Mike Croxson, the president of CareOne, a provider of debt settlement and debt management plans, and I chat about current events in the debt relief world.
Some of the issues Mike and I talk about:
- Where are the loopholes from the Federal Trade Commission telemarketing sales rules.
- What is the endgame to chasing loopholes.
- The access to attorneys for debt settlement services.
- How debt settlement companies insert themselves into an attorney model process.
- The view of employees of debt settlement companies that feel they are put out of work because of the Federal Trade Commission.
- What happens when a debt settlement company decides they can no longer operate.
- If there is a time for regulation and consumer protection.
- Does the FTC rule go too far or not far enough.
- The future of the Debt Settlement Consumer Protection Act.
- What will happen when the Consumer Financial Protection Bureau gets involved in the future.
- What the impact is on state regulation based on the delivery of the debt settlement rules by the FTC.
- If debt settlement trade associations are being shortsighted in pushing the envelope to block regulation.
- The bigger and heavier hammer hanging over the debt settlement industry and why it is not the FTC.
- Why the business model of the front loaded debt settlement companies was flawed and why.
- Why consumers complain they are not getting a benefit from debt settlement.
- The forecast of debt settlement looking ahead.
- Why many new companies are going to get into debt settlement.
- The conflict that non-profit credit counseling has of representing creditors over or versus consumers.
- State licensing versus federal licensing for debt relief companies
- State enforcement of federal rules.
- The upcoming and future role of the Consumer Financial Protection Bureau.
- If non-profits and for-profit debt relief organizations should operate under the same rules.
- Why more focus needs to be directed towards the current funding model of non-profit credit counseling groups.
- Who really drafted the Debt Settlement Consumer Protection Act.
Listen to Mike Croxson Interview
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