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Debt Relief Industry

Golden Financial Services and Paul Paquin Attack Get Out of Debt Guy Steve Rhode

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A reader brought to my attention a post by Golden Financial Services titled Steve Rhode – Scam, Complaint, Illegal, Fraud or Applause. – Source It did make me laugh since some in the debt relief industry criticize me for my post title asking consumers for feedback on companies yet Paul elected to use a similar format. Nice touch. The post ... Read More »

CFPB to Begin Accepting Debt Relief Complaints. Game Changer.

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A source from the CFPB has reveled that the CFPB will begin to accept complaints from consumers in 2014, and most likely by summer 2014. This means debt relief companies will most likely be in the same boat as other entities the CFPB supervises when it comes to identifying what specific company is generating complaints. Consumer complaints filed will most ... Read More »

2013 Holiday Spending Set to Change Debt Relief Industry

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In the debt relief industry the post-holiday period was always the busiest as those pesky holiday bills rolled in and people realized they overspent. The past recent years have been tough for debt relief companies since tough economic times had erased the big post-holiday debt relief peak we all used to know. New data is out that shows what we ... Read More »

The Beginning of the End for the Attorney Loophole?

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A sidebar in a recent article by Jenna Greene identified an important fact that should not be lost of attorneys who feel the “attorney loophole” for debt relief services is getting thinner and thinner. According to Greene, the Consumer Financial Protection Bureau (CFPB) has been going after entities like banks and some debt relief companies. But take a guess what ... Read More »

Want to See Why Debt Relief is Dying Right Now?

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For years now I’ve been warning debt relief companies to expect less demand for services until consumers began to load up on credit again. The pipeline of unsecured debt being issued is really dry and the vast majority of consumers who needed help have already worked their way through the pipeline. But this information out today in Zero Hedge will ... Read More »

Disturbing Student Loan Client Services Mailer to Watch Out For

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A reader has just sent in a mailer they received from an entity called Student Loan Client Services. Talk about a generic name. The mailer, which appears to pretend to be an official government mailer, and was sent from postal permit 1297 in Sacramento, California. The reader sent in the new debt relief mailer through my I Buy Junk Mail ... Read More »

EFA Processing Signs Consent Order

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The State of Connecticut has just entered into a consent order with EFA Processing and Ken Talbert over debt relief help offered to State residents. According to , EFA Processing “voluntarily agrees to consent to the entry of the Consent and Agreement described below without admitting or denying any allegation or any claim contained in the Order and Notice and ... Read More »

Loan Modification Debt Company Owner Sentenced to Prison

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Ian Kideys, 40, of La Jolla, California was sentenced to five years in club fed for his role in K2 Capital Management, U.S. Mortgage Bailout, and iLoanAudit. Shocker, a loan modification company owner found guilty of fraud. According to prosecutors, “US Mortgage Bailout obtained some mortgage relief for its customers through fraudulent representations to lenders, but otherwise simply collected money ... Read More »

Reader Want to Know if Performance Settlement Recruitment / Sales Claims are True

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A reader and tipster (send in your tips here) in the debt settlement industry sent us an email they recently received from Performance Settlement, an AFCC member. The email made some recruiting performance claims that should be a snap for Performance Settlement to respond to and verify. This issue isn’t so much a consumer issue foremost but an issue to ... Read More »

Debt Relief Company Officers to Face More Personal Liability From CFPB

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Indications out of the CFPB are that the agency plans to go after individuals in enforcement actions and not just companies. “In a speech last week to the Reuters Washington Summit, Director Cordray is reported to have indicated that the CFPB is committed to pursuing individuals, and not just companies, when exercising its enforcement authority.” The same report stated that ... Read More »

Bankruptcy Filings Plummet in Three Years

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As further evidence about the decreased demand for debt relief help, the United States Courts have just released the latest statistics which revel the number of non-business bankruptcy filings. According to the year end September 30th data the number of consumer bankruptcies fell 31 percent from the same period in 2010. Current filings, for the last twelve months, were 1,072,807 ... Read More »

AFSLR Growing. Adds American Student Loan Consolidators.

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The trade group, Association for Student Loan Relief (AFSLR) has added a new member according to the group. American Student Loan Consolidators has been recently added as a member. – Source It appears American Student Loan Consolidators is an outgrowth of Upbin’s formerly religious debt management activities as Christian Credit Counseling Center. According to CorporationWiki, “Daniel Upbin is the Managing ... Read More »

Mortgage Counseling Center of America Asked to Get the F Out of Connecticut

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The State of Connecticut has taken action against yet another debt relief company, this time asking Mortgage Counseling Center of America to take a hike or get a license. Mortgage Counseling Center of America also goes by the name Mortgage Counseling Center and operates with Edward Albert Bauman, Jr. The State says the company is located at 23785 El Toro ... Read More »

The National Consumer Hardship Program Mailer

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Well it looks like possibly misleading debt reduction mailers are still being sent out by that old postal permit 1297 in Sacramento, California. This one is for something that looks like a government check when you glance at it from the outside. The mailer is really for something called The National Consumer Hardship Program. And the fake check even goes ... Read More »

Steve Rhode is a Fraud Says Joe Truth

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I get the odd attacks from time to time but one today from an anonymous reader who identifies himself (not sure if it is a he or she since comments from both Joe and Jane have come from that IP) as “Joe Truth” deserves to be discussed. Joe Truth Says Here is the statement submitted: “I have watched you slander ... Read More »

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