At the request of the Federal Trade Commission, a federal district court in Chicago has shut down an international robocall ring that allegedly conned consumers out of $995 each with false promises that it would reduce their credit card interest rates, but provided little or nothing in return. As part of its crackdown on frauds that seek to take advantage ... Read More »

I just spoke to Michael Bovee from Consumer Recovery Network (CRN). Michael is concerned that consumers may be abandoned by debt settlement companies that will go out of business. I was told that one debt settlement trade association recently commented they’ve lost 35% of their members so far and the October 27, 2010 implementation date for the new FTC telemarketing ... Read More »

A federal court in Pensacola, Fla., has sentenced three of nine promoters of a fraudulent tax-and-debt-elimination scheme to prison terms for their roles in tax fraud, wire fraud and money laundering, the Justice Department and Internal Revenue Service (IRS) announced today. Four others were sentenced in July to prison terms ranging from 5 to 12 years. The remaining two will ... Read More »

“Dear Steve, We ran up our credit cards about 3 years ago when my husband got laid off & had to take a job paying $10.00 an hour. One of our daughters has a life threatening illness & I couldn’t work outside the home full time. We contacted New Horizons Debt Relief out of Southern California & to settle with ... Read More »

I’d love to write more about this subject if Jenna Keehnen, the executive director of USOBA would ever return emails. Can you tell I’m a bit frustrated. In fact, let me rant for a moment. You want to know what the hardest part about writing stories on debt relief companies is, it is getting them to responsed to questions or ... Read More »

In what is the prelude to a sad series of debt relief companies that will probably fail soon, United Law Group, a debt relief law firm out of California, has filed a Chapter 11 bankruptcy. I don’t hold out much hope they will survive so I’m going to declare them headed towards the dead pile. On June 30, 2010, United ... Read More »

A tipseter sent me in a notice that Certified Financial Protection Group has closed up shop and left paying clients drifting. Certified Financial Protection Group was located in California and did forensic audits and loan modifications. I have contacted CFPG and asked how they plan to handle refunds for consumers that paid for loan modification services but who will not ... Read More »

A tipster (send in your tips here) sent in a tip letting me know that debt settlement company Bella Financial appears to be out of business. Just one of many to come once the new FTC regulations are released. Bella Financial, D/B/A Debt By Debt Settlement Services, described themselves as “a leader in debt settlement for consumers” and I guess ... Read More »