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Debt Relief Industry

HR 5387 Introduced to Regulate Debt Settlement Services

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I don’t have the text of the bill yet but HR 5387 was referred to the House Committee on Financial Services on May 25, 2010. The bill amends the Consumer Credit Protection Act to provide for regulation of debt settlement services. The sponsor of the bill is Rep. Luis Guiterrez, IV of IL and cosponsors are Rep. Keith Ellison of ... Read More »

    Balboa Law Group, MBM Group, Loan Modification Group Appear to be Taking Money But Not Delivering Loan Modifications

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    It sure seems like Orange County in California is a hub in loan modification scams. Here are some excerpt from a story “Home loan modifiers scam families out of $3,000 each” that is worth reading. When the economy and real estate market went south, many families went to home loan modification companies to save their homes. But, more than a ... Read More »

      Debt Settlement USA Nailed on MSNBC With Debt Settlement Victim

      Debt Settlement USA was nailed today on MSNBC as an alleged scam. Three years ago, Kopycinski was told by several advisers that he should file for bankruptcy. His finances were a wreck. He held $35,000 in credit card debt and was on the hook for a car loan that he’d co-signed for a family member. On his salary as Catholic ... Read More »

        NFCC Scores Amazing PR Coup. Jean Chatzky Joins Board

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        Jean Chatzky has a huge voice in the media world as a respected adviser for consumer finance issues. Seeing how she was just named to the board of the National Foundation for Credit Counseling I bet it only amplifies the press voice that non-profit credit counseling will be the solution of choice. Oh yes, and then there is the appointment ... Read More »

          USOBA Testifies in TX There Are “Bad Actor” Debt Settlement Companies That Need to Go Out of Business

          The State of Texas recently held hearings on proposed debt settlement regulation. I wrote about them indirectly here. The hearing was hours and hours long but what you are about to hear are the last two people offering testimony. The first is Jeff Meek who previously wrote that USOBA members were told to not work work creditors to provide success ... Read More »

            Clearview Credit, Debt Settlement Company, Sued by Credit Union

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            “The $625 million Clearview Federal Credit Union has filed a lawsuit against Clearview Credit, a Florida debt settlement company claiming misrepresentation to the cooperative’s members. Filed May 20, 2010, the federal trademark suit is seeking a cease and desist including stopping the distribution of materials with the Clearview Credit name. The CU first learned of the Tampa, Fla.-based company after ... Read More »

              Debt Settlement Company President Speaks Out in Favor of Regulation of the Debt Settlement Industry. Says Big Upfront Fees Must Go.

              I had a refreshing and frank conversation with U.S. Debt Resolve President Scott Johnson the other day. We talked about pending regulation of debt settlement companies, deceptive marketing, debt settlement companies which are not consumer focused and what the future looks like for the debt settlement industry. Scott talks openly about how regulation of the debt settlement industry is needed ... Read More »

                FBI Investigating Debt Settlement Companies


                I’m trying to get more information about the FBI task force that is investigating aggressive debt settlement companies in California and Florida and I’ve requested an interview with the FBI on this issue. All I know for now is that the FBI does have active investigations of some debt settlement companies and is looking into the economic crimes of those ... Read More »

                  Esteemed Lending Services. Nothing But a Well Documented Scam.

                  Esteemed Lending Services

                  The lending site below is a sham. It makes unsubstantiated false promises in an effort to convince you to cough up both personal information and money. Beware. The web site is actually the creation of the FTC. In an effort to help consumers spot scam and fraudulent upfront loan fee offers and bogus debt reduction presentations, the Federal Trade Commission ... Read More »

                    Companies Making Calls Promising to Reduce Credit Card Interest Rates Get Ass Slapped By FTC

                    I can’t tell you how many calls I get from autodialers promising to reduce the interest rates on my credit cards. I’m not alone in receiving these calls. My only regret is I’ve been unable to record the calls when they come in. Well the Federal Trade Commission has take action against companies that make these calls. At the request ... Read More »

                      Morning After: Debt Settlement Industry Celebrating. “Game On”

                      Debt Settlement Party Time

                      It’s May 21, 2010 and in a move that only seems to amplify the arrogance of the party makers in the debt settlement industry, that appear to be no more than profiteers charging consumers tens of thousands of dollars for debt settlement service that are questionably effective and dubiously successful, it’s back to business as usual. Yesterday the United States ... Read More »

                        National Debt Crisis Center (NDCC) Odd Commercial

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                        This commercial aired the other night from the National Debt Crisis Center (NDCC) for debt settlement services. Excuse the dog collar rattling in the audio. Apparently the commercial made my dog want to scratch himself. What struck me as odd about the commercial was that it seems to be intentionally clumsy as if it is footage from a news conference ... Read More »

                          If You Owe Chase Bank, Forget About Debt Settlement.

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                          In recent communications with Chase Bank they helped me to understand their policy when it comes to working with debt settlement companies, they won’t. Paul Hartwick, spokesperson for Chase told me, “Chase will not work with debt settlement companies. Customers who notify Chase that they are working with a debt settlement company will be advised of this policy and encouraged ... Read More »

                            Self-Directed Debt Settlement Software Cuts Fees Significantly to Settle Debts

                            Dave VanderVeer has developed a consumer self-directed debt settlement approach. I had the pleasure of discussing his approach and software with him. You can hear the full interview below. As Dave observed, consumers are getting bombarded by many debt settlement companies making false promises and charging high fees upfront for services they may never deliver. Using the approach the ... Read More »

                              How the Provident Law Group Loan Modification Program in California is Alleged to Try to Sidestep the Upfront Fee Ban

                              California has been tough on loan modification companies and in fact passed laws to prevent upfront fees. One of the companies that recently came under attack was a company I wrote about, Liberty Law Firm. After my piece KTLA did their own investigative report on Liberty. According to an confidential source, that contacted me at [email protected], the reporting lead to ... Read More »

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