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Debt Relief Industry

The Debt Settlement Consumer Protection Act of 2010

Hot, Hot, Hot

As I said, a bill would be coming to control debt settlement companies and here it is. Of particular interest are the consumer groups that are part of the release. Consumers Union National Foundation for Credit Counseling Consumer Federation of America National Consumer Law Center Things are heating up in Debt Settlement. Illustration Credit: Steve Rhode SCHUMER, MCCASKILL UNVEIL BILL ... Read More »

    Why Do We Need Both TASC and USOBA? My Vote On Who Needs to Go.

    TASC Wins Over USOBA

    Just an observation. As the debt settlement industry fights back against legislation and regulation does the industry really need two trade groups? Isn’t that just more expensive and less efficient? They must be coordinating some efforts anyway. It seems that The Association of Settlement Companies (TASC) and the United States Organization for Bankruptcy Alternatives (USOBA) are rallying together more and ... Read More »

      National Debt Relief Group Tells People to Go For Debt Settlement –The Easy Way Out of Debt!

      With all the issues about debt settlement company regulation the last thing you expect to see is a debt settlement company sending out a press release titled “Get Out Of Your Credit Card Debt The Easy Way!” on April 25, 2010, just days after the Senate hearings on debt settlement. The press release says: Make use of debt settlement programs ... Read More »

        Cunning and Deceptive Debt Settlement Companies Need to Fail

        A Couple of Real Proctologists

        With the march gathering speed and the troops rallying to protect consumers against the big bad debt settlement companies and their enormous upfront fees my thoughts drift back to a time in October, 2009 when the then cocky trade group United States Organization of Bankruptcy Alternatives (USOBA) made the statement “an industry survey showing that an advance fee ban would ... Read More »

          Napkin Drawing of Current Status of Debt Settlement Industry

          So there I was thing morning, killing time with my iPhone by taking a panoramic photo while waiting for breakfast at the local spot. Click image for larger view. Since I had time to kill I started doodling and here is my final version of how I think the Senate hearings on debt settlement and the new upcoming credit counseling ... Read More »

            Debt Settlement Industry in Denial At Their Own Peril. Ass Whopping Next Week.

            Ready to Collapse

            Just one day after the Senate hearing on the debt settlement industry, many inside the industry think the hearings went okay or feel they were a bit one sided but they can recover from that. People, it’s time to wake up and smell the coffee. New Legislation Will Make Debt Settlement Companies Vomit A Washington Post article today confirms what ... Read More »

              Certified Debt Mediator Seal, Worthless or a Scam. Don’t Fall For It.

              Certified Debt Mediator

              I’ve started to notice that some companies are using the Certified Debt Mediator seal to help build consumer confidence in the financial services they are offering. The sites I’ve seen seem to use similar language in describing what this seal means. A Certified Debt Mediator must pass a six month course to become a “Certified Debt Mediator.” This ensures the ... Read More »

                The Elusive USOBA Membership List Made Public

                Ready to Collapse

                Below you will find a document that was given to me by a USOBA member with a soul. They sent it to me at [email protected] I’ve actually had this for some time and I was giving the United States Organization of Bankruptcy Alternatives (USOBA) multiple chances to release to me a current membership list. After repeated requests, they simply ignored ... Read More »

                  Senate Hearing on Debt Settlement Industry – April 22, 2010. Ouch! That’s Going to Leave a Mark.

                  Debt Settlement on Fire

                  The U.S. Senate held hearings today on the practices of the debt settlement industry. You can watch the entire video of the hearings below. It might be slow in the beginning but take your bathroom break before the halfway point. It gets good and you don’t want to miss a moment of it. Debt Settlement Senate Hearing 4-22-2010 from GetOutOfDebt.org ... Read More »

                    Americorp Employee Blows the Whistle on Capital Debt Relief, Vortex Debt Relief, Elimidebt, The Achievable, Hess-Kennedy, Allegro Law, and IntelliDebt

                    Ready to Collapse

                    I just received the following scripts and information that an Americorp employee sent to me to expose the operation of a number of Americorp related or serviced debt settlement or debt relief companies. If you have inside information you want to share send it to [email protected] The scripts and statements below are those of the AmeriCorp employee that sent them ... Read More »

                      Transcript of Undercover Calls to Debt Settlement Companies by Government Investigators

                      Ready to Collapse

                      Here is a copy of the undercover calls government investigators made in their examination of fraudulent and deceptive practices by debt settlement companies. TRANSCRIPT OF UNDERCOVER GAO CALLS TO DEBT SETTLEMENT COMPANIES Telling consumers to stop paying their creditors. (Industry trade groups say their members do not do this.): Clip 1: Call from GAO to A NEW BEGINNING FINANCIAL (TASC ... Read More »

                        The Credit Exchange – Former Employee Speaks Out

                        Ready to Collapse

                        I was sent the following email below to [email protected] from a former employee of The Credit Exchange. The opinion and statements posted below are those of the former employee and I welcome The Credit Exchange and Steve Vanderhoof to respond to them. “Hi Steve – I saw your website and decided I wanted to also submit some information to you ... Read More »

                          TASC, Are You Kidding Me With FreeDebtReductionHelp.com?

                          The Association of Settlement Companies (TASC) just sent out a press release (source) that contains the following statement: Going to a website like http://www.freedebtreductionhelp.com will ensure that consumers are paired up with a legitimate and TASC certified debt settlement company. Consumers that have at least $10k in unsecured debt and that can prove a financial hardship will qualify for a ... Read More »

                            Do Debt Settlement Company Relationships With Hedge Funds Create a Fiduciary Problem for the Consumer?

                            A new variation of the debt settlement process is appearing, the debt settlement hedge fund. Apparently the way this works is the debt settlement company has a relationship with a related hedge fund or pool of money that they can access to payoff an enrolled clients debt. The issue is if the debt settlement company reaches an agreement with the ... Read More »

                              DebtXS Review

                              Address: Not provided on their Web site. – Source 7668 Warren Pkwy Ste 325 Frisco, TX 75034-4161 – Source Website: DebtXS.com Domain was registered April 25, 2002 and is owned by DebtXS LP, 7668 Warren Parkway, Suite 325, Frisco, TX 75034. The admin contact is Ken Talbert. The site is hosted along with two other sites on the same server, ... Read More »

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