The State of Texas recently held hearings on proposed debt settlement regulation. I wrote about them indirectly here. The hearing was hours and hours long but what you are about to hear are the last two people offering testimony.
The first is Jeff Meek who previously wrote that USOBA members were told to not work work creditors to provide success information.
The second testimony you will hear is that of John Ansbach, representing the United States Organization of Bankruptcy Alternatives (USOBA). Ansbach also testified in the Senate hearings on debt settlement, which you can watch.
Ansbach calls credit counseling “competitors” which I find interesting. It must then be that USOBA debt settlement companies view their debt relief offering not as one of the tools that may be appropriate for consumers but is sold in competition with other debt relief providers.
He goes on to say that there are debt settlement companies in Texas that are not good actors and does not object to debt settlement companies being put out of business. I wonder which USOBA members he is referring to?
In my opinion Ansbach’s testimony that current regulation efforts in Texas need to be stopped and rewritten to only focus on debt settlement. When asked why he objected to more regulation of debt management when he provided debt settlement services, he had no good answer. It seems like a “do over” stall tactic.
Listen to the audio below.