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Debt Relief Industry

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 »

    The Oliver Law Group, Another Law Firm Pitching 18% Fee for Debt Settlement. But This Time With a Loan.

    Oliver Law Group Mailer

    So yesterday I wrote about a law firm that wants to charge consumers 18% fees and the sales pitch was non-lawyer debt settlement companies are horrible so you need to go with a law firm instead. Today, Stan, a tipster (send in your tips here), from California, sent me a copy of a letter they received about yet another law ... Read More »

      New Debt Settlement Law Signed Today in Illinois. Caps Fees.

      Illinois Governor Pat Quinn today signed a bill into law that establishes stringent guidelines and enhances consumer protections for Illinois families seeking help to pay overdue bills. The Debt Settlement Consumer Protection Act also creates a fund to pay restitution to consumers who have lost money through a debt settlement provider. “Too many people have been taken advantage of by ... Read More »

        Representative for Debt Settlement Law Firm Tells Me New FTC Rules Don’t Apply to Them

        Ready to Collapse

        I was working on another story but I had to share this little nugget with you. Apparently the debt settlement law firm sales representative believes the new FTC Telemarketing Sales Rules apply to debt settlement companies but says they don’t apply to law firms. It was an interesting approach that the representative was telling me if I went with a ... Read More »

          USOBA Responds to New FTC Rules. What the Hell is Wrong With USOBA?

          Yesterday I wrote about a statement that The Association of Settlement Companies (USOBA) made about the new consumer protection rules passed by the Federal Trade Commission covering debt settlement companies. Now today the other trade association, United States Organizations for Bankruptcy Alternatives sends out their press release on the new rules. First off, I was crying with laughter when I ... Read More »

            ABC Debt Relief, The Debt Answer, Lloyd Ward & Associates, and Lloyd Regner Sued By Employees


            A recent legal case has brought some very interesting information to light from inside a debt settlement company and the alleged attorney debt settlement firm. On July 8, 2010, employee, Chris Onorato, filed a lawsuit against ABC Debt Relief, The Debt Answer, Lloyd Ward, PC. Lloyd Ward & Associates, and Lloyd Regner (3:10-cv-0132). The allegations made are: Plaintiff is employed ... Read More »

              TASC Does Not Seem to Get It. Quote Makes Me Question Their Version of Reality.

              Ready to Collapse

              In an article on, Dave Leuthold, the executive director of The Association of Settlement Companies (TASC) and the CEO of Century Negotiations, Inc. (CNI) is quoted as making the following statement. “We’re disappointed that the FTC came out with this ruling, especially with regards to the advance fee ban,” Leuthold said in a telephone interview. “It’s just a fact ... Read More »

                Listen to the Lies This Marketing Company Tells Consumers to Sell Attorney Based Debt Settlement Services

                I’ve previously written about the attorney model debt settlement firm approach that some debt settlement companies are rushing towards in an effort to circumvent any fee ban that may be put in place. The logic is that attorneys are exempt from most laws so if an attorney is doing debt settlement then it must be okay to do. The reality ... Read More »

                  My Review of the New FTC 16 CFR Part 310 Telemarketing Sales Rule for Debt Relief Services

                  I’m just now getting an opportunity to sit down with the entire 229 page FTC document and go through it. Overall the FTC appears to have placed little to no weight or credence on the testimony or supplied facts of the debt settlements trade associations of The Association of Settlement Companies (TASC) and the United States Organization of Bankruptcy Alternatives ... Read More »

                    It’s a Game Changer – Initial Review of New Rules for Debt Relief Services, Advertisers, Marketers, and Providers

                    New TSR Debt Relief Rules

                    This assessment of the new debt relief industry rules from the Federal Trade Commission comes from my friends at the Venable law firm and is worth reading for their assessment. Get Out of Debt Guy – Twitter, G+, Facebook Need More Help? FTC Issues Final Rules for Debt Relief Services: Landmark Changes for Service Providers, Advertisers and Marketers of Debt ... Read More »

                      “Debt Adjustment” – Meanest Racket Out

                      Ready to Collapse

                      “Debt Adjustment” – Meanest Racket Out by Murray Bloom “Get out of debt.” “Restore your credit without a loan.” “We can help you even if you’ve been turned down by everyone else. ” In the past two years these and similar slogans have lured thousands of desperate Americans and Canadians into one of the meanest schemes ever devised. Cleverly disguised ... Read More »

                        Vice President Biden’s Comments and Pictures From the FTC Debt Relief TSR Press Conference July 29, 2010

                        Below you will be able to hear my recording of Vice President Biden’s comments during the announcement of the new Federal Trade Commission Telemarketing Sales Rules that cover debt relief services. You can hear all of the photographers in the background, including me, and the audio in the room wasn’t all that loud so you will hear a lot of ... Read More »

                          Debt Relief Services & the Telemarketing Sales Rules Announced July 29, 2010

                          Ready to Collapse

                          Here is a guide on the Debt Relief Services & the Telemarketing Sales Rules to go into effect October 27, 2010. Get Out of Debt Guy – Twitter, G+, Facebook Need More Help? Many Americans struggle to pay their credit card bills. Some turn to businesses offering “debt relief services” – for-profit companies that say they can renegotiate what consumers ... Read More »

                            Interview with Allison Brown of the FTC on the New Debt Settlement Telemarketing Sales Rules

                            After the press conference at the White House with Vice President Biden and FTC Chairman Jon Leibowitz I had a moment to catch up with Allison Brown of the FTC to talk for a minute about the impact of the new telemarketing sales rules and how it would impact companies. Allison told me also that the new telemarketing sales rules ... Read More »

                              White House Press Conference July 29, 2010 – FTC Debt Relief TSR Announcement


                              This is the post to follow for all the news related to the press conference this afternoon at the White House regarding the announcement of the new telemarketing sales rules that cover debt settlement and debt relief providers. I’ll update this post with information as I can. The plan is after the press conference with VP Biden and the FTC ... Read More »

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