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Debt Relief Industry

Consumer Borrowing Up in June. Reading Tea Leaves.

Percentage Revolving Consumer Lending

The latest data from the Federal Reserve is out for June 2011. The data shows an increase in revolving consumer borrowing for primarily commercial banks. Commercial banks increased revolving consumer debt from May 579.2 billion to June 584.4 billion. Pools of securitized assets diminished between May and June from 41.8 billion to 41.5 billion. Other sectors showed growth in unsecured ... Read More »

Continued Concern for Debt Relief Demand

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The downgrading of the U.S. credit rating by Standard & Poor’s this week from AAA to AA+ might feel like an event that only has an impact on those that watch the economy. But it’s impact on the debt relief industry can’t be overlooked either. In order to have a successful debt relief industry you need two components, consumers with ... Read More »

My Public Testimony Regarding CFPB Supervision of Debt Relief Companies

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Below you will find a copy of my public testimony to the CFPB as part of their request for comments regarding determining who they should regulate. If you read my previous article, “CFPB is Looking for Public Comments on Debt Relief Industry” you can learn more about their request. Get Out of Debt Guy – Twitter, G+, Facebook My Public ... Read More »

Credit Counseling Industry In Crisis

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I had to go back and look for something I had written before and in my search I found these old press releases I had sent out in early 2005. Funny how those issues are still going on today. While we think times change, apparently in the debt relief world, they don’t. Get Out of Debt Guy – Twitter, G+, ... Read More »

Preferred Financial Services – PFS. Let’s Play “Do The Comply”

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A tipster (send in your tips here) sent in a link to the Preferred Financial Services site and wanted to know if USOBA was keeping an eye on their members. Thank you tipster (send in your tips here). I’ll forward this to USOBA so they can take a look at your request. Do They Comply is our little insider game ... Read More »

Morgan Drexen Complaints Stuck in Court

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Morgan Drexen appeard in court in Virginia on this past Tuesday in an effort to get this lawsuit tossed out. See: Morgan Drexen Sued in Virginia. Called Parasitic. Allegedly Violated Credit Counseling Act Morgan Drexen Virginia Lawsuit Update On Tuesday, Morgan Drexen appeared in court and asked to have the suit dismissed. In a hearing that lasted 27 minutes the ... Read More »

Colorado Cancels or Revokes Debt Settlement and Credit Counseling Company Licenses

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The State of Colorado has apparently revoked or canceled the licenses of Vortex Debt Group, Square One Debt Settlement, New Life Debt Relief, Nationwide Support Services, CSA, Credit Solutions of America, and Credit Answers. The following credit counseling group license was canceled through withdrawl, National Foundation for Debt Management. [Update: For clarification, please be advised that NFDM voluntarily surrendered its ... Read More »

Debt Settlement Insider Speaks Out About Popular Advanced Fee Attorney Firm

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In this post I’m not going to label the parties involved. Frankly, it’s potentially too explosive and it’s more important to get the information out rather than identify the companies. I get lots of tips and many of those tipster (send in your tips here)s are inside companies and they feel compiled to speak out to help protect consumers from ... Read More »

American Fair Credit Council Given a Chance as Consumer Advocates – FAIL

This is the story I wasn’t going to write. It’s been mulling about in my head for a few days but now it just has me irritated. A little history first. Back in May, TASC, The Association of Settlement Companies, announced they were changing their name and organization to the American Fair Credit Council (AFCC). Part of this effort was ... Read More »

Legal Helpers Debt Resolution Responds to IL C&D. Will Challenge.

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In a Chicago Tribune article today Legal Helpers Debt Resolution responds to the cease and desist issued by the State of Illinois yesterday that claimed they were an unlicensed debt settlement company and did not get an exemption for their business as attorneys. “Legal Helpers claimed that it provides legal counsel to clients and has a “strategic alliance” with debt-settlement ... Read More »

Legal Helpers Debt Resolution Hit With Cease and Desist Order

Legal Helpers Debt Resolution Does Not Get a Free Pass

Legal Helpers Debt Resolution was hit with a $314,000 fine today and issued a cease and desist letter to immediately stop its unlicensed debt adjustment business in Illinois. The State of Illinois found that LHDR cannot avail itself of an exception as attorneys under the Illinois debt settlement laws. The cease and desist letter was issued by the Illinois Department ... Read More »

IRS Still Actively Going After Nonprofit Credit Counseling Agencies

As part of a Freedom of Information Act request by the National Policy Group it was disclosed that a number of credit counseling agencies are still undergoing audits with the Internal Revenue Service to determine if they are cleared to continue services as nonprofit entities. The FOIA response by the IRS stated that under the Credit Counseling Compliance Project, 275 ... Read More »

The Future of Credit Counseling. Shades Might Not be Required.

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At the recent Debt Relief Master Class I held in Raleigh, North Carolina we had the pleasure of hearing from Howard Dvorkin from Consolidated Credit Counseling Services on his view of the future of credit counseling. Howard has been in the credit counseling industry since about the early 1990s and has a very broad perspective that all debt relief providers ... Read More »

NoteWorld Hit With Class Action RICO Suit

Thanks to a tipster (send in your tips here) we discover that NoteWorld was just hit with a lawsuit on behalf of consumers against Noteworld, LLC (“Noteworld”), claiming the Tacoma, Wash. company has violated the Racketeer Influenced and Corrupt Organizations Act (“RICO”) by engaging in a conspiracy to defraud consumers by extracting exorbitant fees from trust accounts related to useless ... Read More »

Debt Restructure Sales Script Fails MSTARS SAFTI Checklist

Recently I exposed the debt restructure sales effort in Consumer Debt Restructuring 101: What It is and Why You Should Avoid It. Consumer debt restructure is going to become the next wave of marketing efforts for old advanced fee debt settlement sales operations. Following that article a tipster (send in your tips here) sent me a mandatory disclosure statement from ... Read More »

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