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Debt Relief Industry

Consumer Demand for Credit is Historically Low

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Just today TransUnion has release new numbers that address the underlying issue in my recent articles on debt relief demand trends. TransUnion is reporting that their Credit Risk Index (CRI) has gone down for five straight quarters which indicates that consumers are more likely to repay their debt. They are also reporting that consumer demand for credit is declining as ... Read More »

Form H-118 is the New Mass Joinder Marketing Form. Watch Out.

H-118 Mailer

A reader sent in the latest version of the mass joinder mailer. I guess the folks mailing it got sick of people being able to easily find information on the old 1012-R mailer that was being sent. The H-118 mailer is the same format but just with a new name. As you can see below the form states a voided ... Read More »

Report From the TASC Conference. Attendee Sends in Their Notes,

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Just in, an attendee at the TASC conference just held in Las Vegas has sent in their notes of what they felt was the highlights for readers. Get Out of Debt Guy – Twitter, G+, Facebook TASC – THURSDAY BOB LINDERMAN: GENERAL COUNSEL OF FREEDOM DEBT RELIEF GOALS AND OBJECTIVES: “THIS IS A CONSUMER CENTRIC, REGULATOR SENSITIVE, BUSINESS FRIENDLY ORG ... Read More »

Credit Counseling Service Demand Down, Hard. Hold On.

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I’m going to start off this article with a disclaimer. Over the past few months I’ve been basically getting the shit kicked out of me every time I point to evidence that the debt relief space is in trouble for a decreasing demand from consumers. See the comments on these articles, here, here, and here. I’ve also taken flak for ... Read More »

Clint Johnson of Johnson Law Group Has Law License Suspended

It’s been a bad couple of weeks for Clint Johnson and the Johnson Law Group. Along with the lawsuit by the Colorado Attorney General for offering debt relief services in Colorado without a license. This is on top of the ongoing issue with the suit alleging Johnson Law Group in Florida improperly acquired the clients from Johnson Law Group in ... Read More »

Do You Think the Attorney Model of Debt Settlement is Still a Loophole? – Chris

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“Hey Steve, I currently work in the Debt Relief Industry for a Company who provides Debt Management, Debt Settlement, and Bankruptcy. As of right now our Company provides an Attorney Model Debt Settlement program. We charge 15% of the enrolled debt which is spread out evenly over the entire payment plan. We also conduct a face to face consultation with ... Read More »

Florida AG Sues Three Florida Foreclosure Rescue Companies for Fraud

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Attorney General Pam Bondi announced that her office filed a lawsuit on Friday against three South Florida companies that allegedly were charging upfront fees for loan modification services to homeowners facing foreclosure. Charging upfront fees for these services is illegal, per F.S. 501.1377. Home Owner Protection Economics, Inc., DC Financial Group, Deleverage America, Inc. and owners Dennis Fischer, and Christopher ... Read More »

State Money Transmitter Law Compliance for Debt Relief Operations. It’s Free to Attend.

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National Policy Group will host a complimentary two-part Webinar on Tuesday, May 10 and May 17, 2011 at 3:00 PM (ET) on the subject of “State Money Transmitter Law Compliance for Debt Relief Operations”.“ This is a unique program for debt relief agencies and related organizations that receive and disburse consumer funds to understand their compliance obligations as transmitters of ... Read More »

American Fair Credit Council (AFCC) Rumored to be the New Name for The Association of Settlement Companies (TASC)

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I received a tip today that earlier it was announced at The Association of Settlement Companies (TASC) conference in Las Vegas that TASC is going to be changing their name to American Fair Credit Council (AFCC). Let the rebranding begin. Get Out of Debt Guy – Twitter, G+, Facebook Read More »

The Importance of Data Transparency When Working With Credit Counseling and Debt Settlement Regulators and Lawmakers

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Recently Christoper Viale, the president and CEO of Cambridge Credit Counseling, and I had a chance to talk about a number of issues that are important in the debt relief world today. You can read the full transcript of our conversation below. Some of the highlights are: Coming forward with actual credit counseling performance data was not embraced with open ... Read More »

Johnson Law Group Sued by Colorado AG for Debt Settlement Without a License

Colorado Attorney John Suthers has sued Florida based Johnson Law Group and attorney Clint Johnson for offering debt relief services in Colorado without holding a debt management license. It appears the attorney exemption just plain did not work for Johnson. This must have been one of the active investigations AG Suthers mentioned when I interviewed him at the recent National ... Read More »

I Am a Former Debt Settlement Salesperson and Have Questions About the FTC Regulations

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“Dear Steve, I am a former sales person for several debt settlement companies-and have questions about FTC regulation. Please DO NOT identify me by name or email on your site-I have many friends still working for this one company. FTC regulation forbids deception-would enticing a lead to sign an enrollment application by saying “I got our managers to reduce our ... Read More »

Reliant Account Management – RAM Servicing. Anybody Used Them? Review.

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I was recently brought to my attention that Reliant Account Management is operating as a third party escrow company for debt settlement. Frankly I don’t know anything about them and I was curious if anyone has had an experience with the company you’d like to share. Here is what I do know about the company: Reliant Account Management, LLC has ... Read More »

USDR Comes Out to Publicly Support 15% Success Fee Cap for Debt Settlement in California

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Here is a copy of testimony that was presented in California today to support a debt settlement fee cap at 15% of savings. Get Out of Debt Guy – Twitter, G+, Facebook 20 April 2011 The Honorable Ellen Corbett
Senate JUDICIARY COMMITTEE 
 State Capitol, Room 2187 
Sacramento, CA 95814  RE: SB 708 (Corbett) – Support Dear Senator Ellen Corbett: On ... Read More »

CareOne for California SB 708 Debt Settlement Services Act With Modifications

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I was communicating with Mike Croxson, president of CareOne, who shared his written testimony with me regarding his view of the new proposed California SB 708 Debt Settlement Services Act. His testimony stated the fee level set by SB 708 as a 15% of savings success fee was too low; consumers that contact CareOne broke down as 48% candidates for ... Read More »

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