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Debt Relief Industry

2014 Projections Show a Bad Year for Debt Relief Companies

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TransUnion is out with data on 2014 delinquency projections. They are showing both flat delinquencies in mortgage and credit card areas. This is bad news for debt relief companies who are looking for increased demand of the services they offer. Not only is the projected trend to remain flat but at historically low levels. The national mortgage loan delinquency rate ... Read More »

Meracord, Noteworld, and Fidelity and Deposit Company Hit With Class Action

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While the flood of lawsuits against debt settlement companies has slowed considerably yet one more class action has been added against Meracord, Noteworld, and Fidelity and Deposit Company of Maryland. This time in Arizona. The complaint provides a very long description of the alleged actions and conspiracy between the debt settlement escrow company and the companies they elected to work ... Read More »

Town & Country Acceptance Corporation Debt Management Mailer

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Town & Country Acceptance Corporation recently sent out the following postcard to residents in Ohio. Town & Country Acceptance Corporation describes themselves as a debt management company. – Source An amazing reader sent in a new debt relief mailer through my I Buy Junk Mail program. Get Out of Debt Guy – Twitter, G+, Facebook This offer was able to ... Read More »

The Most Unique Debt Relief Help Wanted Ad Ever

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The debt relief industry never ceases to amaze me. A big hat tip goes to Damon Day for pointing out this help wanted advertisement to me. This one is certainly unique. Here is a debt relief company that starts off by calling all the other schemes we’ve lived through, scams. “TIRED OF SCAMS YET? Help Families &Make $$$ Student Loan ... Read More »

2013 Nationwide Debt Reduction Plan Mailer is for Debt and Student Loans

debt reduction mailer

As part of my I Buy Junk Mail program I received the following mailer that appears to be for an advanced fee debt settlement program called the 2013 Nationwide Debt Reduction Plan. The outside of the mailer looks like an official self mailer and has the familiar postal permit 1297 from Sacramento, California. The inside of the mailer appears to ... Read More »

Student Loan Assistance Center Marketing Mailer – I Buy Junk Mail

Student Loan Assistance Center

Susan sent in the following mailer to me from a generic sounding company, Student Loan Assistance Center. She also noticed the letter had the same Judy Pratt signature as other debt relief mailers have. The last one I covered was from the Debt Reduction Department. Click here. For those who may not know, I Buy Junk Mail so be sure ... Read More »

Canada Pushes Back on Debt Settlement With New Regulations

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In Ontario a bill passed recently which significantly impacts the delivery of debt settlement services there. First, I owe a big hat tip to a good friend up there in the great white north for alerting me to this. This new bill impacts both debt settlement companies and credit counselors. Bill 55, the Stronger Protection for Ontario Consumers Act 2013, ... Read More »

First Debt Settlement Plan Approved in Ireland Today

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It feels like a lifetime ago I first began working to bring debt settlement to the Republic of Ireland. Northern Ireland already has a form of debt settlement known at the Individual Voluntary Arrangement (IVA). Not only did ROI not have any chance of a formal debt settlement approach to dealing with creditors, but there was also no real consumer ... Read More »

Rural Housing Service is Looking for Debt Settlement Help

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If you are a debt relief company and have not yet reached out to the Rural Housing Service (RHS) to provide debt settlement or debt relief help to their clients, maybe you should. The Rural Housing Service (RHS) is a credit agency for rural housing and community development within the Rural Development mission area of the Department of Agriculture. RHS ... Read More »

CRL Report Results in Silence From the Debt Relief Industry

Lowering Coffin

The other day I published the debt settlement recommendation report from The Center for Responsible Lending (CRL), click here. As vocal as critics have been in attacking this site and myself for being outspoken about consumer unfriendly debt relief practices I felt certain people would have comments to offer about the CRL recommendations. But silence, except for one commenter. Some ... Read More »

CRL Comes Out With Debt Settlement Warning. Is it Fair?

Big Scam Dog

The Center for Responsible Lending just released a paper on debt settlement. Take a look at the information they published and add your comment below if you think their research is on the mark or way off base. It appears CRL relied upon data published by the American Fair Credit Council in making their determinations on effectiveness. CRL even thanks ... Read More »

Debt Relief Mortgage Modification Guys Headed to Jail

mans hands behind bars in jail or prison

The Office of the Special Inspector General for the Troubled Asset Relief Program has announced two Florida men were convicted of defrauding homeowners in Massachusetts and elsewhere in a home loan modification scam. Christopher S. Godfrey, 44, of Delray Beach, Fla., and Dennis Fischer, 42, of Highland Beach, Fla., were convicted of conspiracy, wire fraud, mail fraud, and misuse of ... Read More »

Debt Collection Complaints Latest Data

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A big hat tip to the folks at Collections & Credit Risk for posting a breakdown of the CFPB October data on debt collection complaints. According to the October data the debt collection complaints fell out like this: 485 (40.9%) continued attempts to collect debt not owed 244 (20.6%) communication tactics 233 (19.6%) disclosure verification of debt 82 (6.9%) false ... Read More »

New Opportunities for Debt Relief Under Community Development Services

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The Office of the Comptroller of the Currency, Treasury (OCC), Board of Governors of the Federal Reserve System (Board) and Federal Deposit Insurance Corporation (FDIC) have issued a notice that may be an opportunity for debt relief companies. Under the Community Reinvestment Act (CRA) banks are encouraged to participate in community development services. The community development services assist the banks ... Read More »

Connecticut Announces New Wave of Debt Relief Company Actions

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The State of Connecticut is very active when it comes to going after debt relief companies. I publish these actions as a warning to other debt relief companies so they can learn from the issues others have faced and avoid them. In particular it appears the State Department of Banking is taking action against attorneys who are not licensed in ... Read More »

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