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Debt Relief Industry

Meracord / NoteWorld Falls to CFPB. Global Client Solutions to Follow?

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Yesterday the Consumer Financial Protection Bureau announced an action and settlement against Meracord, previously known as NoteWorld. Meracord was one of the two primary players assisting debt relief companies to collect money from consumers and then pass it on to debt relief companies. Global Client Solutions is the second. What makes this current episode all seem so silly was the ... Read More »

    Debt Care USA Added to Scott Law Group Hit List

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    The Scott Law Group, the Spokane law firm that has seemingly specialized in pursuing many debt relief companies has added a new company to their list. Debt Care USA has been added after a September 27, 2013 class certification in Spokane County Superior Court. Case documents can be accessed here. As of today the companies listed in play with The ... Read More »

      CredAbility and ClearPoint Credit Counseling to Merge. Watch Out MMI.

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      In what comes as no big surprise, the consolidation of the credit counseling industry continues. This time with a big announcement from two players whose merger will create the second largest credit counseling organization. “CredAbility and ClearPoint Credit Counseling Solutions announced on Oct. 1 that they have agreed to merge their two organizations, effective December 31, 2013. The combination will ... Read More »

        Debt Settlement Mailer From Frisco, Texas Raises Alarms

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        Well here is yet another version of a debt settlement mailer being sent out to consumers. This one comes from Wichita, KS postal permit 1148. The address of the sender is 2611 Internet Blvd, #021, Frisco, Texas 75034. According to the BBB that is the address for United Debt Services. They list David Melrose as the owner. Melrose is also ... Read More »

          Lloyd Ward and His BFF Lloyd Regner Found Guilty

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          The only part of this story which make it even more bizarre is the fact Lloyd Ward and Lloyd Regner, ex-business partners, are now involved in suing each other and allegedly trying to win back their mutual former clients from each other. Whatever was going on between them, can be read here. But in a press release issued a couple ... Read More »

            Serial Debt Relief Scammer Busted Once Again by FTC

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            Under settlements with the Federal Trade Commission, the defendants in two Tampa, Florida-area operations that allegedly bilked consumers of millions of dollars are banned from providing various types of financial services used in their schemes. In the spring of 2012, at the request of the FTC, a court shut down the two operations. According to the FTC, the defendants used ... Read More »

              Direct Student Aid Commercial Catches My Attention

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              A recent commercial for Direct Student Aid caught my attention. It seems the company is advertising it can offer some sort of special help for people who are having student loan problems. A secret shopper call, which you can hear below, found out the company charges between $799 to $999 for a service consumers can get for free from their ... Read More »

                Well Done Debt Settlement Solutions

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                Debt Settlement Solutions, a Florida company, had been previously contacted by the State of Connecticut about operating without a license. Usually these things end badly but in a rare occurrence it looks like one company, Debt Settlement Solutions, This situation shows how flexible state regulators can be when debt relief companies participate in the process. According to the State, “By ... Read More »

                  Independence Law Group Slapped by Connecticut

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                  The Connecticut Department of Banking has announced Independence Law Group has engaged in acts or conduct, violating the laws of the state regarding debt adjusters and debt negotiation. The company was ordered to cease and desist and was imposed a civil penalty of $100,000. According to the State, “On July 11, 2013, the Order and Notice sent to Respondent’s agent ... Read More »

                    Massachusetts One Step Closer to Regulating Debt Settlement

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                    Collections & Credit Risk is reporting the State of Massachusetts is a step closer to regulate for-profit debt settlement companies operating in the state. Debt settlement companies would have to disclose their fees and create a budget analysis before enrolling consumers. “The longer Massachusetts waits, choosing not to oversee this industry, the more consumers will be taken advantage of by ... Read More »

                      Details on CFPB Lawsuit Against Morgan Drexen

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                      Yesterday I mentioned the Consumer Financial Protection Bureau filed suit against Morgan Drexen. As I mentioned, I said I would take more time today and wander through the complaint filed and share more about the allegations. If there was no doubt in the mind of any debt relief industry executive if the CFPB was set to regulate the industry, the ... Read More »

                        Morgan Drexen Sued by CFPB. Take That!

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                        Recently the debt settlement company Morgan Drexen sued the Consumer Financial Protection Bureau, CFPB, hoping they would be declared unconstitutional and disbanded. For more, see this and this. Today the CFPB turned around and unloaded their long-term investigation into Morgan Drexen and filed suit against them. I’ll review the entire lawsuit tomorrow but for now, here is what the CFPB ... Read More »

                          Consumer Advocacy Assistance Mortgage Modification Mailer – Watch Out

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                          A group, Consumer Advocacy Assistance, who reports to being located in Laguna Hills, California sent a mortgage modification mailer to a consumer in New Jersey. The mailer appears to be an official mailer from the Loss Mitigation Administrative Office. Frankly it looks like the standard B.S. mortgage modification mailer many have received. An amazing reader Hanna sent in a new ... Read More »

                            Disappointing Debt Relief Mailer Leads to Debt Defense Services

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                            A new debt relief mailer, which you will see below, poses as an official document but in fact leads to a potential sale for Debt Defense Services according to the tipster (send in your tips here). What do you think, is the mailer deceptive or perfectly fine from your point of view? Add your comment below. An amazing reader CLK ... Read More »

                              FTC Gets Ass Kicked on Appeal and Wins at Same Time

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                              Back in 2012 the FTC lost a case it had brought against Corey Butcher, Brent Butcher, and Financial Freedom of America, Financial Freedom Processing. The case was one where the FTC said the performance statements made by the debt settlement companies were not accurate and could mislead consumers. In what seemed like a ruling from an alternate universe, the judge ... Read More »

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