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Debt Relief Industry

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 »

Consumer Debt Restructuring 101: What It is and Why You Should Avoid It

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In my previous article on Debt Restructuring I mentioned it was not a magic solution. So let’s look deeper into what all of this is about. Diving Deeper into Debt Restructuring The minute a debt relief product can’t be easily explained in 30 seconds, the more my radar goes off. That’s exactly what happened when I started looking more closely ... Read More »

Consumer Debt Restructuring is Not a Magic Solution. Still a Target of Regulators.

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Just a quick word of advice. Seems like chatter is heating up about something called Debt Restructuring and is being pitched as some cutting edge tool to help people out of debt. Debt Restructuring This press release sent in by a reader caught my eye. Las Vegas (OPENPRESS) July 26, 2011 – The debt settlement industry has been in sort ... Read More »

Clint Johnson Suspended by Bar. Receiver Appointed. Impacts, Johnson Law Group, Debtwave, CBDC.

A tipster (send in your tips here) has just sent in documents which show that the State of Florida has not reinstated attorney Clint Johnson. His licensed remains suspended and Leslie Eiserman, CPA was appointed as receiver on July 14, 2011. This may have a significant impact for debt settlement clients that were working with Johnson law Group in Florida ... Read More »

New Data Shows People Aggressively Paying Off Debt and Using Cards Less

Less consumer borrowing leads to less debt relief demand.

TransUnion has released new data that indicates consumers made $72 billion more in payments on their credit cards than purchases between the first quarters of 2009 and 2010. The reason this is newsworthy is because this occurred during a time when it was believed lower credit card debt was being driven primarily by credit card charge offs. “Many people in ... Read More »

Debt Eye Tries to be The Automated Debt Relief Solution for All. Swing and a Miss.

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When I heard about Debt Eye I perked up. Was this finally going to be the first debt relief company to provide a low cost solutions for people to create their own debt management plan and offer other solutions to get out of debt? If so, this could be a total game changer and would put a lot of debt ... Read More »

So Which One Has the Fake Testimonials? CRHELP.com or CreditCardLitigation.org

I discover things from all over the place. Sometimes a tipster (send in your tips here) sends me something or sometimes a comment catches my eye. This time is was a comment about CRHELP.com, a legal referral service, having fake testimonials. Sure enough, some of their testimonials are either copied or copies from at least one other site. CRHELP.com describes ... Read More »

Legal Debt Pros, What Do You Know?

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A reader asked me what I knew about a new debt relief company called Legal Debt Pros. They said: “I really enjoy your site. Do you know anything good or bad about this new DS firm? http://www.legaldebtpros.com/ . Apparently it was started by John Simon who used to own the failed Debt Rescue. Thanks” This one is new to me ... Read More »

Steven Vanderhoof Defaults on Settlement for Credit Exchange

A tipster (send in your tips here) has just alerted me that Steven Vanderhoof, of The Credit Exchange fame, was just recently sued for non-payment of a settlement agreed to in the Hess Kennedy bankruptcy. Vanderhoof’s lead generation company was sued by the receiver in the Hess Kennedy bankruptcy to claw back money paid for marketing services. Under the terms ... Read More »

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