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Debt Relief Industry

Credit Counseling Groups Laying Off Staff. Even the NFCC HQ Had a Recent Layoff.

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A story out today in Collections & Credit Risk highlights some of the issues facing credit counseling groups now with decreased demand by consumers. “Consumers have resolved their credit card problems to such an extent over the past year that nonprofit credit-counseling firms are noticing a significant decline in demand for their services, resulting in layoffs at some firms.” “The ... Read More »

    Law Firm Makes it Part of Their Practice to Go After Debt Relief Companies

    Legal Assistance Center

    A tipster (send in your tips here) sent me the link for the Legal Assistance Center in Florida that now has a defined part of their practice to go after what they call, “credit scams.” The page describing this part of their practice says: Many debt relief and loan modification companies simply charge large upfront fees with promises that are ... Read More »

      Why It Makes Sense to Consider Debt Settlement for Second Mortgages and HELOCs

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      The debt settlement strategy has generally been limited to negotiation of unsecured debt accounts like credit card debt, store charge cards, personal loans, and medical bills. With secured debts, there is always collateral at stake, in the form of property like a home or vehicle. Given the right of secured creditors to foreclose or repossess property, it didn’t make much ... Read More »

        Credit Counseling Warned About Surviving The Next Couple of Years

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        I’ve been saying that the debt relief space is in a difficult spot right now. And I’ve provided warnings to all members of the debt relief community. Some have trounced me for being too “negative” in what I see just ahead. But recently Jeff Tenenbaum gave a presentation at the recent credit counseling meetings of ACCPros. Here is what he ... Read More »

          Red & Green State Update – June 2, 2011

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          Statutory and regulatory compliance has always created challenges for any industry as they have created uncertainty and complexity in organizations strategic plans. Debt relief providers constantly have to navigate compliance issues, especially for companies that operate in multiple states. As the TSR has now aged 6 months and states continue to move forward with pending legislation that is even more ... Read More »

            Practical Debt Relief, Let’s Play Do They Comply

            A tipster (send in your tips here) and reader sent in an email and thought we should play another round of Do They Comply with the website of Practical Debt Relief. For those new to the game, Do They Comply is where debt relief professionals review the online marketing of a company and provide comment about if the advertising is ... Read More »

              Elimadebt Player Comes Back Around in FTC Settlement With First Universal Lending

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              David Feingold, a lawyer out of Florida, who I first reported about in relation to Elimadebt, has surfaced again as part of a reported FTC $18.8 million settlement regarding his actions in the loan modification business. The Balm Beach Post is reporting that David J. Feingold, Sean Zauser, and David Zauser have agreed to pay back $18.8 million which will ... Read More »

                Johnson Law Group Florida Gets Permission to Make Client Payments Under Supervision

                The Florida Bar had recently gone after attorney Clint Johnson of the Johnson Law Group for irregularities in his law firm trust account. In fact Attorney Johnson had his law license suspended. You can catch up by reading this article. When I wrote that last article the court still had a freeze on all of Johnson’s trust accounts, including those ... Read More »

                  Global Client Solutions Named in Yet Another Case. This Time With Alliance8, Freedom Financial Management, Richard Lenard.

                  The cases keep on coming against Global Client Solutions. Here is one I just spotted that had been previously filed in state court but was just moved to federal court on May 6, 2011. Mary Lord v. Alliance 8, Freedom Financial Management, Global Client Solutions, Rocky Mountain Bank & Trust, and Richard Lenard. It appears the move was brought about ... Read More »

                    CCCS of Greater Atlanta Sues CreditAbility

                    CreditAbility

                    On May 25, 2011, Consumer Credit COunseling Service of Greater Atlanta filed suit against a debt relief company in Iowa named CreditAbility. It seems CCCS of Greater Atlanta, who goes by the name CredAbility took exception to the similarly named debt relief provider, CreditAbility. In July 2005 CCCS of Greater Atlanta filed a trademark application for the mark CredAbility. They ... Read More »

                      Fake Testimonials Nail Company. FTC Watching.

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                      And here is why debt relief websites should not use fake consumer testimonials. This just out today from the FTC. Get Out of Debt Guy – Twitter, G+, Facebook The Federal Trade Commission has charged Russell Dalbey, the CEO and founder of the company behind the “wealth-building” program “Winning in the Cash Flow Business,” with defrauding consumers, in some cases ... Read More »

                        Get Free PR and Free Targeted Marketing By Helping Others

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                        One issue I’ve always found ironic is that while some debt relief companies attack some of my debt industry articles the debt relief community at large does not help consumers through the GetOutOfDebt.org site. Critical, but not helpful, interesting. I’ve been curious why companies that purport to assist consumers in trouble are not offering advice, and assistance in the comments ... Read More »

                          Morgan Drexen Running TV Commercial for Debt Settlement Clients. Says It Is Exempt from FTC Rules.

                          So what is the truth about Mogan Drexen? On one hand they claim, as was stated in the recent West Virginia Attorney General suit about them to “merely provide paralegal services to lawyers engaged in debt settlement activities on behalf of clients.” Even their own website says: Morgan Drexen provides integrated legal software and paralegal services to attorneys across America. ... Read More »

                            Put a Fork in P & E Solutions, Vertexsoft Corporation, and Safe Trust Financial.

                            The bankruptcy trustee in the Chapter 11 bankruptcy cases involving Safe Trust Financial, P & E Solutions and Vertexsoft Corporation requested an emergency motion on May 19, 2011 to seize the companies and convert the bankruptcy filings to a terminal Chapter 7 case. Unfortunately this almost guarantees the clients of those debt relief companies, as creditors’, will receive little in ... Read More »

                              Century Negotiations, David Leuthold, Freedom Debt Relief, Fast Track Debt Relief and Debt Shield all Named in Class Action

                              On May 24, 2011 a State of Washington class action case was moved to federal court by Fast Track Debt Relief. The case, Rule v. Century Negotiations, David Leuthold, Freedom Debt Relief, Fast Track Debt Relief and Debt Shield was filed by Paul Lawrence of Pacifica Law Group in Seattle, Washington and Richard Epstein, Esq. of Greenspoon Marder. It looks ... Read More »

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