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Debt Relief Industry

Debt Relief Master Class – “How to Survive, Thrive & Arrive in the New Debt Relief World”

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Following up on the enormous success of the Rally in Raleigh I held for members of the debt relief industry, this time I’m rolling out an even more extensive class for debt relief companies to help them find a way forward in a compliant way with help and advice from inside the industry and from regulators. Phil Lehman, Esq. from ... Read More »

U.S. Debt Relief Providers Targeting Canada and Canadian Debtors

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A Canadian trade association reached out to me to let me know what they are seeing from across the boarder. And it sure does not look like the face of America we want to portray. Since I have not had an opportunity to verify the details related to the documents given to me, I’m going to remove the specific company ... Read More »

Credit Counseling Against Registration of Debt Relief Providers? Huh?

In what is another of the ultimate ironies of nonprofit charitable credit counseling, it appears that at least two trade associations feel nonprofit credit counselors should not have to participate in any national registration of debt relief companies with the Consumer Financial Protection Bureau. I must admit, the position against CFPB registration stumps me and seems anti-counsumer at face value. ... Read More »

Nonprofit Credit Counselors Now Paying People to Join Debt Management Plan

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A New Horizon Credit Counseling Services has engaged in a new approach to landing consumers for their debt management program, pay them. According to A New Horizon Credit Counseling Service they will enroll consumers into their debt management plan for free and give them $100 for joining. A New Horizon Credit Counseling Service calls this program their Win-Win Program. Clearly ... Read More »

Practical Debt Relief Mentioned in Confusing Press Release

A reader and tipster (send in your tips here) sent me the link to a rather confusing press release about Practical Debt Relief. The release, which looks like it was put out by their SEO vendor, makes it appear Practical Debt Relief is a lead generator rather than a debt relief provider. Furthermore, eBrandz’ services gave a massive fillip to ... Read More »

Congres Gets One Last Chance to Poke CFPB Before it Opens for Business

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I don’t think there can be any dispute that the GOP has fought the existence of the CFPB and tried a number of approaches to defang it or try to make it go away. This Thursday, Elizabeth Warren, appears again in front of the House Oversight Committee and will most likely face one last round of aggressive questioning before the ... Read More »

Is Canada Credit Fix Full of It?

A company in Canada is bragging that their credit repair and debt settlement business is going so great they just passed on a $223 million offer to buy them. Canada Credit Fix’s President Sheldon Wolf shrugged off a 223 million dollar offering to buy out their Canadian credit repair and debt settlement company. A spokesman for Canada Credit Fix did ... Read More »

CFPB is Looking for Public Comments on Debt Relief Industry

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Last week I had the pleasure of visiting the Consumer Finance Protection Bureau (CFPB) in Washington, DC. to meet with staff and attend a planning session. Elizabeth Warren started the meeting with an introduction and left the meeting in the capable and good hands of Peggy Twohig and Alice Hrdy, both who supervised debt relief issues over at the FTC, ... Read More »

Disbarred Debt Settlement Attorney Charged With Selling Illegal Machine Guns

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In case anyone wants to know what apparently happens with former debt settlement attorneys that get caught for doing bad things, Richard Brennan, can be the poster child. Brennan who has been in the debt relief industry for a while, and worked for both nonprofit credit counseling groups and his own law firm, had reached a settlement with the Maryland ... Read More »

Consumers Loading Up on Credit in May But Watch Out

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Yesterday I published Revolving Debt Increases in May. Is This a Good Sign? and then a reader sent me a tipster (send in your tips here) message and pointed out an article The American Consumer May Now Be Maxed Out. The article draws the conclusion that: “We contend, in our original report on this series, “Retail Sales as Echoes of ... Read More »

Revolving Debt Increases in May. Is This a Good Sign?

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The Federal Reserve G19 report is out for May and it shows an uptick in revolving consumer debt. On an annual basis the amount of outstanding unsecured consumer debt rose at a 5.1 percent annual rate. Moving up from $789.8 billion to $793.1 billion. I’ve said for a long time to watch for an uptick in G19 revolving credit as ... Read More »

American Debt Services, Quality Support Services, Global Client Solutions in California Class Action

On June 29, 2011 a class action case in California was filed against American Debt Services, Quality Support Services, Global Client Solutions, and Rocky Mountain Bank & Trust. The case alleges a now common scheme of evading state state laws regarding debt adjusters or proraters. The complaint says that California consumers were induced by promises provided by American Debt Services ... Read More »

Mortgage Elimination Program Lands Debt Relief Provider in Jail for 12 Years

Linda Sadr, 52, of Manassas, Va., was sentenced a couple of weeks ago to 144 months in prison, followed by three years of supervised release, for her role in a “mortgage elimination” scheme that caused more than $11 million in losses. Sadr was charged with two counts of mail fraud, three counts of wire fraud, and two counts of unlawful ... Read More »

Debt Help Angel Network. Free Help For People in Trouble From Friends.

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Recently I asked a bunch of debt relief company friends if they would be willing to help me to help others by donating their time. The premise was simple. If I have readers that need help for a bad situation would you be willing to help them for free if I send them to you for VIP help? I was ... Read More »

AFCC -35, TASC – 41. Lost in Translation? Bermuda Triangle of Debt?

A reader sent in an interesting question. They wanted to know why if TASC (The Association of Settlement Companies) changed their name to AFCC (American Fair Credit Council) then why did TASC report having 41 members and AFCC only reports 35. – Source Good question. What’s interesting about the AFCC membership list is that it is broken into accredited members ... Read More »

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