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Debt Relief Industry

Debt Settlement Companies Setting Up Offshore Better Watch Out Says the OFT

Today I had the pleasure of interviewing Nigel Cates, the Deputy Director of the Credit Group with the Office of Fair Trading (OFT) in England. The issue at hand was one that had been raised previously here. The allegations going around was that a law firm/marketing company was trying to recruit affiliates and possibly lawyers to join them in the ... Read More »

    Idaho Bars Three From Mortgage Loan Modification Business

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    The owners of a North Idaho mortgage modification company are prohibited from engaging in loan modification activities with Idaho consumers, Attorney General Lawrence Wasden said today. Randy Allen, Clint Paulsen, and Travis Smith, who operated HomeModifier in Post Falls, signed a consent judgment that prevents them from opening a new mortgage modification business in Idaho. HomeModifer and its owners also ... Read More »

      Attorney Assisted Debt Resolution Program Said to Be Different Than Debt Settlement. How Can That Be?

      In the video below put out by Morgan Drexen today and distributed with their press release (source), Walter Ledda, CEO says attorney assisted debt resolution is an alternative to debt settlement. Is it somehow magically different? [flashvideo file=/wp-content/uploads/MorganDrexen.flv /] At 0:37 and you will hear Ledda make comments to advise consumers to avoid bankruptcy. “Bankruptcy is the last resort for ... Read More »

        Debt Settlement Companies Caught Violating New FTC Rules Better Prepare to Pay Really Big Fines

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        To be honest I really had not thought about how much the fines per violation were going to be for companies that were found to be not in compliance with the new Federal Trade Commission telemarketing sales rules covering debt relief organizations. I mean how much could they really be? Well, thanks to the FTC for clarifying the fines for ... Read More »

          Debt Settlement Attorney Firm Recruits Employees Saying New Laws Don’t Apply to Them

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          The following email exchange was sent to me from a guy that saw an advertisement for a debt settlement job. I think you will either start laughing at the section I bolded or slap your head in disgust. I’ve changed the names of the people in the email and I’m not going to tell you the name of the company. ... Read More »

            Are Global Client Solutions and NoteWorld Going to Start Dropping Debt Settlement Companies?

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            As I write this article there are only 40 days till the first part of the new Federal Trade Commission telemarketing sales rules (FTC TSR) kick in on September 27, 2010 regarding truth in advertising and good faith estimates. With all of the debt settlement entities that third-party escrow companies Global Client Solutions and NoteWorld provide services for, how in ... Read More »

              Debt Settlement President Speaks Out for Debt Settlement Companies to Comply With FTC TSR

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              I’m publishing this opinion editorial piece from Scott Johnson at U.S. Debt Resolve for you to read. Get Out of Debt Guy – Twitter, G+, Facebook Need More Help? For years, the debt settlement industry has ignored state laws, regulators opinions, and consumer’s best interest; as a result failed to support fair regulation. This might be the most outrageous time, ... Read More »

                American Loan Assistance, Aria & Associates Inc. in a Bit of Arkansas Trouble

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                From ArkansasBusiness.com: Arkansas Securities Commissioner Heath Abshure on Monday issued a cease-and-desist order against a California company that failed to deliver on a mortgage modification after being paid $1,800 by a Springdale resident. The order says Aria & Associates Inc. of Irvine, Calif., which does business as American Loan Assistance, has never been licensed to offer mortgage services in Arkansas, ... Read More »

                  TASC Folds, Accepts New FTC Rules and Leaves USOBA Swinging

                  In one of the more commendable moves that The Association of Settlement Companies has undertaken they have issued the press release below publicly stating they will abide by the new FTC rules. Guys, you did the right thing. It was the only move to make. Except for the last minute whinging in the release, you took it like a man. ... Read More »

                    New Jersey Attorney Admonished for Debt Settlement Activity

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                    Here are some more attorneys, this time in New Jersey, that were disbarred, suspended, or admonished in work that was either specifically related to debt settlement work or activities that could be related to debt settlement. – Source Barry J. Beran – Admonished on November 25, 2009 (Unreported) for failing to advise client, for whom he was unable to successfully ... Read More »

                      Florida Attorney Disbarred for Debt Relief Work

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                      According to the Financial News & Daily Record: Rudolph C. Campbell, P.O. Box 546, Lutz, disbarred effective 30 days from a June 3 court order. (Admitted to practice: 1998) Further, Campbell shall pay restitution of $1,500 to one client. Campbell used his law firm as a loan modification and foreclosure assistance business. He charged up-front fees to homeowners, in violation ... Read More »

                        From USOBA to the FTC. A Last Minute Effort.

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                        The letter below was just added to the public record but as you can see, up to 7 days before the announcement of the new telemarketing sales rules, USOBA was still at it. What I find interesting is the new telemarketing sales rules apply to others and not just debt settlement companies but no other segment they apply to was ... Read More »

                          Elizabeth Warren Needs To Be Named Director of the Consumer Financial Protection Bureau

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                          I’ve known Elizabeth Warren for years and I’m proud to say she’s one of those people I can reach quickly if I need to. Hopefully once the selection process for the Consumer Financial Protection Bureau is over we’ll have a time to get together and interview her for the site. Hopefully the selection process is drawing closer to advancing quickly. ... Read More »

                            Misleading Debt Relief Marketing Still Exists. What Do You Think of This?

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                            This morning I was online and I saw an ad that looked like it was offering some sort of government backed or sanctioned debt relief solution. The ad lead to another page, and another, and another. Here is what I saw. Do you think this type of advertising, that appears to be one thing, like news or government supported is ... Read More »

                              Class Action Suit by Debt Settlement Employees Started at Credit Solutions of America

                              Recently I’ve written about class action lawsuits by debt settlement company employees against their employers for wage issues. The following companies, SO FAR, have been involved in this; ABC Debt Relief, The Debt Answer, Lloyd Ward & Associates, Debt RX USA, Silverleaf Debt Solutions. From what I have been able to find it looks like the beginning of this trend ... Read More »

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