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Debt Relief Industry

Consumer Bankruptcy Filings Trend Downwards but Expect Early 2012 Spike

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Data out regarding recent bankruptcy filings is showing a continued downward trend as more consumers have dealt with their problem debt and the pipeline of new credit extensions remains unfilled. The percentage of cases under a Chapter 13 bankruptcy have increased to about 30% of all consumer bankruptcy filings. This is the result of a decrease in Chapter 7 bankruptcy ... Read More »

CFPB Whistleblower Hotline for Debt Relief Company Tipsters

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The Consumer Financial Protection Bureau recently announced a whistleblower procedure for employees of financial companies and debt relief providers to use to anonymously submit complaints. According to Venable law firm and Jonathan Pompan: The Consumer Financial Protection Act (the “CFPA”), Title X of Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), enacted strong anti-retaliation protections for employees ... Read More »

Reader Wants to Know How Consumer Debt Help Association Charges Enrollment Fee for Debt Negotiation

A reader contacted me and wanted to know how a group called Consumer Debt Help Association can charge an enrollment fee of $499 for debt negotiation / debt settlement help. Excellent question. I could not find a contact form or email address to reach out to them to answer the question. If anyone happens to know someone over there at ... Read More »

Amerix / CareOne Dispute With CESI Debt Solutions May Prove Fatal

In a recent filing by Amerix / CareOne over a dispute with the non-profit credit counseling group CESI Debt Solutions, some interesting statements were made. This stems from a round of suits by Amerix and CESI that you can read about here and here. In a document filed with the court in North Carolina, Amerix revels just how dependent they ... Read More »

UK Debt Restructure Scam – Buy My Debt Limited and The Trusted Partnership, Closed by High Court

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Don’t think that scams that prey upon people with debt problems is limited to just the United States. Just recently the High Court in London shuttered a fraudulent debt buyer operation. Readers familiar with some of the debt buyer claims will notice they sound suspiciously familiar to the debt buyer claims in the U.S. Buy My Debt Limited and The ... Read More »

Looking for Good News Debt Relief Industry Stories

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If you have a good news debt relief industry story that you’d like to share as a guest post, I’m looking to publish some. I’m most interested in stories that talk about how a specific case study about how a consumer was helped or some new tool or technique that you’d like to share to help consumers in financial trouble. ... Read More »

Details on Take Charge America Suit Against Internal Revenue Service

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A tipster (send in your tips here) just sent in a copy of the petition filed by Take Charge America against the Internal Revenue Service. The petition states Take Charge America should be considered a tax exempt organization and that the IRS had determined that it “was not qualified for tax exempt status for its tax years ending June 30, ... Read More »

SaveMore.com Sucks. Doug Van Arsdale of Credit Solutions Fame Back in the News.

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An tip just came in from a reader. Seems Doug Van Arsdale the CEO of Lending.com and CEO of Credit Solutions of America is back in the news. The allegation is that Van Arsdale is the indirect owner of SaveMore.com, a Grouponesque spinoff that sells discounts and coupons, is not delivering coupons to consumers more funds to merchants. A visit ... Read More »

Public Citizen Steps In to Oppose Persels & Associates and CareOne Class Settlement Offer to Consumers

The consumer advocacy group Public Citizen has stepped into a proposed class action suit involving a case against Persels & Associates and CareOne. The issues seems to be that the proposed class action settlement does not benefit consumers. A class of more than 120,000 people alleges that the law firm and an affiliated credit counseling company offered to help consumers ... Read More »

Offshore Debt Relief Offers Promoted to U.S. Residents Targeted by FTC

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The Federal trade Commission today announced a new enforcement action against a number of companies. The action targeted Roy M. Cox Jr, Roy Cox, Castle Rock Capital Management, Capital Solutions Group, Transfers Argentina, Public Service, and Marketing Strategy Group. What makes this action interesting is that the companies in question had been established offshore in an attempt to sell debt ... Read More »

Morgan Drexen Case Exposes Issues in Attorney Model Debt Settlement

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On December 16, 2011, Juanita White v. Morgan Drexen was filed in Virginia. Frankly, I’m getting sick of reporting on all the suits in the debt industry and I was going to pass on this one, until I read it. If all the facts and allegations are true, it’s enlightening. I think readers will be especially interested in the details ... Read More »

Which is Cheaper: Credit Counseling, Debt Settlement, or Bankruptcy?

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How can you determine what debt relief option is the right fit for a given set of cash flow limitations. The 3 options that people typically seek outside assistance with are Debt Management Plans (DMP), Debt Settlement Programs, and Bankruptcy. There are benefits and drawbacks to each option. Companies and people selling you a specific brand of debt help can ... Read More »

Morgan Drexen Makes News Out of a Recent Investigation That Does Not Exist

On December 9, 2011 I posted a press release from Morgan Drexen about an issue in Alabama, here. The press release stated: In recent weeks, prompted by a creditor the Alabama State Bar raised concern that Morgan Drexen’s services constituted the unauthorized practice of law. After an investigation on the matter the State Bar quickly closed the matter and stated ... Read More »

Cambridge Credit Counseling Files Petition in U.S. Tax Court

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Recently I wrote about Take Charge America filing a petition in United States Tax Court, here. Cambridge Credit Counseling has now done the same thing. On November 30, 2011 their petition was filed. They are represented by Venable law firm in Washington, DC. Current information on this case can be found through this link. Get Out of Debt Guy – ... Read More »

United Financial Systems and Christopher Boulahanis Reach Settlement With Florida AG

This is actually a picture of the UFS building that a reader sent in previously. The Florida Attorney General just made a big announcement concerning the non-profit credit counseling group United Financial Systems. This is a company that we first announced was likely to implode back in August of 2010. Unfortunately the economic impact caused by United Financial Systems will ... Read More »

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