Latest Posts
Home > Debt Relief Industry > Out of Business

Out of Business

Has Practical Debt Relief Gone Poof? Police Confirm Investigation.

stressed man

A tipster (send in your tips here) sent in the following statement: “Practical Debt Relief is gone. Around $250K was embezzled from the client accounts held by Global Client Solutions. The local police department are investigating which is Davie, Florida. Global Client Solution closed the accounts of all clients and sent them refunds and a letter explaining. If you call ... Read More »

    Debt Validation of America Files Chapter 7 Bankruptcy

    Screen Shot 2013-04-10 at 1.38.51 PM

    Debt Validation of America has appeared on this site many times over the years, click here. A reader tipped me off the debt settlement company filed for chapter 7 bankruptcy protection. They filed on February 28, 2013. Their bankruptcy application lists assets of $0 to $5,000 and liabilities of $50,001 to $100,000. Morgan Bryan Perry signed the filing as President ... Read More »

      Debt Remedy Solutions Closes and Tells Clients to Do It Yourself

      debtremedy

      A tipster (send in your tips here) wrote and said Debt Remedy Solutions just closed up shop and is now advising clients to deal with their creditors directly. The reader said that this advice was given to clients when they call the toll-free number at 866-597-0730. And sure enough, that’s what the message says. Listen to Debt Remedy Message The ... Read More »

        Mortgage Modification Company Former Owner Facing 80 years in Jail

        Ready to Collapse

        Isaak Khafizov, a former owner of American Home Recovery (AHR), a mortgage loan modification business, was found guilty yesterday in Manhattan federal court of conspiracy, mail fraud, and wire fraud in connection with a scheme to defraud distressed homeowners and lenders. Khafizov was convicted after a ten-day jury trial presided over by U.S. District Judge George B. Daniels. He was ... Read More »

          UK Debt Settlement Firm DebtDr Goes Bust Taking Client Funds With It

          Ready to Collapse

          A UK based debt settlement company known as the DebtDr has gone bust and took £600,000 of client funds with it. The company was actually Hermes Financial Solutions, Ltd and was run by Jeremy Hockley. The company took client funds and held them on deposit until settlements were reached with creditors. Unfortunately this company ceased trading and the money went ... Read More »

            Timeline Debt Solutions and R&N Consulting Tell Clients to Get Lost. We’ll Keep Your Money.

            Timeline Debt Solutions

            I’ve finally got my hands on the letter Timeline Debt Solutions sent out as they fell out of business. It’s horrible. Timeline Debt Solutions and RN Financial, aka R&N Consulting, had been selling debt settlement services on an advanced fee basis. They took her monthly $500 payments and deducted their fees for services before actually dealing with any creditors of ... Read More »

              CBDC Rumored to Have Closed Doors Suddenly

              Ready to Collapse

              A tipster (send in your tips here) reports that effective yesterday, the nonprofit 501(c)3 credit counseling group closed their doors suddenly. According to the tipster (send in your tips here) a notice was sent out saying: I wanted you to hear this from me directly; I regret to inform you that CBDC will no longer be able to assist any ... Read More »

                Enhanced Servicing Solutions Shuttered

                Ready to Collapse

                A now former Enhanced Servicing Solutions debt settlement division employee is reporting the following: “I was an employee of Enhanced Servicing Solutions. As of today 8-23-11 we were shut down. Due to Mr. Johnson and his shady acts we were not able to keep & maintain business operations. Some of the information that was published on your website was true…some ... Read More »

                  Company Claiming to Reduce Credit Card Interest Rates – Shuttered by FTC

                  Ready to Collapse

                  The FTC has settled two actions that charged marketers with deceptively claiming they could reduce consumers’ credit card interest rates. Both operations allegedly made deceptive telemarketing calls, called consumers on the Do Not Call Registry, and used illegal robocalls. The settlements will ban all of the defendants from selling debt relief services. Advanced Management Services The FTC charged that Advanced ... Read More »

                    Credit Counseling IRS Non-Profit Status Revocations for 2011

                    Ready to Collapse

                    The IRS has revoked its determinations of the following organizations as described in sections 501(c)(3) and 170(c)(2) of the Code. Christian Credit Counselors International, Santa Ana, CA – 2-28-2011 Consumer Credit Protection Agency, Tampa, FL – 2-28-2011 Debt Serve, Fort lauderdale, FL – 2-22-2011 Falls Consumer Credit Management, Akron, OH and Saint Clairsville, OH – 2-28-2011 Harbour Credit Counseling Services, ... Read More »

                      Safeguard Financial – Backstroke. Don’t Call Us, Call Them.

                      A consumer who had enrolled in a debt settlement plan with Safeguard Financial sent me the current company number and asked me to listen to the message. It sure sounds like they are trying to swim away from all the consumers they sold into a debt settlement program. Listen to Safeguard-18885259898 It also appears the Safeguard Financial website is gone ... Read More »

                        Safetrust Financial Announces Bankruptcy and Ditches Affiliates

                        Safetrust Financial Bankruptcy

                        An awesome tipster (send in your tips here) just sent in the following email they received from Safetrust Financial. Kind of ironic that a debt settlement company goes bankrupt to keep servicing the accounts of people who wanted to avoid bankruptcy. But then uses bankruptcy as a way to shed the liabilities of the affiliates that sold consumers the Safetrust ... Read More »

                          Modify Utah Shutters Doors. Leaves Consumers Stranded.

                          Thanks to a tipster (send in your tips here) I found out about a loan modification company in Utah called Modify Utah. The company apparently closed up without advance notice to consumers that had paid for services. The Desert News is reporting: According to a letter from the firm’s attorney, Paxton Guymon, Modify Utah ceased doing business for several reasons, ... Read More »

                            Greenshield Financial Services Sends Clients Away to Davenport Law

                            Ready to Collapse

                            A forum poster just submitted the following email allegedly sent out by Greenshield Financial Services. After careful consideration, extensive research, and discussions regarding what is best for our clients, GreenshieldFS is excited to announce that Davenport Law, P.C. a Texas-based law firm, will be providing its services to all of our clients. As we examined Davenport Laws capabilities, we saw ... Read More »

                              Credit Counseling IRS Non-Profit Status Revocations for 2010

                              The IRS has revoked its determinations of the following organizations as described in sections 501(c)(3) and 170(c)(2) of the Code. Advanced Debt Management Solutions, Inc. of Tampa, FL American Family Credit Counseling of Peoria, AZ Apple Consumer Credit Counseling, Inc. of Lynebrook, NY California Consumer Credit of Los Angeles, CA Consumer Counseling Centers of America of Fort Lauderdale, FL Consumer ... Read More »

                                Get My FREE Get Out of Debt Guy Newsletter

                                It is the smart thing to do.

                                I promise to keep your email safe and secure.

                                Close

                                I want to keep you posted each weekday with just one email about the latest get out of debt news, scam alerts and information to beat back debt.

                                You can unsubscribe at any time with just one click.

                                After you subscribe, check your email to confirm your subscription. If the confirmation email does not appear in your inbox in a few minutes, check your spam folder for it. Sometimes it likes to annoyingly hide there.


                                • It will keep you posted on the latest scams.
                                • You will be alerted to the latest articles.
                                • You will wind up smarter than everyone else dealing with debt.