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Debt Relief Industry

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

      Ready to Collapse

      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 »

              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

                      aaaDebtRelief.com

                      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 CreditCards.com, 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 »

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