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Debt Relief Industry

New Government Figures Show Unsecured Debt Dropping

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The latest Federal Reserve statistics are out for April, 2012 which show consumer credit increased at an annual rate of 3 percent in April. Revolving credit decreased at an annual rate of 4-3/4 percent, while nonrevolving credit increased at an annual rate of 7 percent. This is not good news for debt relief providers that typically only address unsecured debt ... Read More »

Everest Debt Solutions, FDN Solutions, and Tim Daniels Settle With FTC

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I’ve got to admit when I read the news of Everest Debt Solutions settling with the FTC over false and deceptive advertising claims I did say out loud, “I Told You So!” You see back in September of 2009 I answered a reader question “What Do You Think of Everest Debt Solutions? – Margo” and expressed my concerns over their ... Read More »

Scott Law Group Updates Debt Settlement Companies They’ve Filed Against

The Scott Law Group is very active in suing debt settlement companies in the State of Washington. Their litigation page now lists 59 debt settlement companies or related entities in active litigation. – Source They have recently added the following companies to their active litigation page. Debt Pay Gateway, Inc. Debt Pay, Inc. Fidelity Debt Solutions, LLC Global Debt Management, ... Read More »

California Mortgage Modification Attorney Brian Walker – Disbarred

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BRIAN ALAN WALKER [#206146], 42, of Fullerton was disbarred March 23, 2012, and was ordered to comply with rule 9.20 of the California Rules of Court. Walker stipulated to six counts of misconduct in 24 loan modification matters in which he allowed nonlawyers to run three businesses Walker had started. Prior to April 2008, Walker had a financial company, Walker ... Read More »

National Distressed Asset Relief Program – DARP, It’s B.S. Watch Out.

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A hero reader with a debt relief company sent in a recent mailer for National Distressed Asset Relief Program they received on behalf of a client. The mailer fine print says it is somehow related to a law firm but makes no mention of the firm. The claims in the mailer give the recipient the impression they have just received ... Read More »

DDS Debt Defense Services Still Up to Old Tactics

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A reader sent me in an email Jason Pestritto sent out from a company called DDS, who I believe to be Debt Defense Services. This email came from the same Phoenix Marketing Managers that I raised issues about in “Debt Dispute: Phoenix Marketing Managers Claim to Offer Next Big Debt Relief Product – Debt Defense Services.” And while the service ... Read More »

Attorney Shares Lessons Learned After Being Hired by Scam Debt Relief Company

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An attorney that will remain unnamed was brave enough to share their experience working for a debt relief company to help other attorneys that might consider doing the same thing. It’s a good example of what attorneys should watch out for to avoid getting into trouble. Get Out of Debt Guy – Twitter, G+, Facebook What I Learned From Being ... Read More »

Lloyd Ward, Amanda Ward, and More Named in Washington Class Action Suit

Dallas attorney Lloyd Ward who was very involved in the debt settlement business was recently hit with a class action suit in the State of Washington. The suit was filed by The Scott Law Group against Lloyd Ward & Associates, Lloyd Ward PC, The Lloyd Ward Group, Lloyd Ward, Amanda Ward (his wife), Silverleaf Debt Solutions, and Michael Miles. The ... Read More »

Creative Debt Solutions – Beware of These Apparent Idiots

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A reader brought a debt relief company to my attention, Creative Debt Solutions at creativedebtsolutions.org. Beware and watch out. I took a look at their site and I was very unhappy to find some of the previously discredited tactics being promoted on their site. Just when you thought stupid tricks like novation and unilateral terms on payments was finally tossed ... Read More »

United States Trustee Files More Allegations Against Morgan Drexen, Howard Law, Figueredo & Boutsis and Rosen & Wining

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Yesterday I wrote about a court filing by the United States Trustee against Morgan Drexen, Howard Law, Figueredo & Boutsis and Rosen & Wining. In that separate case you can read about here, some similar accusations were made as made in this case. On May 11, 2012 the United States Trustee, Donald F. Walton and United States Department of Justice ... Read More »

CC Brown Law, Fidelity Debt Solutions and Others Hit by Connecticut Department of Banking

The Connecticut Department of Banking is one busy department. A new wave of administrative orders and settlements is out again with some new debt industry participants named. Some readers may recognize some of the names instantly. One that caught my eye was CC Brown Law, that came up in a comment and was alleged to be indirectly related to a ... Read More »

Doug Van Arsdale and Credit Solutions Still In the Thick of It

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It seems that VD isn’t the only gift that keeps on giving. Apparently, running a debt relief company without a license does as well. Colorado Attorney General John Suthers just announced that his office has obtained a final agency order for civil penalties against Credit Solutions of America, LLC, a Dallas, Texas company, and Doug Van Arsdale, the company’s president, ... Read More »

U.S. Department of Justice Levels Deception and Fraud Allegations at Morgan Drexen and Others

On May 11, 2012 documents were filed in two bankruptcy cases by United States Department of Justice, Office of the United States Trustee against Morgan Drexen and others. The allegations made are very sternly worded. In the first document filed against Morgan Drexen, Howard Law, Figueredo & Boutsis, and Rosen & Wining the trial attorney for the Office of the ... Read More »

Judgment to be Secured With Cash or Bond in Lloyd Ward Kansas Default Judgment Case

A tipster (send in your tips here) wrote to me and directed me to a previous case that was filed against Lloyd Ward in Texas as a foreign judgment. Apparently the court in Texas has just ruled that Lloyd Ward, Lloyd Ward PC, Lloyd Ward & Associates and Lloyd Ward Group must deposit $119,000 in cash or bond “which is ... Read More »

CFPB Appears to Lay Ground Rules to Begin Enforcement in Debt Relief Industry

In a predatory move, the Consumer Financial Protection Bureau (CFPB) has issued a public request for comment over rules that could be used to regulate debt relief industry companies, both for-profit and not-for-profit. The document, “Procedural Rules to Establish Supervisory Authority over Certain Nonbank Covered Persons Based on Risk Determination” has been put out for public comment. Under this proposed ... Read More »

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