by them on their site. They say, “August Belmont & Company is a Private Lawyer Referral Service that educates and refers ... Read More »

Superior Debt Relief Services And Their Incomplete Settlement Averages

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A reader sent me a link to the Superior Debt Relief Services page on “Past Settlement Averages” and wanted my opinion on what it presented. Well if we were looking for a good example of what not to do in presenting fair and balanced information to consumers, this would be it. I’ll give them a half prop for trying to ... Read More »

It’s Official NationalDebtRelief.com Sends Out the Dumbest Debt Relief Press Release – Ever!

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Yesterday I spent the day working on the new consumer credit and debt news portal I’ve been building for readers. You can see a preview of the work in progress, here. I spotted the title of a press release fly by but I will admit it didn’t make me laugh till a reader sent it in and I had to ... Read More »

Robby Birnbaum is Everywhere. Board Member of National Association of Responsible Credit Repair Advisors

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A reader sent in a tip about an association, National Association of Responsible Credit Repair Advisors (NARCRA). This group says it “is an organization dedicated to improving the reputation and quality of the credit repair industry.” – Source Ironically the reader didn’t mention anything about Birnbaum being involved. They just wanted to let me know about a new credit repair ... Read More »

Legal Helpers Debt Resolution Allegedly Winding Down Business After Settling Class Action for Millions

In an article out today by Ameet Sachdev of the Chicago Tribune, for which I was interviewed, we learn an interesting fact. Jason Searns, the firm’s general counsel, said publicity surrounding the lawsuit and settlement has made it hard for Legal Helpers to attract new customers outside Illinois, and the decision was made to cease operations after servicing its existing ... Read More »

Latest Targets of Connecticut Enforcement Actions – June-July, 2012

Here is a summary of the latest enforcement actions against debt relief companies from Connecticut. Hopefully their experiences can become lessons learned so others can avoid the same fate. As you can see below, it’s been kind of a slow month. Get Out of Debt Guy – Twitter, G+, Facebook Debt Relief Servicing WHEREAS, the Notice alleges that Debt Relief ... Read More »

The Law Center for Consumer Debt and Craig Zimmerman Hit With Georgia Class Action Suit

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On July 10, 2012 Gerad Dure and Elza Dure filed suit (2:12-cv-00161-WCO) against The Law Center for Consumer Debt, Law Offices of Craig Zimmerman, Craig Zimmerman, and Madonna Powers. The Georgia class action suit alleges the Denendants violated the Georgia Debt Adjustment Act that strictly regulates the business of debt adjusting and specifically limits the charges, fees, contributions, or combinations ... Read More »

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