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Debt Settlement Related

Oregon Creates Web Page to Turn in Illegal Debt Settlement, Debt Management and Credit Repair Companies

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The State of Oregon now has a dedicated page on their site for consumers to report ads for debt relief companies. Apparently Oregon is also targeting debt relief companies that advertise on the web as well as television. radio and mail. The page says: HELP STOP ILLEGAL DEBT MANAGEMENT COMPANIES IN OREGON Have you heard or seen ads for companies ... Read More »

    The Cost of Settling Debt – Action News Detroit

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    Here is a news report about the tax consequences of debt settlement. I’m afraid to say the report really glosses over the tax implications of settling debt and makes it seem as if everyone with forgiven debt will pay taxes but that’s not true. It’s more complicated than that. They key point to watch for is if the forgiven debt ... Read More »

      If You Owe Chase Bank, Forget About Debt Settlement.

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      In recent communications with Chase Bank they helped me to understand their policy when it comes to working with debt settlement companies, they won’t. Paul Hartwick, spokesperson for Chase told me, “Chase will not work with debt settlement companies. Customers who notify Chase that they are working with a debt settlement company will be advised of this policy and encouraged ... Read More »

        My Debt Settlement Company Went Out of Business

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        New regulatory action by the Federal Trade Commission and the Debt Settlement Consumer Protection Act will probably put a vast majority of debt settlement companies out of business. My bet is that those companies that close doors will soon file bankruptcy to terminate any claims a past client might have for refunds. Hopefully many of those companies were using the ... Read More »

          Allegro Law and Keith Anderson Nelms Bankruptcy Hearing April, 2010

          Thanks to Kenneth for pointing out this audio to me. You can now listen to the bankruptcy trustee hearing at which Keith Nelms appeared in April, 2010 to discuss his bankruptcy filing. Listen to Keith Nelms Bankruptcy Hearing Get Out of Debt Guy – Twitter, G+, Facebook Need More Help? Read More »

            Why I Love Debt Settlement and Why Debt Settlement Isn’t Going Away

            Debt Settlement Dog

            Based on some of the things I’ve written about debt settlement some people may think I actually hate debt settlement. In fact nothing could be further from the truth so I wanted to talk about it. With all that has gone on in debt settlement with the investigations, FTC telephone sales rules, Senate hearings on debt settlement, the Debt Settlement ... Read More »

              AARP Urges Illinois Governor to Sign the Debt Settlement Consumer Protection Act

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              HB 4781 Would Give Consumers the Strongest Protections in the Nation against Fraudulent Debt Settlement Agencies SPRINGFIELD, Ill., May 7 /PRNewswire-USNewswire/ — Burdened with piling debt in a down economy, thousands of Illinois consumers contact debt settlement agencies in search of help – only to find huge fees, deceptive business practices, and often times no solutions to their problems. But ... Read More »

                Illinois Senate & House Pass Aggressive Debt Settlement Consumer Protection Legislation With Strong Bipartisan Support

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                Illinois Attorney General Lisa Madigan today applauded the General Assembly for passing the Debt Settlement Consumer Protection Act, HB4781, which has now passed both houses. This legislation is crafted to prohibit debt settlement firms from engaging in unfair and abusive practices aimed at bilking financially strapped consumers. The Senate today passed the bill with a vote of 56-1 after the ... Read More »

                  I-Team Investigation: Debt Settlement – Lifesaver or Scam?

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                  Here is a television story on debt settlement that aired recently. If you look carefully you’ll notice some of the groups I’ve written about before are included in it. Steve Get Out of Debt Guy – Twitter, G+, Facebook Need More Help? Read More »

                    Another Swift Kick to The Debt Settlement Industry

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                    On top of a miserable performance at the Senate hearings on debt settlement and the rolling out of the new Debt Settlement Consumer Protection Act, the Better Business Bureau has issued a strong warning to consumers to avoid debt settlement services. Get Out of Debt Guy – Twitter, G+, Facebook Need More Help? Better Business Bureau is warning financially troubled ... Read More »

                      If You Signed Up With a Debt Settlement Company Since in 2008, 2009, or 2010. Bad News.

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                      Damon Day had an excellent observation on his site in a post he wrote after the Senate Hearings yesterday on debt settlement. His concern is for people who have enrolled in a debt settlement program in the last couple of years. Since the debt settlement companies typically take their fees during the first couple of years the consumer is enrolled ... Read More »

                        Many Debt Settlement Firms Lie and Defraud People Says Government Report

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                        Reuters covered the hearing yesterday and published their take on the Senate Hearings on the debt settlement industry. Get Out of Debt Guy – Twitter, G+, Facebook Need More Help? Debt settlement Firms Rife with Fraud: GAO (Reuters) – A big percentage of debt settlement companies lie to and defraud people who contact them asking for help with credit problems, ... Read More »

                          FTC Testifies Before Senate Hearing Today to Send Debt Settlement to Time Out

                          The Federal Trade Commission today told the U.S. Senate Committee on Commerce, Science, and Transportation that the FTC will continue its stepped-up efforts to protect financially strapped consumers from deceptive and abusive debt relief scams. The testimony, presented by FTC Commissioner Julie Brill, described the FTC’s law enforcement actions, a rule change the agency has proposed to combat deceptive and ... Read More »

                  , and Running ‘Deceptive’ Stimulus Debt Settlement Advertisements

                            The Consumer Standard Debt Settlement Advertisement

                            Yesterday I came across a link to which took me to the page below. What struck me about the advert was how it made it appear there was some new federal or state law that allowed people for a limited time to reduce their debt by 50%. The link at the bottom of the page “Reforms to Protect American ... Read More »

                              Keith Nelms, Owner of Allegro Law Debt Settlement Fame, Goes Bankrupt With $28 in His Pocket


                              I just took a look at the bankruptcy filing for Keith Nelms, the attorney owner of the Debt Settlement company, Allegro Law. Some of the creditors he listed in his filing included: Jennifer Nelms, Calude Nelms, Jr., State of Alabama Consumer Affairs Division, Internal Revenue Service, Alabama Department of Revenue, some student loans, Chase Bank, Household Finance, and the approximately ... Read More »

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