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Debt Relief Industry

Disbarred Kentucky Attorney Bruce Atherton Accused of Offering Illegal Debt Relief Services by Attorney General. He’s Already Headed to Jail.

Indiana went after attorney Bruce Atherton of Kentucky and issued the statement below. As I remember, Bruce Atherton was behind Bruce Atherton and Associates in Kentucky that sold attorney based debt settlement services. A tipster (send in your tips here) told me he was also the guy behind Debt Restructuring of America (source) and My Choice Debt Management. Indiana Attorney ... Read More »

    So USOBA, Is The Premier Debt Solvers Site Deceptive?

    Ready to Collapse

    A tipster (send in your tips here) sent me in an example of a USOBA web site that uses a President Obama video on their site in an apparent attempt to bolster their message. My question is if the use of the video violates the new USOBA Zero Tolerance policy for deceptive marketing. According to the way I read their ... Read More »

      You Can Be Instantly Sued When Your Debt Settlement Company Contacts the Debt Collector

      Ready to Collapse

      NCO Group, a huge debt collection company recently provided an opinion about debt settlement services. Of primary interest to me was the statement from NCO that they are under instructions from their creditor clients that when a consumer tells NCO they have signed-up with a debt settlement company that NCO should refer the consumer account to the legal department for ... Read More »

        Consumers Union to FTC – No Fees Till Debt Fully Settled

        Ready to Collapse

        From the FTC comes a record of this discussion where Consumers Union makes the point that under the proposed FTC advanced fee ban debt settlement companies should not be allowed to collect any fee for settling the debt until the debt is fully settled. She does raise some excellent points. “On July 9, 2010, Gail Hillebrand, the Financial Services Campaign ... Read More »

          Eagle One Debt Solutions – Reps Needed – Best Compensation for Closing Debt Settlement Leads

          Eagle One Debt Solutions Help Wanted

          A tipster (send in your tips here) sent in the following ad Eagle one Debt Solutions is running. Eagle One Debt Solutions claims they are a proud member of TASC, IAPDA, and Global Client Solutions. – Source What is interesting about the help wanted advertisement is you’ll notice it is not focused on providing best advice to consumers in trouble, ... Read More »

            USOBA Says Don’t Cross This Line or We’ll Suspend You

            USOBA Zero Tolerence Policy

            The United States Organization for Bankruptcy Alternatives (USOBA) has just issued a press release about their new Zero Tolerance policy for members who engage in deceptive marketing. Yea, that would be the exact deceptive marketing I covered in Examples of Deceptive Official Marketing Sent Out By Debt Settlement Companies to Trick Consumers. Some are Members of TASC & USOBA. The ... Read More »

              It’s What Morgan Drexen Doesn’t Say That’s Most Interesting

              Debt settlement service provider/firm/whatever they are, Morgan Drexen issued the following press release in support of the FTC advance fee ban for debt settlement companies. Morgan Drexen Applauds the Regulatory Reform Bill The Financial Regulatory Reform Bill is Already Facing Criticism, Morgan Drexen President Steph Nagin Applauds the Reform Bill — This Will Help to Afford Consumers the Protection They ... Read More »

                Debt Settlement Does Not Need to Be Closed Down. It Needs to Be Cleaned Up. – Podcast

                Dinosaur

                I had a very interesting conversation with a debt settlement insider that mentioned how many debt settlement companies he talks to that hate me for what I write. Yea, I’m not losing sleep over that. I made the following podcast of this article so you could enjoy it with background music. Debt Settlement Does Not Need to Be Closed Down. ... Read More »

                  Abusive Debt Collector Accused of Bankruptcy Fraud : When The Collector Becomes the Collected

                  Over the years Jack H. Boyajian, a seasoned debt collector, has faced accusations from authorities across the U.S. for “illegal methods to squeeze debtors”. This year a new accusation arose against Boyajian after he filed for bankruptcy in August of 2009, that he has defrauded creditors by concealing assets from the court. The Federal Government says he owes around $670,000 ... Read More »

                    Morgan Drexen Debt Settlement Company Uses BP Oil Spill to Sell and Promote Their Services

                    Ready to Collapse

                    What do you think, is this video from Morgan Drexen and attorney Stephen Nagin capitalizing on the personal and economic disaster of the BP oil spill to try to sell attorney based debt settlement services? Comment. Discuss. Read More »

                      Auto Loan Modification Companies The Next Target to Become a Freaking Mess for Consumers

                      Previously I wrote about the automobile loan modification group, Auto Relief Group. I had said: Lately I’ve noticed more advertisements and mentions of auto loan modifications or truck loan modifications in what appears to be an effort into charging consumers for a service to help them lower their car payments and avoid repossession. Unilateral loan adjustments or reductions are tough, ... Read More »

                        Debt Settlement More Popular Since Obama Passed The Credit Card Act or How to Make Stuff Up to Sell Debt Settlement

                        How It Works

                        Here is a video of a guy that is selling debt settlement services that includes ESP software. [flashvideo file=/wp-content/uploads/DebtCollectorAffiliates.flv /] His initial assertion is that debt settlement is a new solution that has emerged in the last year and a half. The video is a classic example of what consumers are being told about why they should buy in to ... Read More »

                          Debt Settlement Companies Being Investigated by State of Kansas

                          Kansas is cracking down on the sales and service of debt settlement services. While tight lipped about who they are specifically investigating, Kevin Glendening, the Deputy Banking Director, has confirmed his office is investigating debt settlement companies. Glendening says, “Companies that I think consumers should avoid are a lot of the ones that you see advertised on the late night ... Read More »

                            NYC Department of Consumers Affairs to FTC – Ban Debt Settlement Advance Fees

                            Ready to Collapse

                            Yet another letter to the FTC in support of the telemarketing sales rules to ban advance fees for debt settlement. This one is from the New York City Department of Consumer Affairs. Read More »

                              CRL Says TASC and USOBA Harm Ordinary Families at the Hands of Debt Settlement Companies

                              CRL Image

                              Here is another letter sent to the FTC in support of banning advance fees for debt settlement programs. It is notable for it’s strong statements and its well documented footnotes. Read More »

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