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Debt Relief Industry

Rumor – Debt Settlement Companies Plan to Beat the FTC Rules With UK Law Firm

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This is a rumor and not confirmed but I thought it was worth discussing. The scuttlebutt is that a number of debt settlement companies and marketers plan to get around the FTC telemarketing sales rules on debt settlement and debt relief services by forming an offshore law firm in London and making the member companies part of the firm in ... Read More »

    Debt Management Plan With United Financial Systems Runs Off the Rails

    United Financial Systems

    Out of The Morning Call comes the story, Debt management firm mismanages debt, in which United Financial Systems of Margate, Florida is thrown under the bus for collecting money from a consumer and not sending it to her creditor. Oops! Greene said United Financial Systems withdrew money from her account as scheduled, but failed to make three payments to Chase ... Read More »

      The Debt Settlement Good Faith Estimate Guide for the Confused Consumer

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      As of September 27, 2010, debt settlement and debt relief companies are going to have to provide data to consumers when enrolling new clients or when promoting results. These facts are are part of the “Good Faith Estimate” and will help consumers to select the company they wish to work with. The Federal Trade Commission says that they have determined ... Read More »

        Is This the Right Time For TASC and USOBA Members to Vote With Their Dues?

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        My friend and fellow debt coach, Damon Day, had a recent article that raises a very good question. In the article he said: TASC and USOBA are funded directly through debt settlement company membership dues. Settlement companies that are members of these associations often pay thousands of dollars a month and that money is used directly by TASC and USOBA ... Read More »

          Mike Croxson from CareOne and I Talk About The New FTC Rules, Attorney Model Debt Settlement and the Lack of Clarity in Credit Counseling

          Mike Croxson, the president of CareOne, a provider of debt settlement and debt management plans, and I chat about current events in the debt relief world. Some of the issues Mike and I talk about: Where are the loopholes from the Federal Trade Commission telemarketing sales rules. What is the endgame to chasing loopholes. The access to attorneys for debt ... Read More »

            Apparently The FTC is Not Concerned for Consumers Suffering a Crisis of Debt

            Given the questionable legal basis supporting the FTC’s attempt to amend the TSR, and the interest the debt-settlement industry is receiving from Congress and various state legislatures, it appears that the FTC’s aggressive attack on the settlement industry is motivated by political pressure exerted by special interest groups opposing the industry, rather than a genuine concern for consumers suffering a ... Read More »

              Morgan Drexen Not Telling The Whole Story on Fees? The Most Bizarre PR Encounter I’ve Ever Had.

              What began as a simple story about a Morgan Drexen press release last week has turned into so much more. Last Friday I wrote “Is Debt Settlement Company Morgan Drexen a Flip-Flopper?” where I talked about their seemingly sudden switch from opposing the Federal Trade Commission effort to roll out new rules that regulate debt settlement companies, to applauding them. ... Read More »

                Debt Settlement Not Singled Out for Advance Fee Regulation. MARS Hit as Well.

                Here is a very interesting letter from the National Association of Attorneys General regarding new proposed rules by the FTC for mortgage assistance relief services (MARS). The loan modification industry has be filled with deception and abuse and many consumers have lost thousands when law groups promised results but did not deliver. Two recent failures come to mind, Liberty Law ... Read More »

                  United Law Group Files Bankruptcy. Lawyer Surrenders License. Hands Company to New Lawyer.

                  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 »

                    Global Client Solutions, ONB Bank and Trust, and GHS Debt Solutions Hit With Class Action Suit

                    This suit was filed on August 3, 2010 in Missouri. The Plantiff is Myra Perkins and other class participants v. Global Client Solutions, ONB Bank and Trust, GHS Solutions, and GHS Debt Solutions. The suit states: This action is brought by Plantiff on behalf of herself and a proposed class of Missouri residents who paid defendants to act as debt ... Read More »

                      Is Debt Settlement Company Morgan Drexen a Flip-Flopper?

                      Thanks to a great tipster (send in your tips here) I learned today that Morgan Drexen sent out a press release that was unbelievable. Debt settlement company Morgan Drexen was against nearly everything the FTC was working on in the proposed telemarketing sales rules. Even the Federal trade Commission says so in their final document. “One industry member [Morgan Drexen] ... Read More »

                        Debt Settlement Frederick Law Group, Attorney Disbarred, Jailed, and Now Broke

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                        Former Maryland attorney Richard Brennan, doing business as the Frederick Law Group and The Law Office of Richard A Brennan, has just been hit with a $2.7 million dollar judgment in an attempt to collect money due clients of his debt settlement law firm. Brennan has been disbarred, jailed and is now without a job, all as a result of ... Read More »

                          Norton & Associates, New Debt Settlement Law Firm, Pitched as a Legal Alternative to the Advance Fee Ban

                          Norton & Associates

                          An interesting email went out yesterday introducing yet another entrant into the arena, a law firm, to sell debt relief services for/with. The subject line of the email read “A Legal Alternative to the Advance Fee Ban.” When I inquired with the law firm representative for clarification and additional information for this story I was advised to “cease and desist” ... Read More »

                            Howard Dvorkin, Consolidated Credit Counseling Services on New Debt Settlement Rules

                            This morning Howard Dvorkin, the president of Consolidated Credit Counseling Services, a Florida based credit counseling non-profit company, and I talked about the new debt settlement rules and other things. Here are some of the topics we chatted about. Attorneys getting into debt settlement right now. Credit Advocates, a Florida debt settlement company, regarding this article. Does credit counseling want ... Read More »

                              Mailer From Lender Results in Referral to Debt Settlement Company Legal Helpers Debt Resolution

                              Thanks to an awesome tip, I received a mailer that is being sent out. This one was received by a Pennsylvania resident. The mailer was sent out using a West Palm Beach, Florida mailing permit but it appears to come from a company called NFM, Inc. NFM was identified as NFM Lending. Apparently their name used to be National Fidelity ... Read More »

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