Latest Posts
Home > Debt Relief Industry (page 109)

Debt Relief Industry

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

Ready to Collapse

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 »

      Listen to USOBA Debt Settlement Company Lie to Sell Services

      Right now debt settlement companies are claiming they are being unfairly targeted by regulators, the Senate Hearings on Debt Settlement, and the Debt Settlement Consumer Protection Act. A reader sent me a mailer he just received from a debt settlement company that is part of the United States Organization of Bankruptcy Alternatives (USOBA), the trade association that testified at the ... Read More »

        Kentucky Signs Into Law New Tough Debt Adjusting Law That Regulates Debt Settlement Companies and Others

        Kentucky Debt Adjusting Fees

        I’ll admit I’m a bit late with this news but on April 13, 2010 Kentucky signed into law a new tough set of rules that regulate credit counseling, debt settlement and foreclosure assistance. FRANKFORT, Ky. — Gov. Steve Beshear was joined today by Kentucky Attorney General Jack Conway as he signed into law HB 166, a consumer protection bill that ... Read More »

          Ethical Debt Settlement Firm Speaks Out About the Debt Settlement Consumer Protection Act

          Ready to Collapse

          Here is a statement from a debt settlement company in response to the proposed Debt Settlement Consumer Protection Act. It is interesting to see a debt settlement company that is in favor of measures that might still close a majority of other debt settlement companies. What do you think? Agree? Disagree? Post your comments and feedback below. Here is his ... Read More »

            Payday Lenders Fearing Proposed Regulation

            Ready to Collapse

            While debt settlement companies are furious about pending legislation and feel they have been singled out, the payday lending industry is facing legislation with the Payday Lending Limitation Act of 2010 and that’s not making them happy. Here is a press release from on payday lender. LOS ANGELES, May 11 /PRNewswire/ — In the wake of the subprime mortgage collapse, ... Read More »

              Why I Love Debt Settlement and Why Debt Settlement Isn’t Going Away

              Debt Settlement Dog

              Based on some of the things I’ve written about debt settlement some people may think I actually hate debt settlement. In fact nothing could be further from the truth so I wanted to talk about it. With all that has gone on in debt settlement with the investigations, FTC telephone sales rules, Senate hearings on debt settlement, the Debt Settlement ... Read More »

                AARP Urges Illinois Governor to Sign the Debt Settlement Consumer Protection Act

                Ready to Collapse

                HB 4781 Would Give Consumers the Strongest Protections in the Nation against Fraudulent Debt Settlement Agencies SPRINGFIELD, Ill., May 7 /PRNewswire-USNewswire/ — Burdened with piling debt in a down economy, thousands of Illinois consumers contact debt settlement agencies in search of help – only to find huge fees, deceptive business practices, and often times no solutions to their problems. But ... Read More »

                  Illinois Senate & House Pass Aggressive Debt Settlement Consumer Protection Legislation With Strong Bipartisan Support

                  Ready to Collapse

                  Illinois Attorney General Lisa Madigan today applauded the General Assembly for passing the Debt Settlement Consumer Protection Act, HB4781, which has now passed both houses. This legislation is crafted to prohibit debt settlement firms from engaging in unfair and abusive practices aimed at bilking financially strapped consumers. The Senate today passed the bill with a vote of 56-1 after the ... Read More »

                    Oregon Bans Nation’s Largest Debt Settlement Firm

                    Ready to Collapse

                    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

                        Ready to Collapse

                        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”

                            Ready to Collapse

                            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 »

                                Get My FREE Get Out of Debt Guy Newsletter

                                It is the smart thing to do.

                                I promise to keep your email safe and secure.

                                Close

                                I want to keep you posted each weekday with just one email about the latest get out of debt news, scam alerts and information to beat back debt.

                                You can unsubscribe at any time with just one click.

                                After you subscribe, check your email to confirm your subscription. If the confirmation email does not appear in your inbox in a few minutes, check your spam folder for it. Sometimes it likes to annoyingly hide there.


                                • It will keep you posted on the latest scams.
                                • You will be alerted to the latest articles.
                                • You will wind up smarter than everyone else dealing with debt.