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Texas Testimony, National Trends in Regulation of Debt Settlement

Texas Flag

Yesterday there was a hearing in Texas regarding upcoming debt settlement regulation. Below you will find the testimony regarding the Uniform Debt Management Services Act that was given. I was told the committee had no patience for USOBA and John Ansbach, who was not even on the witness list. He attempted to make comments in the public forum time allotted ... Read More »

    A Couple of Editorial Images on Debt Settlement Today

    Will Settle Debt For Food

    The Future of Debt Settlement? Debt Settlement on May 14, 2010 Get Out of Debt Guy – Twitter, G+, Facebook Need More Help? Read More »

      Debt Settlement Employee Blows the Whistle, Confesses


      What I am about to publish makes it sound like ALL debt settlement companies might operate like this. In my reporting and investigations I have found that to not be true. It’s only MOST of them that appear to operate like this. There are still some good guys around that do care. I’d love to tell you this information provides ... Read More »

        Senator Rockefeller Warns Attorneys’ General About Debt Settlement Industry in Email

        Here is a copy of an email that was sent to Attorney’s General to support continued efforts to rein in debt settlement. Dear Mr. Attorney General: As Chairman of the United States Senate Committee that oversees consumer protection, I have been very concerned by the growth of consumer financial scams during the recent economic downturn. I am writing to share ... Read More »

          CareOne’s Mike Croxson Speaks Out About Debt Settlement Legislation

          Today I was able to speak with Mike Croxson from CareOne about their performance fee based debt settlement services. We chatted about what life would be like in the debt settlement world with fee caps, what fee he could operate under, how the front-end debt settlement model is a dinosaur, the issues with credit counselors getting a pass on the ... Read More »

            Expert Settlement Professional (ESP) Debt Settlement Product from P&E Solutions, Appears There is a Big Problem

            Here is a tip that I received about ESP debt settlement software. The tip was sent to me at [email protected] If you have a industry tip, send it in. I just wanted to give you a nugget of insight on the ESP product. You are definitely on to something. This group is swaying companies right and left to join in ... Read More »

              Debt Settlement Attorney Model Looks Dead

              Ready to Collapse

              May 12, 2009 It appears that the latest version of the Debt Settlement Consumer Protection Act kills the attorney model people are running to adopt in order to avoid the regulation. While the new bill increases the performance fee earned after a successful settlement to 10% it define a debt settlement service as: “(i) offering to provide advice or service, ... Read More »

                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. Get Out of ... 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. Get Out of Debt Guy – Twitter, G+, Facebook Need More Help? LOS ANGELES, ... 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 »

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