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Debt Relief Industry

Wells Fargo Bragging About Supporting Credit Counseling, But…

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A recent press release from Wells Fargo caught my eye. The title was “Wells Fargo Increases Commitment to Credit Counseling Nonprofits by 35% to $12.4 million in 2011” but upon closer inspection all Wells Fargo was really doing was increasing funding by 35% in 2011 for nonprofit housing counseling. The obvious question is if Wells Fargo really finds value in ... Read More »

Veritas Legal Plan Drafts Through Global Client Solutions and NoteWorld

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The following guest post was contributed by Sean Ryan Managing Partner- Veritas Assurance Group- [email protected] If you would like to contribute a guest post, click here. Veritas Legal Plan offers the only legal plan created exclusively for the debt settlement industry. The plan hires and pays 100% of attorney fees to defend creditor lawsuits! Now, Veritas Legal Plan is proud ... Read More »

Consumer Debt Drops to 2004 and Earlier Levels

FR Data July 2011

Federal Reserve numbers released on September 8, 2011 show that the amount of revolving consumer debt outstanding dropped in the last reported period, July. Revolving debt fell to $792.5 billion which is the lowest level since August 2004. This data represents a lower per capita indebtedness since the U.S. population has grown from 292 billion in 2004 to about 311 ... Read More »

GHS Solutions and Global Client Solutions Named in California Lawsuit

GHS Global California

A California lawsuit against Global Client Solutions and GHS Solutions has just been moved to Federal Court. The case, Beck v. GHS Solutions and Global Client Solutions makes the following allegations: GHS Solutions, through its websites at ghssolutions.com and debtsettlementsource.com sold debt settlement services under the California prorating law. The Plaintiff states that after eleven months of payments and placing ... Read More »

Bank of Oklahoma Now Named in Global Client Solution Class Action Case

Notice of Removal

Global Client Solutions is facing yet another class action suit. What makes this one different is that it includes the bank they ran to, Bank of Oklahoma, after they ran from Rocky Mountain Bank & Trust. Apparently Global Client Solutions is like the enchanted wand you don’t want to touch or you’ll be sucked into a lawsuit. This case is ... Read More »

Global Client Solutions Named in Illinois Class Action as Debt Adjuster

On September 6, 2011, an Illinois class action case was filed by Karen Manczak against Global Client Solutions and Global Holdings. This case is related to another class action suit filed by the same person against First Financial Network. In this case, it is alleged Global Client Solutions is not a registered Illinois registered debt settlement provider but provides services ... Read More »

First Financial Network Hit With Class Action Suit in Illinois

On September 1, 2011, Karen Manczak filed suit against First Financial network in Florida. The company is registered in Florida at 4900 Creekside Drive, Suite E, Clearwater, FL 33760. The company president is listed as Christopher L. Tuleen. – Source Up until August 18, 2011 the First Financial Network website at ffndest.com said: First Financial Network, Inc. would like to ... Read More »

CBDC Rumored to Have Closed Doors Suddenly

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A tipster (send in your tips here) reports that effective yesterday, the nonprofit 501(c)3 credit counseling group closed their doors suddenly. According to the tipster (send in your tips here) a notice was sent out saying: I wanted you to hear this from me directly; I regret to inform you that CBDC will no longer be able to assist any ... Read More »

O’Neil – Father and Son Arrested by U.S. Secret Service in Debt Relief Scam

Following the arrest of Jeffrey Wayne O’Neil and his son, Nathaniel O’Neil aka Nathaniel Chilo, the indictment against the father son duo was unsealed. The indictment states Jeffrey Wayne O’Neil operated various debt relief businesses in the Houston, Texas area under J. O’Neil/Associaties, World Outlook, World Outlook Management, Fair Credit Investigation Company, Financial Crisis Inquiry Commission and Universal Restoration. Since ... Read More »

Freedom Debt Relief Secures Funding to Advance Sales Reps

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The following guest post is by Andrew Houser from Freedom Debt Relief. I asked him to provide us all with more information about his new approach at fronting sales representatives commissions while Freedom waits to collect the fees earned from consumers. Upfront Affiliate Payments on No Advance Fee Programs: Giving Affiliates the Opportunity to Move Away From the Dark Side ... Read More »

Consumer & Business Debt Counseling Services – CBDC Subject of IRS Investigation Request

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Apparently Consumer & Business Debt Counseling Services (CBDC) is part of a request for investigation with the Internal Revenue Service in an effort to examine the status and revoked their charitable status. A tipster (send in your tips here) forwarded me a copy of the official request for examination. This 501(c) nonprofit credit counseling agency is alleged to have paid ... Read More »

Consumer Confidence Really Bad in August And Delinquencies Are Down

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New consumer confidence numbers out show exactly what we didn’t want to see in the debt relief space. Consumer confidence has dropped to near record levels at 44.5 on the Conference Board Consumer Confidence Index. Says Lynn Franco, Director of The Conference Board Consumer Research Center: “Consumer confidence deteriorated sharply in August, as consumers grew significantly more pessimistic about the ... Read More »

Champion Credit Services Named in CT Cease and Desist

Champion Credit Services

Champion Credit Services is the happy recipient of a Connecticut Department of Banking cease and desist notice. According to the State: Champion Credit Services is a Connecticut limited liability company with its place of business at 9 Mott Avenue, Suite 305, Norwalk, Connecticut. Champion Credit Services currently holds a license to engage or offer to engage in debt negotiation in ... Read More »

Consumer and Business Debt Counseling Services – CBDC Sued by Colorado AG

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Consumer and Business Debt Counseling Services (CBDC), a 501(c)3 nonprofit credit counseling company I’ve written about before, here, has just been sued by the Colorado Attorney General. The scoop on CBDC was they has close working relationships and referrals from for profit companies that were charging high advance fees. The official release says: Colorado Attorney General John Suthers announced today ... Read More »

Hey Credit Counseling. How Did We Get the 60-60 Plan So Wrong?

I was talking with a debt industry friend today on the phone and he was asking me about the 60-60 program that credit counseling talks about trying to implement in place of debt settlement. Typically the 60-60 program is talked about being a repayment of 60% of the balance over 60 months. After the call I wanted to go back ... Read More »

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