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Debt Settlement Related

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 »

          New Debt Settlement Software Helps to Not Kill Sales and Increase Closing Percentage and Retention Rates

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          Here is a recent press release from a company that makes software for the debt settlement industry, in case you did not understand that debt settlement is a sales oriented business. The bolded sections were added by me for emphasis. — MSTARS, LLC is pleased to announce that its new Virtual Training System (VTS) has officially launched and is already ... Read More »

            Arizona Takes Care of Taken Care of Investments and Hope For Homeowners Now for Screwing Consumers.

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            Airizona Attorney General Terry Goddard announced that he has gained a total of more than $1,370,000 in civil penalties and restitution for consumers as a result of two mortgage fraud lawsuits filed earlier this year. These enforcement actions come as part of Goddard’s crackdown on businesses that prey upon homeowners struggling to avoid foreclosure. “The Attorney General’s Office will continue ... Read More »

              Everest Debt Solutions and FDN Solutions. These Debt Settlement Companies Are Really Starting to Piss Me Off Now.

              fdnsolutions

              Previously I wrote a post “What Do You Think of Everest Debt Solutions? – Margo“. In that post, a reader sent in a question about a company I had never heard of before, Everest Debt Solutions, a debt settlement company. If you look at the comments section of that question you will see that someone that claims to be from ... Read More »

                Attorney General Cracks Down on Abusive Debt Settlement Industry

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                Illionois Attorney General Lisa Madigan took further action to reform an abusive debt settlement industry that wreaks havoc on financially strapped consumers who are increasingly desperate to manage their rising debts in these difficult economic times. Madigan proposed legislation to prohibit debt settlement firms from engaging in unfair practices that harm consumers including charging upfront fees for services. She also ... Read More »

                  Illinois Attorney General Cracks Down on Debt Settlement Industry

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                  Attorney General Lisa Madigan today took further action to reform an abusive debt settlement industry that wreaks havoc on financially strapped consumers who are increasingly desperate to manage their rising debts in these difficult economic times. Madigan proposed legislation to prohibit debt settlement firms from engaging in unfair practices that harm consumers including charging upfront fees for services. She also ... Read More »

                    New Regulations to Restrict Debt Settlement Forms Becomes Law, Now.

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                    Last year Attorney General Blumenthal in Connecticut fought to get new laws in place to protect consumers from debt settlement and debt negotiators that charge consumers and up-front fee to settle debts. The law has the following provisions: Obtain a Connecticut debt negotiators license and file a surety bond Not refer to state licensing or bonding as an endorsement Disclose ... Read More »

                      American Debt Control and Debt Relief USA Unfortunately Back in the News

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                      Interesting article worth reading out of Texas about debt settlement and the Debt Relief USA mess. People in desperate financial straits will sometimes go to desperate lengths to get out. And some companies use questionable practices to capitalize on their plights. The most recent example is an Addison-based company that promised to cut consumers’ credit card debt, but instead charged ... Read More »

                        Debt Settlement Companies Watch Out. Debt Settlement Talks Getting Serious Now About Banning Up-Front Fees.

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                        Missouri Attorney General Chris Koster will meet with both Secretary of the Treasury Tim Geithner and Attorney General Eric Holder in Washington, D.C. to discuss Missouri’s efforts to pursue businesses engaged in mortgage fraud. Geithner and Holder invited Koster and several other Attorneys General from around the nation to meet with them to discuss the problem and possible solutions. Also ... Read More »

                          The Selling of Debt Settlement Services. It’s Easy to Sucker You In.

                          jcrdebttv

                          Did you know that for only $10,950 any person of unknown character and intent can launch a national advertising campaign and sell debt settlement services? On my last tour of the country I was laying half awake in bed and on came this commercial that certainly appeared as if it was a news broadcast or message from the government. It ... Read More »

                            Debt Settlement Lies & Inside How Debt Settlement Services Are Sold

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                            Recently I had the opportunity to meet Michael Bovee from Consumer Recovery Network and I asked him if he would be honest enough or brave enough to openly share some of the marketing secrets of debt settlement services today. Here is what he was willing to share and you will see it is a very frank and open description of ... Read More »

                              Credit Solutions Debt Settlement Company Makes The News, Again

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                              Credit Solutions is one of the largest debt settlement companies and has certainly managed to irritate the BBB, Attorney General’s in three states, is facing a class action suit, and that’s just to name a few of the actions against it. Get Out of Debt Guy – Twitter, G+, Facebook Need More Help? Get Out of Debt Guy – Twitter, ... Read More »

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