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Regulation / Legislation

Debt Settlement President Speaks Out for Debt Settlement Companies to Comply With FTC TSR

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I’m publishing this opinion editorial piece from Scott Johnson at U.S. Debt Resolve for you to read. Get Out of Debt Guy – Twitter, G+, Facebook For years, the debt settlement industry has ignored state laws, regulators opinions, and consumer’s best interest; as a result failed to support fair regulation. This might be the most outrageous time, as efforts are ... Read More »

TASC Folds, Accepts New FTC Rules and Leaves USOBA Swinging

In one of the more commendable moves that The Association of Settlement Companies has undertaken they have issued the press release below publicly stating they will abide by the new FTC rules. Guys, you did the right thing. It was the only move to make. Except for the last minute whinging in the release, you took it like a man. ... Read More »

From USOBA to the FTC. A Last Minute Effort.

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The letter below was just added to the public record but as you can see, up to 7 days before the announcement of the new telemarketing sales rules, USOBA was still at it. What I find interesting is the new telemarketing sales rules apply to others and not just debt settlement companies but no other segment they apply to was ... Read More »

I Am Going to be Dead Right on This. Fighting the FTC Rules Will Sink the Debt Settlement Industry.

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Shenanigans and actions of the debt settlement industry members and their trade associations will do more to further limit the activities of the debt settlement industry. Rather than embrace the FTC rules and come out in support of fair and reasonable directives from the Federal Trade Commission to protect consumers from debt relief, debt settlement, and debt negotiation companies, groups ... Read More »

Financial Freedom of America Named in Senate Testimony Today

As part of the testimony of the Senate hearing today on Protecting Consumers from Deceptive Debt Settlement Schemes a consumer provided testimony that named Financial Freedom of America, a USOBA member. It appears the company may have since changed their name, the FinancialFreedomOfAmerica.com website now brings up Financial Freedom Processing. What Financial Freedom Tells Consumers We advocate fairness for every ... Read More »

FTC Testifies About Ongoing Efforts to Protect Consumers from Deceptive Debt Relief Scams

The Federal Trade Commission today told the U.S. Senate Committee on Commerce, Science, and Transportation that the FTC has made it a top priority to protect financially distressed American consumers from deceptive debt relief schemes. With Americans continuing to feel the effects of the economic downturn, the FTC has stepped up efforts to stop fraudulent financial schemes that exploit consumers, ... Read More »

Rumor – Debt Settlement Companies Plan to Beat the FTC Rules With UK Law Firm

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This is a rumor and not confirmed but I thought it was worth discussing. The scuttlebutt is that a number of debt settlement companies and marketers plan to get around the FTC telemarketing sales rules on debt settlement and debt relief services by forming an offshore law firm in London and making the member companies part of the firm in ... Read More »

The Debt Settlement Good Faith Estimate Guide for the Confused Consumer

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As of September 27, 2010, debt settlement and debt relief companies are going to have to provide data to consumers when enrolling new clients or when promoting results. These facts are are part of the “Good Faith Estimate” and will help consumers to select the company they wish to work with. The Federal Trade Commission says that they have determined ... Read More »

Is This the Right Time For TASC and USOBA Members to Vote With Their Dues?

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My friend and fellow debt coach, Damon Day, had a recent article that raises a very good question. In the article he said: TASC and USOBA are funded directly through debt settlement company membership dues. Settlement companies that are members of these associations often pay thousands of dollars a month and that money is used directly by TASC and USOBA ... Read More »

Morgan Drexen Not Telling The Whole Story on Fees? The Most Bizarre PR Encounter I’ve Ever Had.

What began as a simple story about a Morgan Drexen press release last week has turned into so much more. Last Friday I wrote “Is Debt Settlement Company Morgan Drexen a Flip-Flopper?” where I talked about their seemingly sudden switch from opposing the Federal Trade Commission effort to roll out new rules that regulate debt settlement companies, to applauding them. ... Read More »

Debt Settlement Not Singled Out for Advance Fee Regulation. MARS Hit as Well.

Here is a very interesting letter from the National Association of Attorneys General regarding new proposed rules by the FTC for mortgage assistance relief services (MARS). The loan modification industry has be filled with deception and abuse and many consumers have lost thousands when law groups promised results but did not deliver. Two recent failures come to mind, Liberty Law ... Read More »

Is Debt Settlement Company Morgan Drexen a Flip-Flopper?

Thanks to a great tipster (send in your tips here) I learned today that Morgan Drexen sent out a press release that was unbelievable. Debt settlement company Morgan Drexen was against nearly everything the FTC was working on in the proposed telemarketing sales rules. Even the Federal trade Commission says so in their final document. “One industry member [Morgan Drexen] ... Read More »

New Debt Settlement Law Signed Today in Illinois. Caps Fees.

Illinois Governor Pat Quinn today signed a bill into law that establishes stringent guidelines and enhances consumer protections for Illinois families seeking help to pay overdue bills. The Debt Settlement Consumer Protection Act also creates a fund to pay restitution to consumers who have lost money through a debt settlement provider. “Too many people have been taken advantage of by ... Read More »

USOBA Responds to New FTC Rules. What the Hell is Wrong With USOBA?

Yesterday I wrote about a statement that The Association of Settlement Companies (USOBA) made about the new consumer protection rules passed by the Federal Trade Commission covering debt settlement companies. Now today the other trade association, United States Organizations for Bankruptcy Alternatives sends out their press release on the new rules. First off, I was crying with laughter when I ... Read More »

TASC Does Not Seem to Get It. Quote Makes Me Question Their Version of Reality.

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In an article on CreditCards.com, Dave Leuthold, the executive director of The Association of Settlement Companies (TASC) and the CEO of Century Negotiations, Inc. (CNI) is quoted as making the following statement. “We’re disappointed that the FTC came out with this ruling, especially with regards to the advance fee ban,” Leuthold said in a telephone interview. “It’s just a fact ... Read More »

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