Debt Relief Industry

AFCC Just as Peeved About Uninformed DOJ Position on Debt Settlement

On August 16th I wrote about a Department of Justice blog post about debt settlement that was, let’s politically say, perplexing. Ah what the hell, it was just plain old fucked up.

The Department of Justice made some very uninformed statements about debt settlement, like “Fraudulent debt relief companies will often make claims of being able to negotiate a one-time settlement with creditors that will reduce a consumer’s principal by fifty percent or more.” You can read the full post here.

I brought these problems in the post to the attention of the DOJ and I even called them about it. Today they appear to not have made any changes. – Source

Well the AFCC (American Fair Credit Council) sent me a copy of their statement to the DOJ. Let me summarize their September 4th letter:

Dear Attorney General Holder,

WTF!

Sincerely,
AFCC

You can read their entire statement, here.


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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.

2 Comments

  • The DOJ was about 4 years too late with this warning, to come out with a statement like that just shows how out of touch they are with the current state of the industry.   
    When you called the DOJ, did they say they would change the statement or is this truly the Departments current position on debt settlement?

    • They did not say they would change it but then again I could not speak directly with the author. I was told however that my emails I sent in about this error were forwarded to the author.

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