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Tag Archives: FTC TSR

Morgan Drexen Running TV Commercial for Debt Settlement Clients. Says It Is Exempt from FTC Rules.

So what is the truth about Mogan Drexen? On one hand they claim, as was stated in the recent West Virginia Attorney General suit about them to “merely provide paralegal services to lawyers engaged in debt settlement activities on behalf of clients.” Even their own website says: Morgan Drexen provides integrated legal software and paralegal services to attorneys across America. ... Read More »

Understanding the FTC Regulations for the Debt Industry

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Here is a recent video appearance I made with some of my fellow personal finance blogger friends on Financially Fit TV where we discuss new FTC rules covering debt relief services. http://youtu.be/a29XyW3Rz60 Get Out of Debt Guy – Twitter, G+, Facebook Transcript Hi everybody. I’m Nichole Kelly, and this is Financially Fit TV. What is Financially Fit TV? It’s a ... Read More »

Rally in Raleigh 2010 – Video of Session on the Telemarketing Sales Rule With Allison Brown, FTC

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On November 13, 2010 we held the Rally in Raleigh, a meeting of debt relief professionals. At the meting we talked about a number of issues. Below you will find the video of the 3:00 p.m. session with Allison Brown from the Federal Trade Commission. The agenda: 10:00 – 10:30 Welcome and Who’s Here. 10:30 – Noon – Is There ... Read More »

Attorney Model Debt Settlement Companies, Affiliates, and Marketers are Not Going to Like What’s Coming From the FTC

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This past weekend I held a meeting titled the “Rally in Raleigh” where a number of debt relief companies, and some guest regulators got together to talk openly and honestly about the current state of the debt relief industry. We wound up focusing more on debt settlement since it is a subset of the debt relief industry that is going ... Read More »

Secret Shopper Debt Settlement Call. How Do You Think They Did?

Yesterday I made my first secret shopper call after the FTC TSR went fully into force. My vote of the call yesterday was a FAIL. You can read my comments on that call here. So today I decided to call the exact same company back and confirm what the sales representative had told me yesterday. That didn’t happen. Today I ... Read More »

FTC Provides Video on Debt Relief Services and Telemarketing Sales Rule

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Here is a nice video from our friend Allison Brown at the FTC about the new telemarketing sales rule and some last minute clarifications for consumers. Get Out of Debt Guy – Twitter, G+, Facebook Transcript Allison Brown: Hi I’m Allison Brown, an attorney with the Federal Trade Commission, the nation’s consumer protection agency. If you’re in the debt relief ... Read More »

Cambridge Credit Counseling Puts Out New Video on Debt Settlement Rules

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Starting October 27, 2010 the Federal Trade Commission’s Telemarketing Sales Rule will prohibit for-profit debt settlement companies from charging fees to consumers until the company has preformed an actual service. The Telemarketing Sales Rule applies to debt settlement companies that solicit consumers by phone, and to settlement agencies that receive calls in response to ads. Consumers should be aware that ... Read More »

Tax Relief Providers Get Temporary Pass Under FTC TSR Effective Today

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Enforcement Deferred for Tax Debt Relief Services, but Most Companies Are Now Prohibited From Collecting Advance Fees The Federal Trade Commission has issued an enforcement policy statement on a new FTC rule that protects consumers by barring debt relief firms from collecting up-front fees. In its statement, the FTC says that while most companies that sell debt relief services over ... Read More »

Trying to Get Around Debt Settlement Rules By Calling Advanced Fee a Retainer. Not So Fast Bucko.

Retainer to Beat Advnace Fee

One of the rumors I’ve heard lately is from some debt settlement companies that claim they are going to get around the ban on advance fees, starting October 27, 2010, for debt settlement by calling the fee they will ask for, a retainer. The argument goes something like this. “But because I’m an affiliate of an attorney I can charge ... Read More »

USOBA Sends Out Message to Members. Beware of Loopholes.

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An amazing tipster (send in your tips here) just sent me an email that USOBA sent out this morning to members. I’ll let you be the judge but I think the email indicates USOBA has finally thrown in the towel on the Federal Trade Commission Telemarketing Sales Rules battle. If we can take the email at face value, it really ... Read More »

Debt Settlement Company Says “Enough is Enough” and Works Hard to Comply With FTC.

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With permission I am posting the following from an email I received from a debt settlement company I have written about on this site. The company in question does not want to be identified but they have allowed me to share their “turning point” moment that made them realize that FTC TSR compliance is the best way to go. They ... Read More »

Loeb & Loeb Law Firm Issues Guidance to Debt Settlement Companies Looking at FTC Loopholes

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Since the Federal Trade Commission telemarketing sales rules (“TSR”) were released I’ve written about a number of claims and assertions debt settlement companies have made to continue business as usual. We’ve heard all sorts of strategies that companies claim are legal, loopholes or not covered by new regulations going into effect on September 27, 2010. The law firm of Loeb ... 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 »

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 »

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