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Debt Relief Industry

Creditor Trade Association Speaks Out Against So-Called Debt Settlement Companies

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A tipster (send in your tips here) sent me a copy of a recent letter sent out by the American Financial Services Association (AFSA) to the National Association of Attorneys’ General. AFSA is a national trade group that represents credit card issuers, consumer sales and finance companies, mortgage lenders, car financing lenders, etc. The letter is interesting since it reinforces ... Read More »

    Rocky Mountain Bank & Trust / Global Client Solutions – FDIC SHOCKER!

    Here is an event I totally missed but thanks to a recent suit against debt settlement company GHS Solutions the FDIC action against Rocky Mountain Bank & Trust which operates in conjunction with Global Client Solutions can be reveled. Apparently the Federal Deposit Insurance Corporation (FDIC) felt the relationship between Rocky Mountain National Bank & Trust and their debt settlement ... Read More »

      Debt Settlement Companies Put Consumers in a Deep Debt Hole. “They Are a Ponzi Scheme.”

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      Peter Goodman from the New York Times had a piece published recently, excerpts below. It slayed the debt settlement industry as opportunists and harmful for consumers at large. Those that feel they offer a legitimate and fair debt settlement service are not going to like the long article much. But then again, the good guys are not the problem with ... Read More »

        The Latest Delivery of TASC and USOBA Debt Settlement Horseshit to the FTC.


        There were some recent interesting meetings over at the Federal Trade Commission. These involved the proposed telemarketing sales rules the Federal Trade Commission is going to put forward. The first meeting was with representatives of The Association of Settlement Companies (TASC) and the United States Bankruptcy Alternatives (USOBA) in attendance. At the June 3, 2010 meetings from TASC were: Andrew ... Read More »

          Debt Settlement USA Using Quote from FTC Chairman to Endorse Debt Settlement

          I previously wrote about a press release from a different debt settlement company that used a quote from the Federal Trade Commission Chairman to support debt settlement. I debunked the comment by putting it into context. You can read “Good Example of Twisting Information in Favor of Debt Settlement“. Well I just found out that John Craven, president of Debt ... Read More »

            FTC Hits Mortgage Relief and Foreclosure Rescue Scams Hard

            As part of the agency’s continuing crackdown on scams that prey on financially distressed homeowners, the Federal Trade Commission announced legal actions against more than a dozen marketers accused of pitching bogus mortgage modification or foreclosure relief services. FTC settlement orders ban 16 marketers from the mortgage modification or foreclosure relief business. The promoter of a similar scam has been ... Read More »

              California Warns Consumers About Short Sale Fraud

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              California Attorney General Edmund G. Brown Jr. today joined the California Department of Real Estate and the State Bar of California to warn homeowners about an alarming rise in short sale fraud across California in a field “rife with scam artists“. A short sale is an arrangement in which a homeowner sells his or her home for less than the ... Read More »

                Report on Different Types of Foreclosure Rescue and Loan Modification Scams

                Mortgage Loan Fraud

                Here is the latest report out from the Financial Crimes Enforcement Network regarding loan modification and foreclosure rescue scams. – Source Early reports of loan modification/foreclosure rescue scams identified subjects purporting to be loan modification or foreclosure rescue specialists. These subjects targeted financially troubled homeowners with promises of assistance. These scams involved the homeowners signing quit claim deeds, and resulted ... Read More »

                  Consumer Groups Speak Out for Debt Settlement Regulations

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                  Here is a press release that was sent out yesterday by the National Consumer Law Center, Maryland Consumer Rights Coalition, National Consumer League, Consumer Action, Consumers Union and the Consumer Federation of America. It appears to ask Congress to get moving on passing the Debt Settlement Consumer Protection Act of 2010. Get Out of Debt Guy – Twitter, G+, Facebook ... Read More »

                    Arizona Attorney General to Payday Lenders, “Don’t Let the Door Hit You on the Ass On Your Way Out of the State.”

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                    Here is a reprint of a statement by Terry Goddard, the Arizona Attorney General. Get Out of Debt Guy – Twitter, G+, Facebook Need More Help? Arizona’s law authorizing high-interest payday loans is scheduled to expire on June 30, 2010. In anticipation of this long-awaited date, I have set up “Operation Sunset” – an enforcement initiative that will aggressively pursue ... Read More »

                      BBB Warns Consumers About The Consumer Law Group Debt Settlement Services

                      According to an article out of St. Louis today the St. Louis BBB has issued a warning telling consumers not to do business with the Florida based Consumer Law Group. According to the BBB, a Hazelwood nurse paid the company an upfront fee of $1,500 in April 2009. She got nothing in return, remains behind on her bills and now ... Read More »

                        Midland Funding Slapped With Class Action Award for Deceptive Collection Acts

                        Midland Funding, a large debt collection agency that also purchased large amounts of debt for 3 to 4 cents on the dollar and then sued debtors, settled a large class action lawsuit and dropped over 10,000 lawsuits against debtors. The case Johnson v Midland funding, filed in Maryland, alleged that Midland Funding, in cooperation with Mann Bracken, knowingly sued consumers ... Read More »

                          When Does a Debt Relief Business Become a Fraud?

                          American Credit Association

                          I received a tip that was sent to me about a site AmericanCreditAssociation.com. After looking at the site it looked like the typical B.S. fake government debt relief site approach I’ve seen hundreds of times. Nothing to write about there. But I poked around a bit more a discovered that the American Credit Association is part of a much larger ... Read More »

                            Good Example of Twisting Information in Favor of Debt Settlement

                            In a recent press release “Debt Settlement Companies on Life Support and Two US Senators Ready to Pull the Plug — Observations from Debt Resource Company, Dept Help and Beyond” (source) a company takes the approach that debt settlement needs to be preserved, the following two items caught my eye. First, it’s probably not a great idea to misspell debt ... Read More »

                              Get Real Dave Burke – Your Real Talk Network is Going to End a Bloody Mess

                              Gulf Oil Spill

                              Readers might think I have had a vendetta against Dave Burke and his Real Talk Network. I truly do not. But in my opinion Burke’s reign of his debt relief enterprise is rapidly nearing an end, and it will be a bloody end. Dave Burke has been relentless in his bending and breaking of trust and respect in his efforts ... Read More »

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