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Debt Relief Industry

Consumers Union to FTC – No Fees Till Debt Fully Settled

Ready to Collapse

From the FTC comes a record of this discussion where Consumers Union makes the point that under the proposed FTC advanced fee ban debt settlement companies should not be allowed to collect any fee for settling the debt until the debt is fully settled. She does raise some excellent points. “On July 9, 2010, Gail Hillebrand, the Financial Services Campaign ... Read More »

    Eagle One Debt Solutions – Reps Needed – Best Compensation for Closing Debt Settlement Leads

    Eagle One Debt Solutions Help Wanted

    A tipster (send in your tips here) sent in the following ad Eagle one Debt Solutions is running. Eagle One Debt Solutions claims they are a proud member of TASC, IAPDA, and Global Client Solutions. – Source What is interesting about the help wanted advertisement is you’ll notice it is not focused on providing best advice to consumers in trouble, ... Read More »

      USOBA Says Don’t Cross This Line or We’ll Suspend You

      USOBA Zero Tolerence Policy

      The United States Organization for Bankruptcy Alternatives (USOBA) has just issued a press release about their new Zero Tolerance policy for members who engage in deceptive marketing. Yea, that would be the exact deceptive marketing I covered in Examples of Deceptive Official Marketing Sent Out By Debt Settlement Companies to Trick Consumers. Some are Members of TASC & USOBA. The ... Read More »

        It’s What Morgan Drexen Doesn’t Say That’s Most Interesting

        Debt settlement service provider/firm/whatever they are, Morgan Drexen issued the following press release in support of the FTC advance fee ban for debt settlement companies. Morgan Drexen Applauds the Regulatory Reform Bill The Financial Regulatory Reform Bill is Already Facing Criticism, Morgan Drexen President Steph Nagin Applauds the Reform Bill — This Will Help to Afford Consumers the Protection They ... Read More »

          Debt Settlement Does Not Need to Be Closed Down. It Needs to Be Cleaned Up. – Podcast

          Dinosaur

          I had a very interesting conversation with a debt settlement insider that mentioned how many debt settlement companies he talks to that hate me for what I write. Yea, I’m not losing sleep over that. I made the following podcast of this article so you could enjoy it with background music. Debt Settlement Does Not Need to Be Closed Down. ... Read More »

            Abusive Debt Collector Accused of Bankruptcy Fraud : When The Collector Becomes the Collected

            Over the years Jack H. Boyajian, a seasoned debt collector, has faced accusations from authorities across the U.S. for “illegal methods to squeeze debtors”. This year a new accusation arose against Boyajian after he filed for bankruptcy in August of 2009, that he has defrauded creditors by concealing assets from the court. The Federal Government says he owes around $670,000 ... Read More »

              Morgan Drexen Debt Settlement Company Uses BP Oil Spill to Sell and Promote Their Services

              Ready to Collapse

              What do you think, is this video from Morgan Drexen and attorney Stephen Nagin capitalizing on the personal and economic disaster of the BP oil spill to try to sell attorney based debt settlement services? Comment. Discuss. Get Out of Debt Guy – Twitter, G+, Facebook Need More Help? I can always use your help. If you have a tip ... Read More »

                Auto Loan Modification Companies The Next Target to Become a Freaking Mess for Consumers

                Previously I wrote about the automobile loan modification group, Auto Relief Group. I had said: Lately I’ve noticed more advertisements and mentions of auto loan modifications or truck loan modifications in what appears to be an effort into charging consumers for a service to help them lower their car payments and avoid repossession. Unilateral loan adjustments or reductions are tough, ... Read More »

                  Debt Settlement More Popular Since Obama Passed The Credit Card Act or How to Make Stuff Up to Sell Debt Settlement

                  How It Works

                  Here is a video of a guy that is selling debt settlement services that includes ESP software. [flashvideo file=/wp-content/uploads/DebtCollectorAffiliates.flv /] His initial assertion is that debt settlement is a new solution that has emerged in the last year and a half. The video is a classic example of what consumers are being told about why they should buy in to ... Read More »

                    Debt Settlement Companies Being Investigated by State of Kansas

                    Kansas is cracking down on the sales and service of debt settlement services. While tight lipped about who they are specifically investigating, Kevin Glendening, the Deputy Banking Director, has confirmed his office is investigating debt settlement companies. Glendening says, “Companies that I think consumers should avoid are a lot of the ones that you see advertised on the late night ... Read More »

                      NYC Department of Consumers Affairs to FTC – Ban Debt Settlement Advance Fees

                      Ready to Collapse

                      Yet another letter to the FTC in support of the telemarketing sales rules to ban advance fees for debt settlement. This one is from the New York City Department of Consumer Affairs. Get Out of Debt Guy – Twitter, G+, Facebook Need More Help? Mr. Donald S. Clark, Secretary Federal Trade Commission Room H-135 (Annex T) 600 Pennsylvania Avenue, NW ... Read More »

                        CRL Says TASC and USOBA Harm Ordinary Families at the Hands of Debt Settlement Companies

                        CRL Image

                        Here is another letter sent to the FTC in support of banning advance fees for debt settlement programs. It is notable for it’s strong statements and its well documented footnotes. Get Out of Debt Guy – Twitter, G+, Facebook Need More Help? Comments of Michael Calhoun, President, of the Center for Responsible Lending to the Federal Trade Commission Notice of ... Read More »

                          41 Attorneys General Say to FTC, Ban Debt Settlement Advance Fees Damnit

                          NCRA

                          Here is a letter that was sent to the FTC from the National Association of Attorneys General in support of banning advance fees for debt settlement programs. Get Out of Debt Guy – Twitter, G+, Facebook Need More Help? Federal Trade Commission Office of the Secretary Room H-135 (Annex T) 600 Pennsylvania Avenue, NW Washington, DC 20580 Re: Telemarketing Sales ... Read More »

                            Consumer Groups Make the Case to Not Exempt Debt Settlement Attorney Model From Regulation

                            Americans for Financial Reform

                            This letter was sent in by a loyal tipster (send in your tips here), thank you. Get Out of Debt Guy – Twitter, G+, Facebook Need More Help? Oppose the House Offer on H.R. 4173 to Exempt Attorneys Engaged in Unfair, Deceptive or Abusive Consumer Financial Practices June 22, 2010 House-Senate Conferees, H.R. 4173 Washington, DC 20510 Dear Senator or ... Read More »

                              Dave Burke, Erik Sale, Real Talk Network and Institute of Consumer Economic Education All Sued and Hit With TRO by Attorney General of Colorado

                              RTN Contract Example

                              In January, 2010 I wrote and published Investigative Report: Dave Burke and Real Talk Network (Real Talk Network, Inc.). Is It a Scam? where I had some real reservations about a debt relief operation operating out of Colorado. My initial concerns came after a reader sent in a question that he went to a get out of debt seminar and ... Read More »

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