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Debt Relief Industry

My Interview With Attorney General Roy Cooper from North Carolina on Attorney Model Debt Settlement

At the recent National Association of Attorneys General meeting I caught up with Attorney General Roy Cooper from North Carolina. We talk about debt relief services and the attorney model of debt settlement services. General Cooper talks about how the money paid in advance for debt relief services hurts both the consumer and the creditor. He talks about how working ... Read More »

    I Interview Robert Stephan Former Attorney General of Kansas

    At the recent National Association of Attorneys General meeting I had the pleasure of interviewing former Kansas Attorney General Robert Stephan who served between 1979 to 1995. We talk about how financial issues from the 1980s and today are very much the same. We talk about the problems he faced while the chief cop in Kansas. Our discussion of payday ... Read More »

      Debt Settlement Companies Poised to Eat Credit Counseling for Lunch. What a Difference a Day Makes.

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      It’s funny how a little thing like the FTC telemarketing sale rules can lead to change and eventually revitalize an industry. Last year I wrote and talked about how the debt settlement industry needed to expand their horizons with a combined debt management plan (DMP) and settlement approach. They could focus on settling some debts quickly, earning revenue, while parking ... Read More »

        Credit Alliance Group and Credit Alliance Services Alleged to Have Not Helped Credit Rating. Hit With Class Action.

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        A tipster (send in your tips here) pointed out a recent suit to me in North Carolina, Deborah Sumlin v. Credit Alliance Group and Credit Alliance Services Incorporated. The plaintiff alleges that Credit Alliance Group and Credit Alliance Services, out of Texas, were hired to provide assistance in improving, repairing or correcting credit records, credit histories and credit ratings. It ... Read More »

          Lead Generation Websites Closed Following OFT Investigation in the UK

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          The Office of Fair Trading in the UK, the near equivalent of the FTC here in the U.S. just announced a crackdown on financial services lead generation sites. In the UK, websites that generate leads must be licensed under the Consumer Credit Act. The sites closed by the government were: www.loansfordisabledpeople.co.uk www.samedayloansforpeopleonbenefits.co.uk www.militaryloans.org.uk www.cashloansforpeopleonbenefits.org.uk www.urgentloansbadcredit.co.uk www.cashtoday.me.uk www.cashpayday.me.uk www.debitcardinstantloans.co.uk www.cashloansunsecured.co.uk www.loansforpeoplewithbadcredit.me.uk ... Read More »

            How Settlement Companies Can Maximize Income and Have Happier Clients by Teaching People How to Settle Their Own Debts

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            Charles J. Phelan has been helping consumers become debt-free without bankruptcy since 1997. A former senior executive with one of the nation’s largest debt settlement firms, he is the author of the Debt Settlement Success Seminar™, an 8-hour audio-CD course that teaches consumers how to choose between debt program options based on their financial situation. The course focuses on comprehensive ... Read More »

              Century Mitigations Announces Debt Settlement Getting Into Credit Counseling

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              This is the second time today I’ve seen the message that debt settlement companies are embracing credit counseling and going to start offering that service. The first mention was about a presentation by The Association of Settlement Companies (TASC) regarding training that was going to be offered to its members. State and Federal Compliance: How to Market and Sell Safely ... Read More »

                Mass Joinder Soap Opera. New Episode, Affiliate Sues Attorney Davis and Kramer.

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                For those of us watching the train wreck of mass joinder efforts it seems every day brings a new episode of how not to run a debt relief business. In this case the mass joinder niche is where attorneys are selling access to lawsuits against banks for improprieties in mortgages. Access is sold through affiliates and marketing agents who have ... Read More »

                  Global Client Solutions, Debt Care USA, and Nationwide Debt Settlement Group Hit With Oregon Class Action

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                  Global Client Solutions, Debt Care USA, and Nationwide Debt Settlement Group were all recently named as defendants in a Oregon class action suit. This now marks the yet another in a growing line of class action suits that name the chain of players as parties. This case names the front end marketer, back office processor and payment facilitator. The allegation ... Read More »

                    Prestige Financial Solutions Declares the Debt Settlement Industry is Dead

                    An interesting press release out today from Prestige Financial Solutions declares the debt settlement industry to be dead. Prestige Financial Solutions is a debt settlement company. – Source Get Out of Debt Guy – Twitter, G+, Facebook The Press Release The Debt Settlement Industry Is Dead! TASC (The Association of Settlement Companies) has seen over a 60% reduction in its ... Read More »

                      Suspicious New Life Financial Solutions Contract Has Me Very Concerned – SCAM

                      A credit counselor tipster (send in your tips here) sent me in a consumer agreement for a company called New Life Financial. Immediately after looking at the contract and then visit the website my radar was going off. It seems the company that offers a service where they review the finances of a consumer and then guide them to a ... Read More »

                        Florida Not Happy With Horizon Financial and Mader Law Group

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                        A tipster (send in your tips here) sent this in. According to the Sun Sentinel out of Florida, the Florida AG is investigating a Florida debt relief company, Horizon Financial. According to state allegations the company was engaged in making solicitation calls that mislead and deceived consumers into thinking they were dealing with a U.S. Treasure Department foreclosure assistance program, ... Read More »

                          Colorado Attorney General Goes After Loan Modification Solutions and Principal Financial Partners

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                          Colorado Attorney General John Suthers recently announced that his office has filed a lawsuit against Castle Rock-based Loan Modification Solutions; its owners, Robert Auhll (DOB: 9/21/1963) and Nanette Auhll (DOB: 3/7/1963); and the company’s salesperson, Thomas Stefanszky (DOB: 7/23/1962), on suspicion that they defrauded consumers in search of home loan modifications and foreclosure relief in Colorado and other states. According ... Read More »

                            Federal Reserve Data Points Out Less Need for Debt Relief Providers

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                            In a couple of recent articles, here and here, I talked about the declining demand for debt relief services, al all types, when looking at search traffic data. Demand for debt relief services is created when lenders extend and consumers get overloaded and need to seek a remedy for the growing burden of debt. If lenders don’t extend credit there ... Read More »

                              NFCC Hooks Up With United Way for Free Marketing

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                              The following press release was sent out announcing the new partnership between the National Foundation for Credit Counseling and United Way. What I can’t figure out is what United Way gets out of this relationship. Get Out of Debt Guy – Twitter, G+, Facebook National Foundation for Credit Counseling and United Way Worldwide Join Together to Help Financially Distressed Consumers ... Read More »

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