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Debt Relief Industry

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

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      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 ... Read More »

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

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          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

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            Here is a copy of the undercover calls government investigators made in their examination of fraudulent and deceptive practices by debt settlement companies. Get Out of Debt Guy – Twitter, G+, Facebook Need More Help? 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 ... 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

                The Association of Settlement Companies (TASC) just sent out a press release (source) that contains the following statement: Going to a website like 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: 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 »

                      Hey USOBA, Accountability, Credibility, Transparency. LOL.

                      USOBA Credibility & Transparency

                      I will admit, this is a real pet peeve of mine these days but why would the trade association United States Organizations for Bankruptcy Alternatives (USOBA) not want to make their membership list public? I have sent several-many emails requesting a copy of their membership list. I’ve made the request several times directly to the executive director of USOBA, but ... Read More »

                        USOBA, Inactive Corp, Integrity Debt Services Guarantees 55% Debt Reduction

                        I’d like for you to watch the two videos and tell me what you think of the statements and promises made by Alan Palange of Integrity Debt Services. Unrealistic? [flashvideo file=/wp-content/uploads/ids1.flv /] [flashvideo file=/wp-content/uploads/ids2.flv /] What I find interesting is that Integrity Debt Services is really a fictitious name for Loan Assistance of America, LLC which is controlled by Ocean ... Read More »

                          One Debt Settlement Contract That Includes – Phillips Financial, Expert Settlement Professional, NoteWorld, Global Logistics Enterprise, FBL Associates, Prepaid Legal and National Asset Exchange


                          Here is an excellent example of how confusing and convoluted the debt settlement industry has become. Phillips Financial is a debt settlement company that has people sign a contract for their services that includes services provided by seven different or interrelated companies. Imagine having to contract with seven different companies to get the services promised to you by just one ... Read More »

                            Lawyer Based Debt Settlement Networks Should Prepare for Lawyers to Be Sanctioned or Disbarred

                            Ready to Collapse

                            The Chicago Tribune wrote today about a case I’ve talked about before, the State of West Virginia suit against Credit Card Defense Network (CCDN) and attorney Robert Lock. What makes this case so interesting is that State is going after the attorney due to the relationship the attorney had with marketing firms that attracted clients for the legal firm debt ... Read More »

                              TASC & USOBA Here It Comes. You’ve Got Nobody But Yourselves to Blame.

                              Ready to Collapse

                              Lot’s of items are all coming to a head this week regarding the debt settlement industry. The debt settlement trade associations have been called, on short notice, to a hearing to be held by the U.S. Senate on April 22, 2010 where my bet is they will not be met with party favors and a cake. I bet the Senate ... Read More »

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