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Debt Settlement Related

MN Attorney General “Debt Settlement Companies Really Put People Into a Financial Death Spiral”

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I spotted an article “New Law Tightens Rules for Debt Firms” in which the Minnesota Attorney General, Lori Swanson, does not mince words about the problems she see with debt settlement companies. You can read the full article here. Consumers need to go into these transactions “with their eyes wide open,” said Elwood. Once they sign with a debt-settlement company, ... Read More »

    Debt Settlement USA Review. Not Pretty.

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    My friend Damon Day recently did a contract review for a client of his who was tangled up with the debt settlement company, Debt Settlement USA. Damon’s review didn’t pull any punches and I thought his catch of the discrepancy in the fees charged and the time to complete the program was brilliant. When I use a real calculator and ... Read More »

      Double Standard For Debt Settlement. Not So Sleazy Now, Ask Hilary Clinton, John Glenn and the FEC.

      Debt Settlement Companies?

      Consumer debt is a world of double standards. On one hand you have advocates screaming about the evils of debt settlements or that groups that charge people for professional help to do debt settlements are ripping off consumers because settling debts is something that anyone can do. Don’t get me wrong, I’m not a huge fan of debt settlement plans ... Read More »

        Debt Settlement Companies Draw Wrong Conclusion About Recent FICO Score Facts

        FICO

        In a press release by Morgan Drexen (Morgan Drexen Warns Consumers: If You Choose Bankruptcy You Could Face a Devastating 240 Point Decline in Your FICO Score) the debt settlement company draws the conclusion and states “Perhaps the difference between debt settlement and bankruptcy, when it comes to FICO scoring, is simply this: through debt settlement, the consumer is making ... Read More »

          Big News in the Debt Settlement World. Vermont Kicks Debt Settlement USA and Financial Freedom of America Ass.

          In a move that could be a very interesting trend setter, the state of Vermont has forced two debt settlement companies to refund all fees paid by state residents. While Vermont is a small state and not a whole lot of residents worked with these two companies, it is an interesting approach by a state to protect its citizens from ... Read More »

            Leadango, Selling Debt Settlement and Loan Modification Leads

            leadango debt settlement leads

            I saw the press release below and thought it was yet another wonderful example of the “selling” of debt settlement and loan modification services to consumers. Leadango Logo Debt Settlement TV Leads, Debt TV Leads English and Spanish. www.Leadango.com 1-888-957-9990 Debt TV Leads. Our Debt Settlement TV commercials are producing thousands of inbound calls every day. Leadango is #1 in ... Read More »

              Morgan Drexen Almost Hits the Target With Debt Settlement Petition

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              Most of the news coming from the debt settlement industry these days is either about how the sky will fall if the new Federal Trade Commission guidance goes into place to control the debt settlement industry, or how it is needed. Well here is an interesting press release just out from the folks at the debt settlement company Morgan Drexen. ... Read More »

                Maine AG Queues Up and Sues Credit Solutions of America.

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                Attorney General Janet Mills announced today that she has filed suit against Credit Solutions of America, Inc. (CSA) and its president, Douglas Van Arsdale, for unfair and deceptive practices in the marketing and provision of debt settlement services to hundreds of Maine consumers. This lawsuit follows an investigation conducted by staff in the Attorney General’s Office and at the Bureau ... Read More »

                  Love Irony? You’ll Love This. Debt Settlement Industry Upset About Greed and Quality of…Itself.

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                  A press release from Live Transfers USA really caught my eye, especially since they were bitching about the very same debt settlement infomercial I mentioned to you many months ago in “The Selling of Debt Settlement Services. It’s Easy to Sucker You In.” The release also complained that some in the debt settlement industry were unlawful, unscrupulous, unethical and not ... Read More »

                    Debt Settlements May Be Voided And the Money Due Anyway

                    A recent posting, “An IRS 1099-C Form Does Not Mean Debt is Discharged” caught my eye. It highlights a great potential risk for people that use debt settlement to eliminate their debt. The surprise is that while they think the debt settlement process has discharged their debt, it absolutely might not. A third circuit bankruptcy case recently decided that Form ... Read More »

                      Now You Know the Debt Settlement Industry is in Trouble When Alaska Cracks Down

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                      Alaska, otherwise known as the last of the rough and tumble frontiers in America, is often the last bastion of lawlessness. Have you watched the Alaska State Trooper television show? A story by KYUU in Alaska made me chuckle. Apparently Alaska is outraged by the actions of debt settlement companies that are charging up-front fees. Alaska’s attorney general has joined ... Read More »

                        New York Attorney General Wins $200,000 Penalty Against Debt Settlement Company

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                        Attorney General Andrew M. Cuomo today announced that his office has won a lawsuit against a national debt settlement company, barring the company from doing business in New York state unless it posts a $500,000 performance bond to protect consumers. The decision also levies nearly $200,000 in penalties against the company for defrauding thousands of New Yorkers who looked to ... Read More »

                          Fewer Than Ten Percent Get Out of Debt With Credit Counseling or Debt Settlement Companies

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                          I previously wrote an article The Truth About The Failure Rates and Completion Rates of Credit Counseling, Debt Settlement, and Bankruptcy. Some people scoffed at my findings and said they could not possibly be true, but they are. Fewer than 10 percent of consumers completed their agreements with Colorado debt-settlement and credit-counseling companies, by either paying off or settling all ... Read More »

                            Global Client Solutions & Rocky Mountain Bank & Trust, Good People Tangled in Some Bad Debt Settlement Business

                            First, let me say that in my life in the credit counseling and debt management world I have had an opportunity to interact with the folks at Global Client Solutions (GCS) and Rocky Mountain Bank & Trust. I always found them to be professional and competent at what they do, manage client accounts. The Global Client Solutions mission, as stated ... Read More »

                              Attorney General Nails Debt Settlement Companies CreditAnswers and Liberty Settlement Group.

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                              The Vermont Attorney General announced that CreditAnswers, LLC, and Liberty Banc Mortgage Group, Inc. (doing business as Liberty Settlement Group), two companies that offer to negotiate debt settlements for consumers, have entered into settlements with the Attorney General’s Office that will result in refunds and payments to the State totaling over $70,000. In doing so, the businesses—based respectively in Plano, ... Read More »

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