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Debt Relief Industry

USOBA Says It’s Better Than TASC. What’s Up With Prism Venture Partners and New Beginnings Debt Settlement?

It seems like the ties between USOBA and TASC keep getting closer and closer. The other day we had the recent press release from the two of them, here, and now USOBA announces a conference sponsored by the law firm that the TASC President Robby Birnbaum is a partner of. – Source. Seems like Greenspoon Marder want to take over ... Read More »

Chase Bank Kicking the Shit Out of Attorney Run Debt Settlement. Not the Safe Harbor Some Think.

In June, 2010 Chase bank filed an adversarial proceeding against now disbarred attorney Keith “Andy” Nelms in his bankruptcy filing that he filed when his debt settlement law firm, Allegro Law, went bust. The complaint filed by Chase seems to make it pretty clear they are not fans of debt settlement. Chase makes an interesting argument when it says the ... Read More »

Court Finds Four Problems With Attorney Model Debt Settlement Firm Allegro Law

Keith “Andy” Nelms was a lawyer, before he was disbarred, that ran a debt settlement company that outsourced much of it’s debt settlement back office work to a non-attorney company, Americorp, which I’ve written about before. I’ll paste the entire court memorandum here and put my comments in [ ]. MEMORANDUM DECISION WILLIAM R. SAWYER, Bankruptcy Judge These related cases ... Read More »

BBB Offers Way For Debt Settlement Companies to Not Have an F Rating

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Debt settlement companies are saying to consumers that the reason the BBB has given them an F rating is because the BBB is against the debt settlement industry. And they are saying because everyone has an F rating the rating should be disregarded. But I’ll show you the BBB standards for debt settlement companies, and while they are extensive, they ... Read More »

TASC Adjusts Member Standards to Prohibit Upfront Fees, But Not Front Loaded Fees

The Association of Settlement Companies today released the following press release. My comments are in [ ]. TASC Enhances Consumer Protection Association Revises Member Standards to Prohibit Upfront Fees And To Require Strict Marketing Guidelines WASHINGTON, July 20 /PRNewswire-USNewswire/ — The Association of Settlement Companies (TASC) today announced aggressive new requirements for its members to better protect consumers who enroll ... Read More »

U.S. Financial Advantage Turns Out to Be The New Name for Financial Hope for America

US Financial Advantage Web Site

I previously got a tip that debt relief company Financial Hope for America was changing it’s name to US Financial Advisors. A new tip now says the new company that will take over for FH4A will be named U.S. Financial Advantage. Here is what an insider shared with me. Actually, the new “company” is US Financial Advantage (www.usfinancialadvantage.com), and the ... Read More »

Mossler Law Firm and SFC State Capital Financial Kicked Out of Vermont for Debt Settlement Services

The release below from the Vermont Attorney General seems to support the points I raised in my recent article, The Critical Flaw in The Attorney Model for Debt Settlement. One of the debt settlement entities below that got the attention of the State of Vermont was a law firm. So much for attorneys getting to disregard the law. The Mossler ... Read More »

TASC and USOBA Shut Down Site That Never Existed. FederalReliefProgram.com

Just this morning USOBA sent out a press release proclaiming how the two debt settlement trade associations “recently partnered to permanently shut down an unethical and misleading website advertising debt settlement services.” The now-defunct website, www.federalreliefprogram.com, had several deceptive claims alluding to a government-backed debt settlement program, in addition to its URL. Representatives from both USOBA and TASC worked diligently ... Read More »

Certified Financial Protection Group – Dead Pile

A tipseter sent me in a notice that Certified Financial Protection Group has closed up shop and left paying clients drifting. Certified Financial Protection Group was located in California and did forensic audits and loan modifications. I have contacted CFPG and asked how they plan to handle refunds for consumers that paid for loan modification services but who will not ... Read More »

The Critical Flaw in The Attorney Model for Debt Settlement

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It seems in the face of proposed regulation over the debt settlement industry many debt settlement companies are running for the hills and trying to convert their business into one of the many attorney models out there in order to continue their advance fee approach. The companies who are running for the attorney model cover seem to feel it will ... Read More »

NoteWorld Loses BBB Accreditation Due to Relationship With Debt Settlement

Here is an interesting fact that just came up in another story I just published. Apparently NoteWorld Servicing Center had its BBB accreditation yanked for being affiliated with the debt settlement industry. The BBB states: Why Accreditation Revoked On April 29, 2010 this company’s accreditation in BBB was revoked by BBB’s Board of Directors due to engaging in activities reflecting ... Read More »

Guardian Referral Network and J. Hass Group Slammed in Article

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Philadelphia Weekly reported that a Pennsylvania consumer had a negative experience with two debt relief companies, Guardian Referral Network and J. Hass Group. Using powers of persuasion, a solicitor from Guardian Referral Network, a company “dedicated to helping individuals and families rid their lives of burdensome debt,” convinced Yard, a North Philly resident, to sign over his debt to a ... Read More »

CRL Makes an Excellent Case for a Debt Settlement Fee Ban. CNI Doesn’t.

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A flurry of letters have been flying into the FTC to attempt to influence them to allow debt settlement companies to collected fees before debts are settled. Here are two of the most interesting exchanges. The first comes from Century Negotiations, Inc. It happens to be the company of the TASC Executive Director Dave Leuthold who is the CEO for ... Read More »

Debt Settlement Company Bella Financial / Debt By Debt Settlement Services on the Dead Pile

A tipster (send in your tips here) sent in a tip letting me know that debt settlement company Bella Financial appears to be out of business. Just one of many to come once the new FTC regulations are released. Bella Financial, D/B/A Debt By Debt Settlement Services, described themselves as “a leader in debt settlement for consumers” and I guess ... Read More »

Debtmerica Relief Vietnamese Television Commercials

Debtmerica Relief

Now this is what I call really targeting a niche market for debt settlement services. What I found interesting is that while the marketing messages have been translated into the target language, the disclaimers and warnings have not for both the Hispanic and Vietnamese versions of their site. That would leave those target markets at a disadvantaged if the are ... Read More »

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