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.
You can listen to the interview below.
Listen to Mike Croxson Interview
Listen to Mike Croxson Interview
Sincerely,
You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.
You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.
Do you have a question you'd like to ask me for free? Go ahead and click here.
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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.
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This is too funny. CareOne does the settlement for Persels & Associates for tens of thousands of debt settlement customers. Their attorneys have several hundred “clients” each, for which they get $8 a head each month, while CareOne gets $50.
Fantastic Interview!
Hat tip to Croxson.