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Debt Relief Industry

Doug Sends In Debt Free Angels Mailer

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A tipster (send in your tips here) reader sent in the following statement and advertisement they received. I received the attached advertisement in the mail so I went online to check them out and found the company reviewed on your site. I am so glad I did before I called them and I have also seen their commercial on the ... Read More »

Active Debt Solutions Addresses Tipster Issue

Active Debt Solutions, a member of the AACC, was the focus of an email sent in which said “I decided to dig up some dirt on the companies that Steve Rhode and his associates formed called the AACC. This is what I have found: – Active Debt is not licensed or bonded” So I asked Active Debt for a response ... Read More »

Here is How to Financially Screw Consumers With the Debt Double-Tap Method.

Compensation

A disturbing trend is becoming clear that some companies promoting lawyer backed debt relief services have in fact created a clever little model for cleaning out consumers and making twice as much money. Basically what happens is the lawyers get the exclusive client for essentially free since the consumer winds up paying the marketing costs of the affiliate selling them ... Read More »

$$$ Make a Lot of Money $$$ Selling Debt Settlement. At Least That’s What the Ad Says.

Lerner and Kaplan

A tipster (send in your tips here) sent me in a tip to look for the following advertisement. Apparently we’ve all been misled and the debt settlement industry is exploding with opportunity because the ad says debt settlement is a “fast expanding industry” and people can make a lot of money. The email address in the ad links back to ... Read More »

FTC Moves Against Loan Modification Text Spammer

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The Federal Trade Commission asked a federal judge to shut down an operation that allegedly blasted consumers with millions of illegal spam text messages, including many messages that deceptively advertised a mortgage modification website called “Loanmod-gov.net.” The FTC is asking the court to freeze the defendant’s assets. According to the FTC complaint, the defendant behind the operation, Phillip A. Flora, ... Read More »

SEO Campaign Goes Bad For Cyrus Global. Or Are They Just That Illiterate?

A tipster (send in your tips here) sent me an email and asked me to read the latest press release put out by Cyrus Global, a company I’ve written about before. The release linked to the company on the term Debt Settlement and looked like it should have also linked on Credit Card Debt at the bottom. Companies try to ... Read More »

Further Evidence Pool of Debt Relief Consumers is Shrinking

Search-Delinquency-Comparison

TransUnion just release its latest credit card delinquency numbers showing that 90 day lates are down 32 percent, year on year. “The ratio of bank card borrowers delinquent has flattened out considerably,” says TransUnion. This furthers my hypothesis that the reason demand for debt relief services is decreasing across all the major niches of debt relief, i.e. debt settlement, credit ... Read More »

Apparently American Financial Service Did Not Get the Memo on Advanced Fees

American Financial Service

A tipster (send in your tips here) sent me a link and asked me to look at the website for American Financial Service. The tipster (send in your tips here) said they were still claiming to charge an advanced fee for debt settlement services. Well sure enough, it does appear that American Financial Services does make the statement about charging ... Read More »

Plan B Credit & Debt Consultants Site Offers An Extra Freebie, Malware.

Plan B Malware

A tipster (send in your tips here) wanted me to look at the site freefromcreditors.com so I could examine some free report they were offering. Just one problem, apparently visiting the site results in your computer getting infected. At least according to Google. Oh crap! Doen’t make that free report their offering look like such a deal now, does it? ... Read More »

U.S. Debt Settlement Companies, Vortex Debt Group and Cambridge Life Solutions, Targeting Canadians

Cambridge Life Canada

News out of Canada says that troubled Vortex Debt Group from Florida, and Cambridge Life Solutions out of California are now targeting Canadians with advanced fee debt settlement that is now illegal in their home country. From what I see in the Cambridge Life Solutions pitch they simply took the U.S. pitch and stuck a red maple leaf on it ... Read More »

Debt Relief Scammer, Sovereign Citizen Unto Himself, Headed to Jail. TN Attorney Fell for His Debt Renegotiation Scheme.

A Tennessee businessman, Charles McKuhn, Jr. was found guilty of scamming consumers and churches out of advanced fees for debt reduction, debt consolidation and foreclosure prevention services. McKuhn had claimed his company Taurian Worldwide, Inc. (TWI) has some arrangement to use government bailout dollars to assist people in financial trouble. He also continued his ruse through Interstate Capital Trust, Commercial ... Read More »

Steve Rhode is a Scam and GetOutOfDebt.org Sucks

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I thought it was important to have one article on this site I could point my detractors to instead of having to say the same thing over and over again to some commenters. So here is the article. First of let me say, I am not a scam and if you feel the site sucks, that is entirely your prerogative. ... Read More »

Uniform Debt Management Services Act (UDMSA) Proposed Changes Impact Debt Settlement and Credit Counseling

The UDMSA, the framework some states use for regulating debt relief services, has had some revisions suggested. These changes come from the Uniform Law Commission. Some important parts I noticed: Caps fees for debt settlement; Does not allow the full fee to be taken at the time of an agreement with the creditor or first payment; No setup fee or ... Read More »

FTC Sues US Mortgage Funding, Debt Remedy Partners, LowerMyDebts.com, David Mahler, John Incandela, and Jamen Lachs

I had heard from multiple tipster (send in your tips here)s over the past ten days about an alleged raid on one or more office in Florida related to some action against U.S. Mortgage Funding. Here are the details of the FTC action against US Mortgage Funding, Debt Remedy Partners, LowerMyDebts.com, David Mahler, John Incandela, and Jamen Lachs that was ... Read More »

Debt Relief Search Trends Continue to Show a Downward Decline

Debt Settlement Trends

Recently I wrote about my forecast for a decreasing demand for debt relief services. Here is another part of the puzzle that seems to show decreasing consumer interest in some specific debt relief topics using the Google trends search traffic monitoring tool. The data was filtered for U.S. searches only and as you can see, there are noticeable declines in ... Read More »

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