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Debt Relief Industry

USA Student Loans – Review. Are They a Scam?

Audit Stamp Shows Financial Accounting Examination

A reader asked me to take a look at USA Student Loans and review the site for the,. Here is my review. Company Name USA Student Loans Our Impression of What the Company Offers to Consumers The company appears to be offering the same solutions available to consumer for free from the Department of Education. The company appears to fall ... Read More »

    Canadians Targeted in Student Loan Assistance Scheme From U.S.

    inside

    The flurry of student loan assistance programs exploding is the latest debt relief pitch rolling out. I’ve covered these here, here, here, and here. An amazing reader sent in a new debt relief mailer through my I Buy Junk Mail program. The consumer lives in Canada but the mailer came from the same notorious postal permit 1297 in Sacramento, California. ... Read More »

      World Law Debt Still Hustling for Affiliates While Battling States and Complaints

      Certain death

      A debt industry insider and awesome tipster (send in your tips here) expressed some concern about continued affiliate recruiting emails from World Law Debt who claim to be “leaders in the debt solutions industry.” – Source World Law Debt is facing serious legal actions in Oregon, Illinois, and North Carolina. In Oregon alone they are facing $10 million in damages ... Read More »

        Credit Counseling Services and the Bankruptcy Conundrum

        SONY DSC

        A press release out by Advantage Credit Counseling Service drew me to their site today. – Source. While there I came across a good example of the ethical conundrum facing nonprofit credit counselors today. Advance Credit Counseling Service is not alone in dealing with this problem. According to the Advantage Credit Counseling Service website they are a proud member of ... Read More »

          A+ Financial Center Scheme Settles With FTC

          ftc

          The Federal Trade Commission has settled with a set of defendants associated with the A+ Financial Center scheme. They were charged in last year’s joint law enforcement sweep against five companies that made millions of illegal pre-recorded robocalls claiming to be from “Rachel” and “Cardholder Services” and pitching credit card interest rate reduction services. In the five complaints announced in ... Read More »

            Debt Consolidation USA Says Avoid Credit Counseling

            bad decisions

            A nonsensical press release just out by Debt Consolidation USA warning consumers about credit counseling seems odd to say the least. Let’s go with the assumption the reason for this release was just to try and score some SEO points or something like that. The release refers to an article on their website titled “Reasons to Avoid Credit Counseling.” – ... Read More »

              CrossCountry Mortgage Mailer Offering New Loan and Debt Refi – Review

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              CrossCountry Mortgage is sending out offers for mortgage using the Making Home Affordable logo and offering quick closing loans. I certainly do have to give CrossCountry a hat tip on some items in the mailer. They did a much better job than you often see in the debt relief space. An amazing reader FitGal send in a recent mailer through ... Read More »

                Freedom Debt Relief Out of Colorado

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                A tipster (send in your tips here) alerted me to the fact the State of Colorado is now reporting that as of July 1, 2013 Freedom Debt Relief has had their license cancelled or revoked and reports a disciplinary action. Apparently, Freedom is no longer allowed to enroll new Colorado clients, or collect fees from new OR EXISTING Colorado clients. ... Read More »

                  Why People Have a Tough Time Shopping for Debt Help

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                  The Federal Reserve Bank of Philadelphia published a paper by Stephanie Wilshusen which made some very enlightened observations about why consumers struggle with getting out of debt. In the paper, “Meeting the Demand for Debt Relief” it describes the options available to borrowers who seek assistance in managing their debts and discusses the information and incentive problems associated with these ... Read More »

                    Think You Might Owe the CFPB Money in Penalties? Read This.

                    black-hole

                    Tomorrow the CFPB will publish final rules regarding the collection of money owed to the Consumer Financial Protection Bureau. It is very possible that fines levied against companies and individuals will fall under the rules. With tougher enforcements to come from the CFPB in the debt relief space, participants should be aware of the powers to collect the CFPB has ... Read More »

                      Consumer Credit Card Delinquencies Fall to Lowest Level Since 1990

                      news1

                      Consumer delinquencies declined significantly in this year’s first quarter, falling in 11 out of 13 loan categories as consumers more carefully manage their finances, according to results from the American Bankers Association’s Consumer Credit Delinquency Bulletin. The composite ratio, which tracks delinquencies in eight closed-end installment loan categories, fell 29 basis points to 1.70 percent of all accounts in the ... Read More »

                        Federal Reserve Data Out Yesterday Still Shows Student Loan Concerns

                        DDPChart

                        Yesterday the Federal Reserve released the latest data on consumer borrowing. It’s been interesting watching all the media reports about what it means. Some say the big percentage rise in revolving debt is an indication about consumer confidence, and it might be. But it’s not unusual to see a summer spike in charging as vacations ensue. What is more concerning ... Read More »

                          Debt Defense Services is Back and Making Some Disturbing Claims

                          caution

                          Recently a debt relief insider and tipster (send in your tips here) sent me documents that were being circulated by Debt Defense Services. I’ve written about them before, see this. This time they are trying to recruit people by telling them how debt settlement companies switch to selling their debt relief services once they hear about what they have to ... Read More »

                            Brite Solutions Financial Services Says What About the FTC?

                            Big Scam Dog

                            A reader and tipster (send in your tips here) in the debt relief industry forwarded me an email they recently received from Brite Solutions Financial Solutions that makes the dumbest claim, unless you want the FTC and CFPB breathing down your neck. The email to signup new Brite Solutions affiliates says: “Higher Commissions : FTC Compliant : Easy Sale Performance ... Read More »

                              Take Charge America Scores $300,000 Payday to Help Consumers

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                              PHOENIX–(BUSINESS WIRE)–Take Charge America, Inc., a non-profit credit counseling and housing counseling agency in Phoenix, was awarded $300,000 by the Arizona Attorney General’s Office over the next three years to provide free foreclosure intervention counseling to Arizona homeowners. “This award will enable us to assist even more residents in need, helping them navigate the complex mortgage loan industry and possibly ... Read More »

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