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Debt Relief Industry

FTC Publishes Banned From Debt Relief Listing

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The companies and people listed below are banned, by federal court orders, from participating in some or all types of the business of debt relief. Generally speaking, debt relief is any program or service that offers to renegotiate or change the terms of a debt between a person and one or more creditors or debt collectors, including a reduction of ... Read More »

    FTC Cracks Down on Debt Relief Schemes Targeting Student Loan and Mortgage Borrowers

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    The Federal Trade Commission and the State of Florida have taken action against two operations charged with running phony student loan debt relief schemes, and defendants in a similar FTC action brought earlier this year have agreed to a ban on participating in any debt relief business, as part of a consumer protection crackdown to combat such frauds. “The FTC ... Read More »

      Debt Relief Industry May Have Tough Time Pushing Back Against CFPB Rule

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      Yesterday I wrote about how the Consumer Financial Protection Bureau (CFPB) is proposing a rule that remove contract clauses on binding arbitration and the prevention of class action suits in debt relief contracts. You can read that article here. If the debt relief industry wants to tamp down or prevent these new rules, someone is going to have to stand ... Read More »

        CFPB Proposes New Rules to Prevent Arbitration in Debt Relief

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        The Consumer Financial Protection Bureau has published a request for public comment to prevent arbitration clauses from debt relief company contracts. Summary The proposed rule would prohibit covered providers of certain consumer financial products and services from using an agreement with a consumer that provides for arbitration of any future dispute between the parties to bar the consumer from filing ... Read More »

          Household Debt Surges, Delinquencies Drop

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          Household indebtedness continued to advance during the first three months of 2016 according to the Federal Reserve Bank of New York’s Quarterly Report on Household Debt and Credit, which was released today. Repayment trends also generally improved across the board, driven primarily by continuing improvements in mortgage delinquency rates. The report is based on data from the New York Fed’s ... Read More »

            A Good Time to Remind Debt Relief Companies of This Opportunity

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            Recently I was engaged in a discussion where the other person was making comments that I am always against the debt relief industry. This is probably a great opportunity to again remind any and all debt relief companies that I have a standing offer to publish any good news and press releases they want to share. In the menu above ... Read More »

              Do Regulators Treat Debt Relief Companies Unfairly?

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              I was just sitting down with a friend in the debt relief industry who leans a lot further right than I do as a liberal lefty. I always enjoy the alternative point of view conversations on topics and that person does always make me smile because of the diverse points of view we often have on the same debt relief ... Read More »

                A Look at Debt Relief Opportunities and Trends in May, 2016

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                It’s been quite some time since I wrote a debt relief industry forecast and trend article. These articles have not been all that popular because most of the people are in denial about the reality I see. You can see past articles here. In the past I used Google search volume as an indicator of general interest in various debt ... Read More »

                  Nationally Sanctioned Debt Reduction Initiative Mailer – Beware

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                  An amazing reader sent in a new debt relief mailer through my I Buy Junk Mail program. These debt reductions mailer are infuriating to me. I mean let’s at least try to tell people the information in a way that can make some sort of logical sense. And it would be nice to see mailers that were open about being ... Read More »

                    Certified Debt Reduction Notice – Utter BS

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                    So this Certified Reduction Notice arrived in the mailbox of one of my amazing readers. I have no clue what make this notice “certified.” Certifiable is more like it. The sales letter, that’s what it is, arrived in a plain envelope with little identifying information The letter inside doesn’t even say who the company is behind this. The claims made ... Read More »

                      Connecticut One Strike Ruling for Consumer Law Group – Barred

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                      The Connecticut Department of Banking has released information on a recent action they took against Consumer Law Group. It’s mostly the same stuff Connecticut goes after but in this case the State took a new action they might use more often; they barred the company from the state. The State said: “WHEREAS, Consumer Law Group, through its execution of this ... Read More »

                        Debt Relief Scammer Denny Lake Folds to the FTC

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                        The following legal action by a debt relief industry entity, should serve as a good example of the tie that binds both affiliates and marketers and the company who is providing the service. Denny Lake, the final individual defendant in a mortgage modification scam aimed at financially strapped homeowners, will be banned from selling debt relief and mortgage-related products and ... Read More »

                          Community Debt Relief Mailer Gets Them in Trouble

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                          An amazing reader faxed in a new debt relief mailer through my I Buy Junk Mail program. Thank you so much K for sending in this mailer from Community Debt Relief in Grand Rapids, Michigan. What struck me immediately is the BBB logo at the top of the letter. It looks like I’m not the only one who spotted that ... Read More »

                            Consumer Credit Card Debt Not the Biggest Problem in 2015

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                            This morning, New York Fed President William Dudley spoke to the press about the growing resilience of the U.S. household sector. His speech was followed by a briefing by New York Fed economists on developments in household borrowing. Their presentation included a detailed decomposition on mortgage borrowing and payment trends, and some new research on how borrowing has evolved differently ... Read More »

                              Debt Relief Scammer Headed to Jail After Pleading Guilty

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                              An Orange County, California, man pleaded guilty today for his role in operating fraudulent debt relief firms that offered to settle credit card debts but instead took victims’ payments as undisclosed up-front fees, the Justice Department and U.S. Postal Inspection Service announced. Jeremy Nelson, 30, pleaded guilty to one count of an indictment alleging conspiracy to commit mail fraud and ... Read More »

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