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Debt Relief Industry

National Debt Crisis Center (NDCC) Odd Commercial

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This commercial aired the other night from the National Debt Crisis Center (NDCC) for debt settlement services. Excuse the dog collar rattling in the audio. Apparently the commercial made my dog want to scratch himself. What struck me as odd about the commercial was that it seems to be intentionally clumsy as if it is footage from a news conference ... Read More »

    If You Owe Chase Bank, Forget About Debt Settlement.

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    In recent communications with Chase Bank they helped me to understand their policy when it comes to working with debt settlement companies, they won’t. Paul Hartwick, spokesperson for Chase told me, “Chase will not work with debt settlement companies. Customers who notify Chase that they are working with a debt settlement company will be advised of this policy and encouraged ... Read More »

      Self-Directed Debt Settlement Software Cuts Fees Significantly to Settle Debts

      Dave VanderVeer has developed a consumer self-directed debt settlement approach. I had the pleasure of discussing his approach and software with him. You can hear the full interview below. As Dave observed, consumers are getting bombarded by many debt settlement companies making false promises and charging high fees upfront for services they may never deliver. Using the SelfDirectedDebtSettlement.com approach the ... Read More »

        How the Provident Law Group Loan Modification Program in California is Alleged to Try to Sidestep the Upfront Fee Ban

        California has been tough on loan modification companies and in fact passed laws to prevent upfront fees. One of the companies that recently came under attack was a company I wrote about, Liberty Law Firm. After my piece KTLA did their own investigative report on Liberty. According to an confidential source, that contacted me at tips@getoutofdebt.org, the reporting lead to ... Read More »

          Are Debt Settlement Companies Being Told to Run For Hills by TASC?

          I previously wrote about how I thought debt settlement companies might make a move into selling vehicle service contracts as the next big income opportunity. I made the connection through a conference email that was sent out promoting the president of The Association of Settlement Companies (TASC), Robby Birnbaum, as a leader in both industries. Click here to read that ... Read More »

            Debt Settlement Consumer Protection Act Labeled Anti-Consumer By TASC

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            May 14, 2009 Here is an recent email that was sent to me at tips@getoutofdebt.org that is reported to be sent out by The Association of Settlement Companies to members to try to defeat the Debt Settlement Consumer Protection Act. Three things struck me. To label the bill as anti-consumer is not helpful. There appears to be no consideration of ... Read More »

              Texas Testimony, National Trends in Regulation of Debt Settlement

              Texas Flag

              Yesterday there was a hearing in Texas regarding upcoming debt settlement regulation. Below you will find the testimony regarding the Uniform Debt Management Services Act that was given. I was told the committee had no patience for USOBA and John Ansbach, who was not even on the witness list. He attempted to make comments in the public forum time allotted ... Read More »

                A Couple of Editorial Images on Debt Settlement Today

                Will Settle Debt For Food

                The Future of Debt Settlement? Debt Settlement on May 14, 2010 Read More »

                  Debt Settlement Employee Blows the Whistle, Confesses

                  confess

                  What I am about to publish makes it sound like ALL debt settlement companies might operate like this. In my reporting and investigations I have found that to not be true. It’s only MOST of them that appear to operate like this. There are still some good guys around that do care. I’d love to tell you this information provides ... Read More »

                    Senator Rockefeller Warns Attorneys’ General About Debt Settlement Industry in Email

                    Here is a copy of an email that was sent to Attorney’s General to support continued efforts to rein in debt settlement. Dear Mr. Attorney General: As Chairman of the United States Senate Committee that oversees consumer protection, I have been very concerned by the growth of consumer financial scams during the recent economic downturn. I am writing to share ... Read More »

                      CareOne’s Mike Croxson Speaks Out About Debt Settlement Legislation

                      Today I was able to speak with Mike Croxson from CareOne about their performance fee based debt settlement services. We chatted about what life would be like in the debt settlement world with fee caps, what fee he could operate under, how the front-end debt settlement model is a dinosaur, the issues with credit counselors getting a pass on the ... Read More »

                        Expert Settlement Professional (ESP) Debt Settlement Product from P&E Solutions, Appears There is a Big Problem

                        Here is a tip that I received about ESP debt settlement software. The tip was sent to me at tips@getoutofdebt.org. If you have a industry tip, send it in. I just wanted to give you a nugget of insight on the ESP product. You are definitely on to something. This group is swaying companies right and left to join in ... Read More »

                          Debt Settlement Attorney Model Looks Dead

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                          May 12, 2009 It appears that the latest version of the Debt Settlement Consumer Protection Act kills the attorney model people are running to adopt in order to avoid the regulation. While the new bill increases the performance fee earned after a successful settlement to 10% it define a debt settlement service as: “(i) offering to provide advice or service, ... Read More »

                            Debt Settlement Consumer Protection Act Attached as Amendment. Fee Increased. Attorney Model Killed.

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                            The Debt Settlement Consumer Protection Act has been attached as an amendment for vote with the Restoring American Financial Stability Act of 2010. It is S.AMDT.3960 and based on support of the Restoring American Financial Stability Act of 2010 the amendment will probably be approved. Text of amendment with change to settlement fee being 10% instead of 5% and what ... Read More »

                              North Dakota Now Working on Debt Settlement Regulation

                              North Dakota

                              It is reported “the state banking commissioner and the consumer protection division in the attorney general’s office are proposing the law, which would require the companies to register with the state. It also would cap the amount a consumer would have to pay up front to $100 and limit a company’s charges to 15 percent of the savings gained by ... Read More »

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