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Debt Relief Industry

Debt Settlement and Debt Relief Telemarketing Sales Rules to be Announced July 29, 2010

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FTC Chairman to Announce a New Debt Relief Rule to Protect Financially Distressed Consumers at Middle Class Task Force Event WASHINGTON – Tomorrow, Thursday, July 29th, at 1:30 PM ET, Federal Trade Commission Chairman Jon Leibowitz will announce a new rule to protect consumers of debt relief services at a Middle Class Task Force event at the White House. Following ... Read More »

    “Consumers Assume the Commercial They Are Calling Into is Your Company”

    Just when you thought marketing debt relief services could not be more misleading, I read the press release of Spotlight Media and went to the site they mentioned, – Source The press release brags about selling debt settlement, auto loan modification, and mortgage modification leads. But what caught my eye was the release says “If you are a reputable ... Read More »

      A Bunch of Mortgage Relief and Loan Modification Companies Banned by FTC

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      Eight marketers are banned from selling mortgage modification or foreclosure relief services under settlements with the Federal Trade Commission. The FTC alleged that the marketers charged homeowners up-front fees and falsely claimed they could get their mortgage loans modified or prevent foreclosure on their homes. The settlements in three separate actions are part of the FTC’s ongoing efforts against scams ... Read More »

        What the Dodd-Frank Act: What It Means for Credit and Housing Counseling Agencies and Other Debt Relief Service Providers

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        The following article was put out by the Venable law firm and is republished with permission of Jeff Tenenbaum, a rock star in debt relief compliance issues. Get Out of Debt Guy – Twitter, G+, Facebook Need More Help? President Obama ushered in a new era of regulation over credit counseling, housing counseling, and other debt relief services that will ... Read More »

          Consumer Credit Counseling Service Disturbed With GHS Solutions Marketing of Debt Settlement

          From the news story: Jennifer Wallis works at Consumer Credit Counseling Service of Central Oklahoma, and she’s always on the lookout for consumer scams. “That’s the problem I have, is tricking people into a program that’s going to damage their credit,” Wallis said. That’s exactly what Jennifer said a letter her client received is trying to do. It claims that ... Read More »

            Roni Deutch Tax Centers Now Selling Debt Settlement Services

            According to a recent statement from the Roni Deutch Tax Center, one of the Franchise Times top fastest growing franchise companies, they are now into selling debt settlement services. The press release says: In addition to their exceptional tax preparation services, Roni Deutch Tax Center locations have attracted entrepreneurs because they boast a number of additional year-round services including debt ... Read More »

              Upfront Fee Credit Repair Companies Sued by MA AG

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              BOSTON – Attorney General Martha Coakley’s Office has filed a lawsuit against two individuals who charged illegal upfront fees and allegedly made false promises to fix Massachusetts consumers’ credit reports through their credit repair businesses. The individuals operate under the business names of Credit Score Rebuilders and Integrity Credit Restoration. The lawsuit, filed last week against Reilly Silvia of West ... Read More »

                Debt Settlement and Loan Modification Mailers and Then Halo Mac and American Debt Relief

                Thanks to a tipster (send in your tips here) I wanted to show you some examples of debt settlement mailers that in my opinion appear designed to confuse of make recipients believe they come from some official or government resource. These mailers came from Budget Mailing Services at – Source I’ll post examples of the mailers they have available, ... Read More »

                  Credit Solutions of America Leader & Owner, Matt Reivitt, Dies 11 Days After VT Names Him in Lawsuit

                  In a stroke of absolutely rotten fate in a two week period, Matt Reivitt was personally named in a press release sent out by the Vermont Attorney General about debt settlement service violations, and then died. I struggled with how to report this bit of news I learned the other day. Part of the story I know is not confirmed ... Read More »

                    Websites Get FTC Warning on Marketing Free Credit Reports

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                    FTC Warns Websites That Offer ‘Free’ Credit Reports: Disclose Federally Mandated Free Reports or Face Prosecution The Federal Trade Commission is warning 18 Internet websites offering free credit reports that they must clearly disclose that a free report is available under federal law. The FTC’s recently amended Free Credit Reports Rule, which took effect April 2, 2010, requires certain disclosures ... Read More »

                      Marketers of Rapid Debt Reduction Program, Pay $1.5 Million for Promising to Reduce Interest Rates

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                      Defendants Permanently Banned from Marketing Debt Relief Services The marketers of a “Rapid Debt Reduction” program who promised to lower interest rates on credit cards – for an up-front fee of up to $899 – have settled Federal Trade Commission charges that they misled consumers. Under a court order settling the FTC’s case, the pitchmen have been banned from marketing ... Read More »

                        USOBA Says It’s Better Than TASC. What’s Up With Prism Venture Partners and New Beginnings Debt Settlement?

                        It seems like the ties between USOBA and TASC keep getting closer and closer. The other day we had the recent press release from the two of them, here, and now USOBA announces a conference sponsored by the law firm that the TASC President Robby Birnbaum is a partner of. – Source. Seems like Greenspoon Marder want to take over ... Read More »

                          Chase Bank Kicking the Shit Out of Attorney Run Debt Settlement. Not the Safe Harbor Some Think.

                          In June, 2010 Chase bank filed an adversarial proceeding against now disbarred attorney Keith “Andy” Nelms in his bankruptcy filing that he filed when his debt settlement law firm, Allegro Law, went bust. The complaint filed by Chase seems to make it pretty clear they are not fans of debt settlement. Chase makes an interesting argument when it says the ... Read More »

                            Court Finds Four Problems With Attorney Model Debt Settlement Firm Allegro Law

                            Keith “Andy” Nelms was a lawyer, before he was disbarred, that ran a debt settlement company that outsourced much of it’s debt settlement back office work to a non-attorney company, Americorp, which I’ve written about before. I’ll paste the entire court memorandum here and put my comments in [ ]. MEMORANDUM DECISION WILLIAM R. SAWYER, Bankruptcy Judge These related cases ... Read More »

                              BBB Offers Way For Debt Settlement Companies to Not Have an F Rating

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                              Debt settlement companies are saying to consumers that the reason the BBB has given them an F rating is because the BBB is against the debt settlement industry. And they are saying because everyone has an F rating the rating should be disregarded. But I’ll show you the BBB standards for debt settlement companies, and while they are extensive, they ... Read More »

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