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Debt Settlement Related

Why Do TASC Member Debt Settlement Companies Appear to Fail Their Own TASC Audit?

I don’t know how in the world I landed on this press release from The Association of Settlement Companies (TASC, but I did and I wasn’t looking for it. The press release contained a very interesting statement. – Source The audit process is investigating and confirming member compliance with organization bylaws which dictate business practices and ethics standards. In addition ... Read More »

    Beware of Debt Settlement Scams Says CBS News

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    A report on the CBS “Early Show” had some very strong warning about debt settlement companies. Minnesota Attorney General Lisa Madigan said, “You would be more likely to settle your debt by buying a lottery ticket than by signing up with a debt settlement company.” You can watch the report from CBS below. Read More »

      Debt-Settlement Fraud Rising with Lack of Regulation Says Washington Post

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      Baltimore resident Gloria Snowden thought she had found a way out from under her $10,000 credit card bill when she signed up with a company that promised to negotiate with creditors to settle the debt for less than she owed. It was 2003 and the nascent debt-settlement industry was just taking off. Traditional credit counseling and consolidation organizations devise payment ... Read More »

        Regulation of Debt Settlement Companies Looming

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        This is a guest post by Kenneth Long, President of Fiscal Progress. If you would like to submit a guest post for publication, just send me an email to guestpost@getoutofdebt.org. Steve On September 25, 2008 the Federal Trade Commission (FTC) held a public workshop to explore the for-profit debt settlement industry. Panelists representing debt settlement companies, consumer advocates, regulators and ... Read More »

          Former Bank VP of Recovery Operations Says TASC and Most Debt Settlement Companies, Suck!

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          Dear Steve, My name is Jeff Meek and until Aug 2009 I was Vice President of Recovery Operations for WaMu Card Services. During my almost five year tenure at the bank I had the opportunity to review the Debt Settlement industry through the critical eyes of an issuer. When we began looking at Debt Settlement as a option for our ... Read More »

            Freedom Debt Relief Bragging About Being in Forbes. Not So Fast Fellas. Back the Bus Up.

            I am constantly accused of targeting this company or that company but in truth I’m so busy writing about the next thing to cross in front of me I don’t have time to have anyone on the radar. I say that because I find myself writing something that involves a company I’ve written about before, Freedom Debt Relief, a debt ... Read More »

              Rules for Debt Settlement Companies Would Help Protect Consumers

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              An editorial out of Michigan does a good job of summing up the grassroots feelings of educated consumer activists regarding needed debt settlement regulations. Here is the editorial: Pay off your debts for just pennies on the dollar! One phone call can save you from years of financial misery! Sales pitches like these might sound like they’re coming from a ... Read More »

                Attorney General Warns Consumers About Credit Repair and Debt Settlement Scams

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                Florida Attorney General Bill McCollum issued a consumer advisory warning Floridians about scams related to credit and debt issues. Companies offering credit repair solutions or debt settlement were among the top concerns reported to the Attorney General’s Office last year. The Attorney General noted that, given the current economic climate, disreputable companies will likely continue to prey on consumer’s credit ... Read More »

                  Debt Settlement Company Does Apparently Nothing After Taking Mom’s Money And Leaves Her Getting Sued

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                  This story is out of New Jersey and a great big thank you to Karin Price Mueller at the New Jersey The Star-ledger for reporting it. Here are some excerpts from the full story you can read here. Nearly $60,000 in debt and 12 delinquent credit cards later, Bozza decided to get help. In July 2008, she found Texas-based American ... Read More »

                    SwiftRock Financial Services and Clear Your Debt Slammed in Texas Article

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                    Out of Austin, Texas today comes the following warning to consumers. Two Austin debt-settlement firms have been sued by the Illinois attorney general, which alleges that they use deceptive marketing practices, charge excessive fees and do little to help consumers get out of their financial trouble. The Better Business Bureau of Central Texas has given Clear Your Debt and SwiftRock ... Read More »

                      TASC, The Association of Settlement Companies, Say What?

                      In a press release sent out today the Executive Director of TASC, The Association of Settlement Companies, is quoted as saying the following about attending an upcoming debt collections conference. “I’m looking forward to talking about how debt settlement continues to be a reliable option for consumers in debt as well as for creditors,” Leuthold said. “Having representatives from the ... Read More »

                        Debt Settlement Company Says “If We Don’t Do Our Job We Shouldn’t Get Paid.”

                        Wouldn’t it be great if all debt settlement companies could adopt the approach proclaimed by Julian Debt Resolution in a recent press release of theirs: A hallmark of their service is that, unlike most credit resolution companies, JDR takes no payment upfront for their debt settlement services. States Julian, “If we don’t do our job, we shouldn’t get paid. End ... Read More »

                          DebtManagementGuys.com WTF Dudes!

                          What is it with debt settlement companies? They often say the dumbest things. This nugget comes from a press release by the DebtManagementGuys.com and Michael Hart. This reason is offered up why debt settlement is such an attractive business opportunity. As of October 17,2005 all Americans seeking bankruptcy must complete a credit counseling program. The problem with this is that ... Read More »

                            The Most Ridiculous Debt Settlement Quote of the Day.

                            Oh I tried so hard to let this quote just drift past me, but I confess, I just can’t. In a press release sent out by The Association of Settlement Companies (TASC) today, (source) the executive director of TASC, Dave Leuthold, is quoted as saying: “Consumers wrestling with their ability to pay their credit card debt often can be best ... Read More »

                              Debt Settlement Programs Fail to Reduce Debt in Most Cases, Negatively Affects Credit Ratings, and Leads to Increased Lawsuits and Collection Activities by Creditors

                              In an announcement by the Attorney General of Alabama, Troy King, he disclosed the results of his investigation into debt settlement practices that resulted in the permanent shutdown of a large attorney run debt settlement company in Alabama but serviced by Tim McCallan’s company, Americorp in New York.. Some of the discoveries as part of his investigation found: It is ... Read More »

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