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Debt Relief Industry

Payday Lenders Fearing Proposed Regulation

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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

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      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 »

        Illinois Senate & House Pass Aggressive Debt Settlement Consumer Protection Legislation With Strong Bipartisan Support

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        Illinois Attorney General Lisa Madigan today applauded the General Assembly for passing the Debt Settlement Consumer Protection Act, HB4781, which has now passed both houses. This legislation is crafted to prohibit debt settlement firms from engaging in unfair and abusive practices aimed at bilking financially strapped consumers. The Senate today passed the bill with a vote of 56-1 after the ... Read More »

          Oregon Bans Nation’s Largest Debt Settlement Firm

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          Oregon Attorney General John Kroger today announced an agreement with Credit Solutions of America (CSA) that cracks down on the Texas-based debt settlement company’s alleged practice of charging high upfront fees and encouraging consumers to quit paying their creditors. “CSA’s existing Oregon customers may be entitled to a partial refund if they are not satisfied with the service they get,” ... Read More »

            Why Running to the Attorney Model for Debt Settlement Seems Like a Bad Thing to Do for the Attorney

            Debt settlement companies right now are “running” to find lawyers to front their operations or to be the service providers of debt settlement services because the debt settlement industry feels attorneys are going to be exempt from the new consumer protection law. Let’s see specifically what the Debt Settlement Consumer Protection Act says about this. (B) EXCEPTION.—The term ‘debt settlement ... Read More »

              Debt Settlement Trade Group Blaming New York Activists for Debt Settlement Legislation But Banks Were In On It As Well

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              Interesting messages floating around about the Debt Settlement Consumer Protection Act of 2010. At least one debt settlement trade group is trying to vilify the creators of this legislation by saying the bill was secretly drafted by New York based liberal activists. But the major drivers of this bill appear to be primarily D.C. based entities and while the debt ... Read More »

                Debt Settlement Johnson Law Group Allegations. Client Funds Missing. Attorney Not in Control.

                A tip sent to me at tips@getoutofdebt.org told me to go look at a particular legal case for some shocking information about the debt settlement company, Johnson Law Group. Here is how Johnson Law Group describes themselves on the web. “We are a law firm whose services include debt settlement and bankruptcy. Our job is to analyze your debt situation ... Read More »

                  Debt Settlement Regulation, US Airways Sums It Up For You: “We Did This to Ourselves”

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                  I was reading an article the other day that was completely analogous to what’s been going on in the debt settlement industry. It was an article over at The Cranky Flier in which the US Airways Chairman and CEO made an honest and candid statement. When asked about the new FAA regulations that imposed severe penalties against airlines for tarmac ... Read More »

                    TASC and USOBA Members. You Are Only as Strong as Your Weakest Link.

                    Just back from a lovely ride on the motorcycle and all along the two hour ride I was thinking about a frequent complaint I hear from members of The Association of Settlement Companies (TASC) and United States Organization for Bankruptcy Alternatives (USOBA), “We are a member but we are a really good company and not like the groups you write ... Read More »

                      Text of the Debt Settlement Consumer Protection Act of 2010

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                      Here is what I believe to be the final the text of the Debt Settlement Consumer Protection Act bill as presented. Of course this will be the starting point and who knows what it will look like before passage. Get Out of Debt Guy – Twitter, G+, Facebook Need More Help? A BILL To amend the Consumer Credit Protection Act ... Read More »

                        The Credit Exchange Apparently Charging Sales Staff to Rent Desks

                        I’m just going to share what I do know and say it is from a tipster (send in your tips here) who contacted me via tips@getoutofdebt.org to tell me about working conditions for sales reps at The Credit Exchange, a company that apparently acts as a sales lead agency for debt settlement companies. See other stores on that here. I ... Read More »

                          Web Credit Advisors 100% Not Happy with GAO Debt Settlement Report

                          The folks over at Web Credit Advisors were not very happy with the revelations in the Government Accounting Office undercover investigation into the debt settlement industry in which they were named. The Senate hearings on debt settlement presented audio that implicated Web Credit Advisors, a member agency of the United States Organization of Bankruptcy Alternatives (USOBA). Here is the transcript ... Read More »

                            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 Get Out of Debt ... 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 »

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