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Debt Relief Industry

Loan Modification Company Apply 2 Save Goes BK. Allegedly Defrauds Consumers.

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(Boise) The owner of Apply 2 Save, a bankrupt Coeur d’Alene, Idaho, mortgage modification company, that allegedly defrauded hundreds of consumers nationwide is prohibited from ever operating a similar business in Idaho, Attorney General Lawrence Wasden said today. Derek Oberholtzer entered a settlement agreement with Wasden’s office that prevents Oberholtzer from acting as a debt or credit counselor and prohibits ... Read More »

Roni Deutch, the Tax Lady who was Getting Into Debt Settlement, Sued for “Heartless Scam”

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I recently wrote about Roni Deutch’s company that mentioned they were getting into debt settlement, here. That’s how she appeared on my radar. But new news about Deutch is out today. SACRAMENTO – Attorney General Edmund G. Brown Jr. today filed a $34 million lawsuit against television’s “Tax Lady Roni Deutch” for orchestrating a “heartless scheme” that swindled thousands of ... Read More »

Attorney General Obtains Injunction Against Credit Solutions of America

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Attorney General Bill McCollum today August 20, 2010 that his office has obtained a temporary injunction against Texas-based Credit Solutions of America, Inc., and Credit Solutions of America, LLC. Hillsborough County Circuit Judge Sam Pendino ruled that these companies are prohibited from charging Florida residents an unfair up-front fee for purported debt settlement services. The ruling was issued from the ... Read More »

Will We Be Able to Continue Business as Usual or Will We Have to Comply?

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I typically get questions from consumers but I happened to get one from a company asking about new Federal Trade Commission regulations. The questions was: Will the new FTC and Schumer-McCaskill Amendment 3960 affect companies like mine that are use the attorney modle in all 50 states? Will we be able to continue business as usual or will we have ... Read More »

What Do You Know About Real Solutions Consumer Counsel? – D

Real Solutions Consumer Counsel

“Dear Steve, I am looking for a real solution- and this shows up in the mail. D” Click image for larger view. Don’t miss our free Get Out of Debt – “How To” Guide Series on a number of topics, for loads of practical advice, tips, and help to beat back debt. – Click Here The Answer Dear D, Before ... Read More »

Credit Counseling Severely Wounded Under New New Court Ruling. Class Action Suits Expected.

Debt Settlement Companies May Want to Celebrate But Not So Fast. It Impacts Them As Well. In a recent opinion handed down in Zimmerman v. Puccio it was determined that non-profit credit counseling organizations operate as a “credit repair organization” as defined under the Credit Repair Organizations Act (“CROA”). This is entirely bad news for all non-profit credit counseling groups. ... Read More »

South Carolina Forcing Debt Settlement Companies to Refund Fees

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South Carolina has had a tough stance on debt settlement companies, only permitting a $50 setup fee and $10 monthly. According to the news report below approximately 3,100 South Carolina residents have received refunds from debt settlement companies that charged fees illegally. Thanks kind tipster (send in your tips here) for pointing out this story to me. Get Out of ... Read More »

Offshore Debt Settlement, Morgan Drexen, Badges, Elizabeth Warren, Bed Intruder, CROA, and More – Podcast

Here is this weeks podcast where Damon Day and I talk about a number of debt industry issues including: Debt settlement companies settling up offshore enterprises to sell services back to U.S. residents. The odd statements made in the recent Morgan Drexen press release. You can watch video from the release here. What is the Financial & International Independent News ... Read More »

New Mailer Promoting Attorney Model Debt Settlement for FTC TSR

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Thanks to a tipster (send in your tips here), here is the latest email that is being sent around promoting an attorney model to deal with the FTC TSR rules. It is not clear from the mailer if this is simply an advertisement to help debt settlement companies comply with the new rules or providing a solution they think will ... Read More »

Is TASC the New Sheriff in Debt Settlement?

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Recently Dave Leuthold, the executive director of TASC, and I have been communicating about the news that TASC has come out, be it a bit begrudgingly, in support of the new Federal Trade Commission telemarketing sales rules (TSR) that regulate the debt relief and debt settlement industry and protect consumers. The full rules going into effect on October 27, 2010. ... Read More »

USA Debt Settlement Gets My Thumbs Down

USA Debt Settlement

I saw an advertisement for USA Debt Settlement that was pitching non-profit debt settlement. The telephone number they list on their site, (888) 495-2054, comes back to the Certified Financial Protection Group, the loan modification company that took a powder and left their clients high and dry when they changed their name to U.S. Financial Advantage. This USA Debt Settlement ... Read More »

Bankruptcy Lawyer Still Guilty of Stupid Stuff

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Thomas O’Connel Holstein provided bankruptcy services at his law firm, known as Lawline. In September 2005, he signed a consent petition with the Illinois Attorney Registration and Disciplinary Commission in which he acknowledged professional misconduct and agreed to an eighteen-month suspension of his law license, effective October 17, 2005. Despite the agreement and impending suspension, Holstein continued to accept clients ... Read More »

Debt Settlement Companies Setting Up Offshore Better Watch Out Says the OFT

Today I had the pleasure of interviewing Nigel Cates, the Deputy Director of the Credit Group with the Office of Fair Trading (OFT) in England. The issue at hand was one that had been raised previously here. The allegations going around was that a law firm/marketing company was trying to recruit affiliates and possibly lawyers to join them in the ... Read More »

Idaho Bars Three From Mortgage Loan Modification Business

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The owners of a North Idaho mortgage modification company are prohibited from engaging in loan modification activities with Idaho consumers, Attorney General Lawrence Wasden said today. Randy Allen, Clint Paulsen, and Travis Smith, who operated HomeModifier in Post Falls, signed a consent judgment that prevents them from opening a new mortgage modification business in Idaho. HomeModifer and its owners also ... Read More »

Attorney Assisted Debt Resolution Program Said to Be Different Than Debt Settlement. How Can That Be?

In the video below put out by Morgan Drexen today and distributed with their press release (source), Walter Ledda, CEO says attorney assisted debt resolution is an alternative to debt settlement. Is it somehow magically different? [flashvideo file=/wp-content/uploads/MorganDrexen.flv /] At 0:37 and you will hear Ledda make comments to advise consumers to avoid bankruptcy. “Bankruptcy is the last resort for ... Read More »

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