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Tag Archives: debt settlement

Daisy Calls Again. Uncertain if Debt Settlement or Debt Management is Right for Her. – Get Out of Debt Podcast

Here is the latest Get Out of Debt show podcast. Do You Have a Question You Want to Ask? If you have a credit or debt question you’d like to ask call 919-321-2378. Leave your first name and question and I’m happy to help you totally for free. Get Out of Debt Guy – Twitter, G+, Facebook Caller Question Daisy ... Read More »

Debt Settlement Lies & Inside How Debt Settlement Services Are Sold

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Recently I had the opportunity to meet Michael Bovee from Consumer Recovery Network and I asked him if he would be honest enough or brave enough to openly share some of the marketing secrets of debt settlement services today. Here is what he was willing to share and you will see it is a very frank and open description of ... Read More »

The Dark Side of Debt Settlement – MSNBC

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I’m probably going to get a stern email from the folks at MSNBC saying that I shared too much of one of their stories with you. But the information is so important, you need to read it. I urge you to click through and read the rest of the story. The basic strategy these firms employ is to instruct consumers ... Read More »

John Has Questions After Reading My Book “Eliminate Your Debt Like a Pro”

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“Dear Steve, I read your on line free book about eliminating credit card debt like a pro-I wish I read it earlier–i contacted a debt management company in 5/09 and began paying 800+/mo and quit paying my creditors at their direction after being current up to that point. I am becoming disillusioned with the program as they will not begin ... Read More »

I’ve Ignored My Debt for a Long Time and I’m Not Sure How to Proceed. – Brian

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Brian “Dear Steve, I had about $47K in credit card debt and then lost my job and was sick and in a hospital. I was planning on filing bk, but due to the knew bk laws, I was unable to file bankruptcy. I was out of a job for about a year, and used any income I made to live ... Read More »

Missouri Attorney General Testifies Before U.S. Senate About Debt Settlement and Mortgage Rescue Scams

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Attorney General Chris Koster will testify before the U.S. Senate Commerce Committee today on the increase in mortgage-rescue and debt-settlement fraud Missouri is experiencing during the downward economic times. I just watched the live feed of his testimony and hopefully his testimony will be made public. If you are running a debt settlement company in Missouri, it wasn’t pretty testimony. ... Read More »

Debt Settlement Companies and Associations Hiring Washington Lobbyists to Persuade Congress

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An article in The Hill talks about how the Debt Settlement industry is now hiring lobbyists to meet with members of Congress in order to make their case to continue to exist. Many states and the Federal Trade Commission have reloaded their regulatory shotguns and taken aim at rogue debt settlement companies in the past few years in hopes of ... Read More »

Debt Settlement Company Success Rate Made Public – Sucks

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Nationwide Asset Services, a company under investigation by the New York Attorney General, has disclosed that while Nationwide Asset Services promised consumers debt reductions of between 25 to 45 percent, in fact only 64 customers out of 1,981 actually completed the debt settlement plan. This means that 97% of people that enrolled in the debt settlement program not only did ... Read More »

Christian Credit Counselor Tells Us to Go to CCCS or Debt Settlement Instead. – Shelly

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Shelly “Dear Steve, I lost my job in 2005 and for a year and a half, we lived on one income (with a little extra from my part time jobs) on a two income budget. We used credit cards to help us during this time. Although I am now working full time, all we manage to do is make minimum ... Read More »

I Have $95,000 in Credit Card Debt and Can’t Make the Minimum Payments. – Kevin

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Kevin “Dear Steve, I’m presently current on all of my credit card debt (nearly $95,000), but life’s circumstances are making it extremely difficult to pay the minimum payments and I am not making any headway with my debt. I’m considering one of the many debt settlement companies out there and wondering if you know much about New Era Debt Settlement ... Read More »

Professional Journalist Really Blows This Debt Settlement Story

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CNBC produced a story by Trish Regan that was full of misleading statements and came across that debt settlement was not a problem, without ever mentioning the tax consequences or that debt settlement companies are under investigation. The story claims that an NFCC agency, ClearPoint Financial Solutions was able to get Providian to settle the debt for less. There is ... Read More »

New York Times: Debt Settlement Industry is Nervous

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If you are interested in the comings and goings of the debt settlement industry I think you’ll find the artcile in the New York Times titled “The Debt Settlement Industry Is Busy, but It’s a Bit Nervous, Too“, interesting. Noting “the legal firestorm that has subsumed the debt settlement industry” in recent years, Jeffrey Tenenbaum, a lawyer representing dozens of ... Read More »

Dallas Based Debt Settlement Company Issues Press Release With Jaw Dropping Statements

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I was just reading a press release issued by a Dallas, TX based debt settlement company. I’m not going to publish the whole thing here but this section actually made my jaw drop when I read it. “I have worked for a bankruptcy attorney for 13 years consulting consumers about chapter 7 and chapter 13 bankruptcies. It is plain and ... Read More »

Debt Settlement Companies May Not Be Paid For Services Not Yet Delivered Says MO AG

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Missouri Attorney General Chris Koster has filed suit against a company that advertised to consumers it could get people out of credit-card debt and lower their monthly payments, but did not deliver the services it promised. Koster said the company, Credit Solutions of America in Richardson, Texas, marketed to Missourians that it could reduce their payments by fifty percent, lower ... Read More »

Expert Testimony Worth Reading on H.R. 2309 the Consumer Credit Protection Act (Debt Settlement Industry Regulation)

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The Consumer Credit and Protection Act was recently introduced in the House of Representatives to specifically address issues in some industries, including debt settlement. As boring as it sounds, I was actually reading the testimony of the expert witnesses at the recent committee meeting on the bill and found the segment below to be of specific interest. It appears that ... Read More »

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