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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 »

    Debt Resolution Plan from the Responsible Debt Relief Institute

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    Much fanfare is being made about the new Debt Resolution Plan developed by Robert Manning and his Responsible Debt Relief Institute. The Debt Resolution Plan is being promoted saying it “provides consumers and financial institutions an independent, transparent, fair and quantifiable way to assess consumers’ ability to repay their debts without the stress of unrealistic collection demands or the legal ... Read More »

      81,312 Foreclosures in September. More Than Just a Number.

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      Well the September foreclosure figures are out from RealtyTrac. And while we can look at the big, really big number and compare it to foreclosures a year ago that does not give a real understanding of the fear and loss experienced by over 81,000 families that month. Maybe there is some hope headed down the road for homeowners that will ... Read More »

        Black ministers unite to save souls for the polls – Florida Times-Union

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        Black ministers unite to save souls for the polls Florida Times-Union, FL - 2 hours ago Gundy was so concerned about the number of people faced with losing their homes that he started " Get Out of Debt " classes. Roosevelt Royals, an usher for ... Read More »

          Tractor Parts Scam Executed by Man Under Arrest for Previous Scam

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          A Pennsylvania man is in the Westmoreland County Prison after being charged in a tractor parts scam. William Charles Stevenson, 40, of 424 Hill St., was arrested Friday and charged with 42 counts of theft by deception and 45 counts of receiving stolen property. NBV police Sgt. Howard Rider said police executed a search warrant at Stevenson’s home and found ... Read More »

            Forensic Loan Audits and Foreclosure Rescue Companies are a Scam Says California Attorney General

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            Attorney General Edmund G. Brown Jr. today joined the California Department of Real Estate (DRE) and the State Bar of California in warning Californians to avoid forensic loan audits, the loan-modification industry’s latest “phony foreclosure-relief service,” in which homeowners pay up-front fees for a forensic review of their lender’s practices, but are provided no actual foreclosure relief. “Forensic loan audits ... Read More »

              Couple Scams Nuns for $800,000 and Spends it Gambling

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              A Chicago man who along with his wife scammed more than $1 million from monasteries and religious groups was sentenced Friday to 39 months in federal prison. Edward Bosire, 40, and his wife, Angela Martin-Mulu, 36, posed as siblings who had fled political oppression in Africa, were in the United States illegally, and needed money for medical bills and other ... Read More »

                Debt Counselors of America, the Real Debt Counselors of America

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                During the past week I discovered a new company in New York has registered a debt settlement company using the name of the non-profit group I founded in 1994, Debt Counselors of America. We later changed the name from Debt Counselors of America to Myvesta because I was amazed how many people can’t spell either debt or counselors. During the ... Read More »

                  The Credit Crunch Explained in Simple Terms

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                  How consumers see the credit crunch: “I’m screwed.” How creditors and banks see the credit crunch: “We’re screwed.” Read More »

                    Interesting Scam to Get People You Know to Get You on the Front Page of Google

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                    The scam: Kathy, a We’ve Got Your Back reader, called to let us know about a strange little robocall she received that was a scam or a new example of scareware. It shows that e-scammers are going to roll with technology to find new opportunities to get in your bank account. How it works: Kathy’s automated caller encouraged her to ... Read More »

                      Minnesotta Attorney General Misses Key Point in Suit Against Firms

                      Yesterday Debt Rx USA, FH Financail Services, Morgan Drexen, Pathway Financial Management, and State Capital Financial were all sued by Minnesota Attorney General Lori Swanson for services they had delivered. MPR had the following story about the event. Swanson seems surprised that debt settlement companies do not deliver on the services they promise. “They’re very slick at what they do,” ... Read More »

                        Debt Rx USA, FH Financail Services, Morgan Drexen, Pathway Financial Management, and State Capital Financial – All Sued By Minn. AG for Debt Settlement Services

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                        Minnesotta today sued six debt settlement companies for overcharging consumers and operating illegally in Minnesota. The companies are: Debt Rx USA, FH Financail Services, Morgan Drexen, Pathway Financial Management, and State Capital Financial. The state attorney general sued six out-of-state debt settlement companies Thursday for alleged violations of Minnesota law that left consumers already struggling with their debt in worse ... Read More »

                          Improving the Quality of Your Life. What Works For Me.

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                          Here is a great post from a fellow blogger Leo Babauta about breaking free from the shackles of artificial goals. Just like Leo, this is actually how I live my life. It’s nice to find a fellow traveler who has found a better path. Maybe this will ring true with you as well. Get Out of Debt Guy – Twitter, ... Read More »

                            Crazy Things to Do When You Can’t Pay The Bills

                            Living through money troubles, collection calls, delinquent notices and the fear of not being able to pay bills is not only scary but it makes us do some really stupid things. I thought I’d give you a free copy of my book Eliminate Your Debt Like a Pro. It is in a PDF format so just click on that link ... Read More »

                              FTC to Ban Upfront Fees for Foreclosure Rescue or Mortgage Modification

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                              The Federal Trade Commission moved to protect distressed homeowners from the promoters of bogus foreclosure rescue and mortgage modification services by proposing a new rule that would forbid companies to charge up-front for these services. Instead, companies could only collect payment after providing services. “Homeowners facing foreclosure or struggling to make mortgage payments shouldn’t have to contend with fraudulent ‘companies’ ... Read More »

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