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Debt Relief Industry

Roni Deutch Tax Centers Now Selling Debt Settlement Services

According to a recent statement from the Roni Deutch Tax Center, one of the Franchise Times top fastest growing franchise companies, they are now into selling debt settlement services. The press release says: In addition to their exceptional tax preparation services, Roni Deutch Tax Center locations have attracted entrepreneurs because they boast a number of additional year-round services including debt ... Read More »

    Upfront Fee Credit Repair Companies Sued by MA AG

    Ready to Collapse

    BOSTON – Attorney General Martha Coakley’s Office has filed a lawsuit against two individuals who charged illegal upfront fees and allegedly made false promises to fix Massachusetts consumers’ credit reports through their credit repair businesses. The individuals operate under the business names of Credit Score Rebuilders and Integrity Credit Restoration. The lawsuit, filed last week against Reilly Silvia of West ... Read More »

      Debt Settlement and Loan Modification Mailers and Then Halo Mac and American Debt Relief

      Thanks to a tipster (send in your tips here) I wanted to show you some examples of debt settlement mailers that in my opinion appear designed to confuse of make recipients believe they come from some official or government resource. These mailers came from Budget Mailing Services at budgetmailingservices.com. – Source I’ll post examples of the mailers they have available, ... Read More »

        Credit Solutions of America Leader & Owner, Matt Reivitt, Dies 11 Days After VT Names Him in Lawsuit

        In a stroke of absolutely rotten fate in a two week period, Matt Reivitt was personally named in a press release sent out by the Vermont Attorney General about debt settlement service violations, and then died. I struggled with how to report this bit of news I learned the other day. Part of the story I know is not confirmed ... Read More »

          Websites Get FTC Warning on Marketing Free Credit Reports

          Ready to Collapse

          FTC Warns Websites That Offer ‘Free’ Credit Reports: Disclose Federally Mandated Free Reports or Face Prosecution The Federal Trade Commission is warning 18 Internet websites offering free credit reports that they must clearly disclose that a free report is available under federal law. The FTC’s recently amended Free Credit Reports Rule, which took effect April 2, 2010, requires certain disclosures ... Read More »

            Marketers of Rapid Debt Reduction Program, Pay $1.5 Million for Promising to Reduce Interest Rates

            Ready to Collapse

            Defendants Permanently Banned from Marketing Debt Relief Services The marketers of a “Rapid Debt Reduction” program who promised to lower interest rates on credit cards – for an up-front fee of up to $899 – have settled Federal Trade Commission charges that they misled consumers. Under a court order settling the FTC’s case, the pitchmen have been banned from marketing ... Read More »

              USOBA Says It’s Better Than TASC. What’s Up With Prism Venture Partners and New Beginnings Debt Settlement?

              It seems like the ties between USOBA and TASC keep getting closer and closer. The other day we had the recent press release from the two of them, here, and now USOBA announces a conference sponsored by the law firm that the TASC President Robby Birnbaum is a partner of. – Source. Seems like Greenspoon Marder want to take over ... Read More »

                Chase Bank Kicking the Shit Out of Attorney Run Debt Settlement. Not the Safe Harbor Some Think.

                In June, 2010 Chase bank filed an adversarial proceeding against now disbarred attorney Keith “Andy” Nelms in his bankruptcy filing that he filed when his debt settlement law firm, Allegro Law, went bust. The complaint filed by Chase seems to make it pretty clear they are not fans of debt settlement. Chase makes an interesting argument when it says the ... Read More »

                  Court Finds Four Problems With Attorney Model Debt Settlement Firm Allegro Law

                  Keith “Andy” Nelms was a lawyer, before he was disbarred, that ran a debt settlement company that outsourced much of it’s debt settlement back office work to a non-attorney company, Americorp, which I’ve written about before. I’ll paste the entire court memorandum here and put my comments in [ ]. MEMORANDUM DECISION WILLIAM R. SAWYER, Bankruptcy Judge These related cases ... Read More »

                    BBB Offers Way For Debt Settlement Companies to Not Have an F Rating

                    Ready to Collapse

                    Debt settlement companies are saying to consumers that the reason the BBB has given them an F rating is because the BBB is against the debt settlement industry. And they are saying because everyone has an F rating the rating should be disregarded. But I’ll show you the BBB standards for debt settlement companies, and while they are extensive, they ... Read More »

                      TASC Adjusts Member Standards to Prohibit Upfront Fees, But Not Front Loaded Fees

                      The Association of Settlement Companies today released the following press release. My comments are in [ ]. TASC Enhances Consumer Protection Association Revises Member Standards to Prohibit Upfront Fees And To Require Strict Marketing Guidelines WASHINGTON, July 20 /PRNewswire-USNewswire/ — The Association of Settlement Companies (TASC) today announced aggressive new requirements for its members to better protect consumers who enroll ... Read More »

                        U.S. Financial Advantage Turns Out to Be The New Name for Financial Hope for America

                        US Financial Advantage Web Site

                        I previously got a tip that debt relief company Financial Hope for America was changing it’s name to US Financial Advisors. A new tip now says the new company that will take over for FH4A will be named U.S. Financial Advantage. Here is what an insider shared with me. Actually, the new “company” is US Financial Advantage (www.usfinancialadvantage.com), and the ... Read More »

                          Mossler Law Firm and SFC State Capital Financial Kicked Out of Vermont for Debt Settlement Services

                          The release below from the Vermont Attorney General seems to support the points I raised in my recent article, The Critical Flaw in The Attorney Model for Debt Settlement. One of the debt settlement entities below that got the attention of the State of Vermont was a law firm. So much for attorneys getting to disregard the law. The Mossler ... Read More »

                            TASC and USOBA Shut Down Site That Never Existed. FederalReliefProgram.com

                            Just this morning USOBA sent out a press release proclaiming how the two debt settlement trade associations “recently partnered to permanently shut down an unethical and misleading website advertising debt settlement services.” The now-defunct website, www.federalreliefprogram.com, had several deceptive claims alluding to a government-backed debt settlement program, in addition to its URL. Representatives from both USOBA and TASC worked diligently ... Read More »

                              Certified Financial Protection Group – Dead Pile

                              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 »

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