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Debt Relief Industry

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 »

                  A COMPLIANT DEBT SETTLEMENT MODEL THAT CAN KEEP YOU IN BUSINESS

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                  I was not going to publish this email but now that I’ve received it from four different people I’m going to post a redacted version of it. This must have been sent to a large audience since so many are sending it to me. More attorney model silliness — FTC Final Rule. A COMPLIANT DEBT SETTLEMENT MODEL THAT CAN KEEP ... Read More »

                    Another Debt Settlement Company Sued for Failing to Pay Proper Wages. Debt RX USA, Silverleaf Debt Solutions

                    In what seems like a recent trend, yet another couple of debt settlement companies have been hit with a lawsuit for allegedly failing to pay proper wages to employees. The other recent case was against ABC Debt Relief, The Debt Answer and Lloyd Ward & Associates, a law firm. In this case, Randy Abbe filed suit against Debt RX USA ... Read More »

                      Global Client Solutions to be Called to Testify Before the Senate Commerce Committee

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                      In what could be a first step towards a mortal wound for Global Client Solutions and similar companies like NoteWorld, Senator McCaskill has said that Global Client Solutions will be called to testify before a Senate Committee. This is especially telling since Global Client Solutions, through its partner, Rocky Mountain Bank, has been advised to know their debt settlement customers ... Read More »

                        I Am Going to be Dead Right on This. Fighting the FTC Rules Will Sink the Debt Settlement Industry.

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                        Shenanigans and actions of the debt settlement industry members and their trade associations will do more to further limit the activities of the debt settlement industry. Rather than embrace the FTC rules and come out in support of fair and reasonable directives from the Federal Trade Commission to protect consumers from debt relief, debt settlement, and debt negotiation companies, groups ... Read More »

                          Financial Freedom of America Named in Senate Testimony Today

                          As part of the testimony of the Senate hearing today on Protecting Consumers from Deceptive Debt Settlement Schemes a consumer provided testimony that named Financial Freedom of America, a USOBA member. It appears the company may have since changed their name, the FinancialFreedomOfAmerica.com website now brings up Financial Freedom Processing. What Financial Freedom Tells Consumers We advocate fairness for every ... Read More »

                            FTC Testifies About Ongoing Efforts to Protect Consumers from Deceptive Debt Relief Scams

                            The Federal Trade Commission today told the U.S. Senate Committee on Commerce, Science, and Transportation that the FTC has made it a top priority to protect financially distressed American consumers from deceptive debt relief schemes. With Americans continuing to feel the effects of the economic downturn, the FTC has stepped up efforts to stop fraudulent financial schemes that exploit consumers, ... Read More »

                              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 »

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