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Howard Dvorkin, Consolidated Credit Counseling Services on New Debt Settlement Rules

This morning Howard Dvorkin, the president of Consolidated Credit Counseling Services, a Florida based credit counseling non-profit company, and I talked about the new debt settlement rules and other things.

Here are some of the topics we chatted about.

  • Attorneys getting into debt settlement right now.
  • Credit Advocates, a Florida debt settlement company, regarding this article.
  • Does credit counseling want to eliminate debt settlement because they are competition.
  • The place for debt settlement.
  • The percentage of consumers that are appropriate for debt settlement.
  • How good guys in debt settlement should deal with a troubled industry that becomes regulated.
  • How the scrutiny by regulators of the debt management world impacted the credit counseling industry.
  • The impact the debt settlement news has impacted credit counseling.
  • The prediction moving forward of what will happen in the debt settlement world.
  • The last chance money grab.
  • The failure of debt settlement companies and the financial loss to consumers when the business fails.
  • Who will survive the debt settlement regulations.
  • Low volumes in the credit counseling world.

You can listen to the interview below.


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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
  • Bill

    And two years later Howard sends all of his unqualified leads to a front end fee loaded debt settlement company that feeds his pocket. What a scam. Call Consolidated and see where they send. Unreal.

  • Jon Noble

    At least Howard is a bit more impartial with his opinions. Interesting in the interview that 60% fail DS (true enough) – it’s at least the same for DMP’s and BK. So, that’s no big deal – and it should be disclosed. Only 3% qualified for DS during intake – and towards the end of the interview he related that only 9% qualify for cccs. That’s no so far apart when the company doing the intake isn’t impartial. So, the other 88% needed BK or some type of self help? Granted, I believe strongly in an advanced fee ban (to a certain reasonable extent) and that there have been so many people that have gotten into this business (similar to what went on with cccs in the lat 90’s) that need to be run out of town. The biggest problem with DS is the advanced fee and saying things that are misleading. Understood and agreed. If you were really interested in having a level playing field for the consumer though – why don’t you tell them how much the credit counseling companies give back to a cccs/dmp company per client that they sign up? Why isn’t that required? It’s easy to say a $50 monthly fee is reasonable when you are getting kick backs from other sources. Right?
    You could say – Ms. Smith – while participating in cccs – we’ve reduced your interest rates and calculated a new monthly payment plan. You will be debt free in 24 – 60 months and you will pay back a total of “x” – I know that you show a comparison against what they would have ended up paying back if they kept with their minimum payments. But why don’t you say that we will charge you “x” per card, “x” per month, we will even waive your fee if you can’t afford it. During the time you are in the program, we will receive “x” amount of dollars as a donation from your creditor. Each month you make a payment, they will take a % and donate it to us. At the end of the program, we will recieve “x” and we appreciate your help with this donation? That seems fair doesn’t it?

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