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Debt Relief Industry

Credit Card Delinquencies Poised for an Increase

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In what I predict will be a good news, bad new trend for debt relief companies it now appears that we may be in early days of an increase in credit card delinquencies. This might be a big increase with both the holiday spending period upon us and employment remaining flat. Credit card delinquencies are currently at historic lows rates, ... Read More »

How to Handle a Consumer Complaint Like a Pro And Come Out Smelling Like a Rose

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Over the years of writing about the debt relief space I’ve grown exceedingly frustrated by companies that can’t seem to deal with consumer complaints or unhappy clients in a positive and constructive way. They seem to relish in shooting themselves in the foot, time and time again. A client complaint is a perfect opportunity to win over new clients if ... Read More »

CESI Debt Solutions Asks Maryland to Help in Dispute With Amerix

Recently I wrote about the suit filed by Amerix against CESI Debt Solutions (Consumer Education Services, Inc.) See the cleverly titled post Amerix Files Suit Against CESI Debt Solutions. An insider just forward to me a copy of a new filing in this matter, this time in Maryland. CESI is asking the Maryland Office of the Attorney General, Consumer Protection ... Read More »

Renaissance Debt Solutions Said to be Working With Credit Guard of America

A tipster (send in your tips here) with incredible eagle eyes sent in an observation from a BBB report. It’s the first time I’ve seen such a comment on a BBB report but it support what we’ve been saying over the past couple of years. Remember when we talked about how debt relief companies would need to develop stronger ties ... Read More »

Debt Settlement Goes Mainstream. InsideARM Debt Settlement Survey Out.

InsideARM DS Survey 1

The folks over at InsideARM recently conducted a survey of companies regarding debt settlement services. The surveys 649 respondents were mostly on the collection side of the fence so it’s interesting to see how those debt professionals feel about working with debt settlement providers. The survey seems to indicate the willingness of debt collectors and owners to work with debt ... Read More »

Global Client Solutions Class Action Suit in Illinois, Move to Federal Court

Yesterday a class action suit, Karen Manczak v. Global Client Solutions and Global Holdings was moved from State Court to Federal Court. The suit was originally filed in September, 2011. – Source The suit alleges Global Client Solutions (“GCS”) is a debt settlement service provider and falls under the Illinois definition of “debt settlement provider” and “debt settlement services.” The ... Read More »

Legal Helpers Debt Resolution Sues Lisa Madigan, Attorney General of Illinois

On November 8, 2011 Legal Helpers Debt Resolution aka Macey, Aleman, Hyslip & Searns filed suit against Lisa magian, Attorney General of Illinois and Bret Adams, Secretary of the Illinois Department of Financial & Professional Regulation. The case was filed by James Abbott of Litchfield Cavo LLP and Richard Epstein and Rebecca Bratter of Greenspoon Marder, PA. The suit claims ... Read More »

“Good Guy” Christian Debt Relief Provider Gets 13 Years in Prison.

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Gary Kent Allan was sentenced to 13 1/2 years behind bars for his debt relief services he sold to consumers. Allan convinced people who were in dire financial straits to hire him to negotiate with their creditors, refinance their mortgages, make payments on their behalf and reduce their debt, according to court documents. Allan operated as Christian Credit Consultants and ... Read More »

Utah Not Happy With Morgan Drexen Press Release About Licensing

Morgan Drexen Utah Citation

On October 26, 2011 Morgan Drexen sent out a press release titled “Success for Morgan Drexen as Utah Confirms Compliance.” Following the release I made an inquiry with the State of Utah at the request of a reader who had a question about the information in the release. Let me sum up the State of Utah response as not good ... Read More »

Who Really is Consult America?

Pure Cleaners

It’s funny how just a simple email from a reader or tipster (send in your tips here) can start a chain of events or an inquiry that goes in the oddest of places. Recently I got a tip that said LHDRHelp.com and Consult America (consultamerica.org) were related and were operated under the names of two debt relief executives we’d recognize ... Read More »

Federal Reserve Announces Revolving Consumer Debt Fell in September

Revolving Consumer Credit

According to the Federal Reserve, consumer credit increased at an annual rate of 1-1/2 percent in the third quarter. But revolving credit decreased at an annual rate of 3-1/4 percent, while non-revolving credit increased 3-3/4 percent. In September, consumer credit increased at an annual rate of 3-1/2 percent. The increase of non-revolving consumer debt is linked to auto and student ... Read More »

Debt Relief Demand Continues to Drop. Bankruptcy Filings Slow.

Quarterly Bankruptcy Figures

The latest bankruptcy filing numbers are out. Unfortunately they do not spell opportunity for current debt relief providers of any tax status. The decline in demand by consumers for intervention services has dropped across the board. For me it’s just further evidence the pipeline for debt relief help is draining and without a new influx of credit issued to consumers ... Read More »

Consumer Financial Protection Bureau May Issue Early Warning of Investigation Activity

Early Warning 1

The CFPB today announced a new policy that may give people under investigation by the CFPB a chance to respond early in an investigation. The Consumer Financial Protection Bureau (CFPB) today outlined plans to provide advance notice of potential enforcement actions to individuals and firms under investigation. The Early Warning Notice process allows the subject of an investigation to respond ... Read More »

Credit Counseling Industry Accused in Potential Historic Turning Point Lawsuit

A lawsuit I’ve been following since it became publicly available back in the middle of October has become a major milestone in what could spell the death of credit counseling as we know it I first learned of this case about six months ago when it was developing but I’d not written anything about it at that time. In fact ... Read More »

A New Horizon Credit Counseling Agency. Busting 501(q)?

A New Horizon response to Steve Rhode_page1

An industry insider sent me an email that A New Horizon Credit Counseling Services is sending out. The tipster (send in your tips here) was curious how A New Horizon could so boldly offer compensation for credit counseling referrals when IRS code and some state regulations prevent that. IRS SEC. 1220. ADDITIONAL STANDARDS FOR CREDIT COUNSELING ORGANIZATIONS. (q) SPECIAL RULES ... Read More »

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