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Debt Relief Industry

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 »

Neil Ruther and Persels & Associates, New Details in Suit for Millions

Ruther Settlement

Recently I reported on a suit filed against Neil Ruther, Persels & Associates, Joann Ruther, Adam Ruther, WMS Partners, Silo Point Holding, Silo Point, Patrick Turner, Mark Sapperstein, Westport Property Holdings, and Ruther Inner Harbor. See Persels & Associaties Sued By My Professional Advice and Legal Advice Line for Diverting Money. Today I received additional public documents filed in the ... Read More »

Selling or Buying Credit Repair Services? Read This Before You’re Busted.

The latest unbelievable resurgence in the debt relief world is advanced fee credit repair. That ship sailed a decade ago, at least. Companies are telling marketers that they can sell credit repair services and basically “charge whatever” they want to. But there is this little thing called the Credit Repair Organizations Act (CROA) that prohibits the collection of any fee ... Read More »

Marc Penso, David Henson, and CDS Client Services Move Class Action to Federal Court

On August 19, 2011, Marc Penso, David Henson, and CDS Client Services, who were previously named in a class action suit filed in Washington State, moved the case to Federal Court. On June 23, 2010, Plaintiff JANIS F. CALLOW (“Plaintiff’) commenced this class action lawsuit individually and on behalf of a class of similarly situated Washington residents against Removing Defendants ... Read More »

Enhanced Servicing Solutions Shuttered

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A now former Enhanced Servicing Solutions debt settlement division employee is reporting the following: “I was an employee of Enhanced Servicing Solutions. As of today 8-23-11 we were shut down. Due to Mr. Johnson and his shady acts we were not able to keep & maintain business operations. Some of the information that was published on your website was true…some ... Read More »

Debt Relief USA, James Wojcik and Valerie Leath Banned from Selling Financial Products and Services

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As part of its continuing crackdown on scams that target consumers in financial distress, the Federal Trade Commission settled charges against a debt relief operation that allegedly lured consumers nationwide into paying thousands of dollars in up-front fees, but in most cases failed to actually reduce their credit card debts, and in many cases left them even deeper in debt. ... Read More »

Persels & Associaties Sued By My Professional Advice and Legal Advice Line for Diverting Money

A tipster (send in your tips here) sent me a copy of a recent complaint against Neil Ruther, Persels & Associates, Joann Ruther, Adam Ruther, WMS Partners, Silo Point Holding, Silo Point, Patrick Turner, Mark Sapperstein, Westport Property Holdings, and Ruther Inner Harbor. According to the suit filed in Maryland, My Professional Advice and Legal Advice Line were engaged in ... Read More »

Car Loan Delinquency Rates Drop for Seventh Consecutive Quarter to Historic Low

Auto Loan Delinquency Rates

The national auto delinquency rate (the rate of borrowers 60 or more days past due) decreased for the seventh consecutive quarter, dropping to 0.44% at the end of the second quarter in 2011. This is according to TransUnion and its ongoing series of quarterly analyses of credit-active U.S. consumers and how they are managing credit related to mortgage, credit cards ... Read More »

Lawyer Suspended for Fee Splitting With Non-Lawyers

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The Florida Bar News is reporting that another lawyer has been suspended for engaging in marketing with non-lawyers. The claims made in the case sound incredibly similar to those in both the mass joinder and attorney model debt settlement activities. In this case, William Timothy O’Toole with Summit Legal was allegedly working in conjunction with non-Lawyers Randy Baker and Solomon ... Read More »

Certified Resolution Notice – Federal Stimulus Package – Scam, Scam, Scam

Hardship Assistance Debt Reduction Letter

I swear, the GetOutOfDebt.org site has the most amazing readers. One reader and awesome tipster (send in your tips here) just sent in a mailer they got proclaiming a bunch of stuff which, let’s be honest here, is a utter pile of crap. The mailer is labeled Certified Resolution Notice and says it is part of the 2010 U.S. Federal ... Read More »

Bay View Law Group Added to Target List

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The Scott Law Group in Washington State has just added Bay View Law Group to the list of companies they are going after. As of today the list includes: Alliance8, Inc Amerix Corporation Ascend One Corporation Bay View Law Group, PC CareOne Services, Inc CDS Client Services (dba Capital Debt Settlement) Century Negotiations, Inc. Consumer Law Associates, LLC Debt Relief ... Read More »

Debt Relief USA Ran for Bankruptcy Cover But FTC Says “Not So Fast”

On August 17, 2010 the Federal Trade Commission sued Debt Relief USA, Kelly Reilly, Alvin Bell, James Wojcik, and Valerie Leath. Previously Debt Relief USA had been in the news on this site. Part of that news was about how the company was running for cover to ditch their liabilities under a bankruptcy filing in 2009 in an effort to ... Read More »

Pacific Debt Rescues Consumer – Thank You

Pacific Debt

Recently there was a reader on the site that had essentially been abandoned by his debt settlement company and could not get any answers or help on his last debt. I turned to Kevin Landie of Pacific Debt and asked him if he would help the consumer for a reduced cost or free if he could as part of my ... Read More »

Mass Joinder Raids and a Review of the Lawsuits Against Lawyers and Marketers

Mass Joinder

Yesterday a number of law enforcement officials raided offices of lawyers and marketing participants who have been involved in mass joinder efforts. Consumers were sold access to lawsuits with a number of claims against their lenders and were told they could get their homes free and clear, cash back, stop foreclosure, etc. These efforts were pushed by marketers that took ... Read More »

Post-Recession Charge-Offs Vanishing

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An interesting article sent in by a tipster (send in your tips here) from Inside ARM reinforces what has been said here about bad debt declining. The article looks into the vanishing charge off debt and without that debt there is less stimulus for debt relief services. The article says: “So, I decided to do a little digging. I ended ... Read More »

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