Debt Relief Industry Sued or Sanctioned

Wisconsin Busy Going After Unlicensed Debt Relief Companies

The State of Wisconsin is NOT a place to sell debt relief services if you are not licensed by the State of Wisconsin, Department of Financial Institutions, Division of Banking.

In the past week the division has gone after Everest Debt Solutions, FDN Solutions, Next Step Resolution, NCD, National Center of Debt, and Asset Retention Group.

Here are the most recent Wisconsin Actions sent out 11-28-2011.

A word of commonsense advice to all debt relief companies: I provide a free online tool to check for compliance before you get in trouble. USE IT!

The other common thread among these complaints is that the regulator wrote to the debt relief companies and the response was “no response received.”

Regulators will be willing to work with companies to some extent but the worst response you can have is no response. And regulators talk among themselves. A no response received just leads to one saying to another, “You should look at this company.”

If you get a letter from a regulator, please respond, state your case, and work with the regulator to repair the situation. Good companies should not leave regulator complaints unanswered. It might not work out wonderfully but at least you tried and that’s worth something.

I can always use your help. If you have a tip or information you want to share, you can get it to me confidentially if you click here.

READ  Why is Everest Debt Solutions Claiming to be a BBB Member on Their Site and in Ads?

About the author

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.

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