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Business Models

Debt Settlement Companies Poised to Eat Credit Counseling for Lunch. What a Difference a Day Makes.

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It’s funny how a little thing like the FTC telemarketing sale rules can lead to change and eventually revitalize an industry. Last year I wrote and talked about how the debt settlement industry needed to expand their horizons with a combined debt management plan (DMP) and settlement approach. They could focus on settling some debts quickly, earning revenue, while parking ... Read More »

    How Settlement Companies Can Maximize Income and Have Happier Clients by Teaching People How to Settle Their Own Debts

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    Charles J. Phelan has been helping consumers become debt-free without bankruptcy since 1997. A former senior executive with one of the nation’s largest debt settlement firms, he is the author of the Debt Settlement Success Seminar™, an 8-hour audio-CD course that teaches consumers how to choose between debt program options based on their financial situation. The course focuses on comprehensive ... Read More »

      Century Mitigations Announces Debt Settlement Getting Into Credit Counseling

      Century Mitigations

      This is the second time today I’ve seen the message that debt settlement companies are embracing credit counseling and going to start offering that service. The first mention was about a presentation by The Association of Settlement Companies (TASC) regarding training that was going to be offered to its members. State and Federal Compliance: How to Market and Sell Safely ... Read More »

        Suspicious New Life Financial Solutions Contract Has Me Very Concerned – SCAM

        A credit counselor tipster (send in your tips here) sent me in a consumer agreement for a company called New Life Financial. Immediately after looking at the contract and then visit the website my radar was going off. It seems the company that offers a service where they review the finances of a consumer and then guide them to a ... Read More »

          Debt Settlement for Business Debts. One Step Ahead of Regulators Says Reorganization Management Group.

          Reorg Group

          Thanks to a tipster (send in your tips here) I received the following notice from the Reorganization Management Group. This is the second such organization that has been brought to my attention recently that claims to focus on business debts. The first was a business debt settlement company called Corporate Turnaround. More about them later. Here is a document the ... Read More »

            Debt Settlement Attorney Referral Services Draw the Unwanted Attention of the Florida Bar

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            The Florida Bar has launched a new investigation into for-profit lawyer referral services. The committee studying this was informed that the Attorney General’s Economic Crimes Office is investigating several lawyer referral services, both those registered and not registered with the Bar. Some of the services do “cold call” or direct solicitation, which is prohibited in Bar rules. According to information ... Read More »

              Non-Profit Credit Counselor CEOs Making Big Bucks

              NP Comp

              Thanks to a tipster (send in your tips here) I was directed to an article that appeared recently titled Non-profit credit advisers cash in; CEOs earn big as consumers struggle. The article does make some interesting observations that some of the larger non-profit credit counseling groups do pay their CEOs a tremendous amount of money in compensation. “Of the 44 ... Read More »

                Hey Credit Counseling It’s Coming. The No Fairshare Debt Management Plan.

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                Over the past year there has been more talk from people about rolling out a 0% fairsahre debt management plan. Fairshare is the money creditors “contribute” to non-profit credit counseling groups. It’s a percentage of funds collected from consumers and returned to their creditors. In the mid-1990s the fairshare percentage was 15% of all funds returned to creditors. Today it’s ... Read More »

                  Mass Joinder Mortgage Litigation Suits Spreading to Florida

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                  The press release below caught my eye. It appears the wave of mass joinder mortgage litigation suits is now hitting Florida. Get Out of Debt Guy – Twitter, G+, Facebook Need More Help? Mitchell Stein, Esq. Files Mass Joinder Lawsuit Against Bank of America in Florida Consumer Advocate Leading Landmark Cases against Banks in California Alleges Massive Fraud against Sunshine ... Read More »

                    Cyrus Global Says Debt Restructuring is Better Than Anything Else

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                    A tipster (send in your tips here) sent in a pitch Cyrus Global is sending out information to prospective affiliates/partners promoting that debt restructuring is superior to debt litigation lawyers, debt settlement companies and debt management companies. Has anyone talked to an actual consumer that had a debt buyer that purchased their debt and restructured it for them? I haven’t ... Read More »

                      What to do Right Now if You Are a Debt Settlement Company and You May be Going Out of Business. Lessons Learned.

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                      It occurred to me that this morning I wrote an article about what to do if your debt settlement company might go out of business but while I’m sitting here waiting for my next flight I thought I’d share some advice if you are a debt settlement company and it does not look like you will be able to continue ... Read More »

                        Mass Joinder Mortgage Lawsuits Just Got a Whole Lot More Foul Smelling

                        Brookstone Sales Ad

                        An amazing tipster (send in your tips here) sent in a bunch of documents on the sales approach for the recent wave of mass joinder lawsuits that are being sold as a way to get your house free and clear. These documents, that I will share with you below, not only create some potential concerns over legal fee splitting but ... Read More »

                          Debt Relief Cottage Industry Springs Up. Fee Recovery by the Center for Legal Justice.

                          Center for Legal Justice

                          In the interest of disclosure I have had conversations recently with Damon Day, an independent debt coach, that does provide a fee only on recovery service for consumer paid fees for debt relief service not delivered. I’ve also spoke with others previously inside the debt settlement arena who are considering launching national services to recover fees paid specifically for advanced ... Read More »

                            Legal Helpers Debt Resolution Lawsuit May Just be the Primer to Kill Most Attorney Model Debt Settlement Groups

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                            For some it was only a matter of time before a regulator took a swipe at the attorney model debt settlement approach. Well today the mystery was solved of who it would be. Attorney General Lisa Madigan, a hero of many for standing up for consumers, answered the call and filed suit today against Legal Helpers Debt Resolution, headquartered out ... Read More »

                              The FTC Does Not Want Debt Settlement to Survive

                              A tipster (send in your tips here) sent in the following comment I wanted to address. But now that debt settlement is dwindling, it is clear the FTC wants this industry not to survive or rebound. DS needs internet marketing. FTC is shutting down lead gens, who are not companies, and pretty much everyone right now. photo © 2008 Hazrulnizam ... Read More »

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