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Debt Relief Industry

Oregon Bans Nation’s Largest Debt Settlement Firm

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Oregon Attorney General John Kroger today announced an agreement with Credit Solutions of America (CSA) that cracks down on the Texas-based debt settlement company’s alleged practice of charging high upfront fees and encouraging consumers to quit paying their creditors. “CSA’s existing Oregon customers may be entitled to a partial refund if they are not satisfied with the service they get,” ... Read More »

    Why Running to the Attorney Model for Debt Settlement Seems Like a Bad Thing to Do for the Attorney

    Debt settlement companies right now are “running” to find lawyers to front their operations or to be the service providers of debt settlement services because the debt settlement industry feels attorneys are going to be exempt from the new consumer protection law. Let’s see specifically what the Debt Settlement Consumer Protection Act says about this. (B) EXCEPTION.—The term ‘debt settlement ... Read More »

      Debt Settlement Trade Group Blaming New York Activists for Debt Settlement Legislation But Banks Were In On It As Well

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      Interesting messages floating around about the Debt Settlement Consumer Protection Act of 2010. At least one debt settlement trade group is trying to vilify the creators of this legislation by saying the bill was secretly drafted by New York based liberal activists. But the major drivers of this bill appear to be primarily D.C. based entities and while the debt ... Read More »

        Debt Settlement Johnson Law Group Allegations. Client Funds Missing. Attorney Not in Control.

        A tip sent to me at tips@getoutofdebt.org told me to go look at a particular legal case for some shocking information about the debt settlement company, Johnson Law Group. Here is how Johnson Law Group describes themselves on the web. “We are a law firm whose services include debt settlement and bankruptcy. Our job is to analyze your debt situation ... Read More »

          Debt Settlement Regulation, US Airways Sums It Up For You: “We Did This to Ourselves”

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          I was reading an article the other day that was completely analogous to what’s been going on in the debt settlement industry. It was an article over at The Cranky Flier in which the US Airways Chairman and CEO made an honest and candid statement. When asked about the new FAA regulations that imposed severe penalties against airlines for tarmac ... Read More »

            TASC and USOBA Members. You Are Only as Strong as Your Weakest Link.

            Just back from a lovely ride on the motorcycle and all along the two hour ride I was thinking about a frequent complaint I hear from members of The Association of Settlement Companies (TASC) and United States Organization for Bankruptcy Alternatives (USOBA), “We are a member but we are a really good company and not like the groups you write ... Read More »

              Text of the Debt Settlement Consumer Protection Act of 2010

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              Here is what I believe to be the final the text of the Debt Settlement Consumer Protection Act bill as presented. Of course this will be the starting point and who knows what it will look like before passage. Get Out of Debt Guy – Twitter, G+, Facebook A BILL To amend the Consumer Credit Protection Act to provide for ... Read More »

                The Credit Exchange Apparently Charging Sales Staff to Rent Desks

                I’m just going to share what I do know and say it is from a tipster (send in your tips here) who contacted me via tips@getoutofdebt.org to tell me about working conditions for sales reps at The Credit Exchange, a company that apparently acts as a sales lead agency for debt settlement companies. See other stores on that here. I ... Read More »

                  Web Credit Advisors 100% Not Happy with GAO Debt Settlement Report

                  The folks over at Web Credit Advisors were not very happy with the revelations in the Government Accounting Office undercover investigation into the debt settlement industry in which they were named. The Senate hearings on debt settlement presented audio that implicated Web Credit Advisors, a member agency of the United States Organization of Bankruptcy Alternatives (USOBA). Here is the transcript ... Read More »

                    The Debt Settlement Consumer Protection Act of 2010

                    Hot, Hot, Hot

                    As I said, a bill would be coming to control debt settlement companies and here it is. Of particular interest are the consumer groups that are part of the release. Consumers Union National Foundation for Credit Counseling Consumer Federation of America National Consumer Law Center Things are heating up in Debt Settlement. Illustration Credit: Steve Rhode Get Out of Debt ... Read More »

                      Why Do We Need Both TASC and USOBA? My Vote On Who Needs to Go.

                      TASC Wins Over USOBA

                      Just an observation. As the debt settlement industry fights back against legislation and regulation does the industry really need two trade groups? Isn’t that just more expensive and less efficient? They must be coordinating some efforts anyway. It seems that The Association of Settlement Companies (TASC) and the United States Organization for Bankruptcy Alternatives (USOBA) are rallying together more and ... Read More »

                        National Debt Relief Group Tells People to Go For Debt Settlement –The Easy Way Out of Debt!

                        With all the issues about debt settlement company regulation the last thing you expect to see is a debt settlement company sending out a press release titled “Get Out Of Your Credit Card Debt The Easy Way!” on April 25, 2010, just days after the Senate hearings on debt settlement. The press release says: Make use of debt settlement programs ... Read More »

                          Cunning and Deceptive Debt Settlement Companies Need to Fail

                          A Couple of Real Proctologists

                          With the march gathering speed and the troops rallying to protect consumers against the big bad debt settlement companies and their enormous upfront fees my thoughts drift back to a time in October, 2009 when the then cocky trade group United States Organization of Bankruptcy Alternatives (USOBA) made the statement “an industry survey showing that an advance fee ban would ... Read More »

                            Napkin Drawing of Current Status of Debt Settlement Industry

                            So there I was thing morning, killing time with my iPhone by taking a panoramic photo while waiting for breakfast at the local spot. Click image for larger view. Since I had time to kill I started doodling and here is my final version of how I think the Senate hearings on debt settlement and the new upcoming credit counseling ... Read More »

                              Debt Settlement Industry in Denial At Their Own Peril. Ass Whopping Next Week.

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                              Just one day after the Senate hearing on the debt settlement industry, many inside the industry think the hearings went okay or feel they were a bit one sided but they can recover from that. People, it’s time to wake up and smell the coffee. New Legislation Will Make Debt Settlement Companies Vomit A Washington Post article today confirms what ... Read More »

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