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Debt Relief Industry

American Debt Mediators Debt Relief Offer, Reviewed

ADM

A reader sent in a copy of a mailer they got from American Debt Mediators. They said ADM is allegedly charging the first three months in fees. If true it looks like American Debt Mediators is using an attempted catalog by mail loophole to avoid the Telemarketing Sales Rules. The letter appears to be an offer for debt settlement services ... Read More »

    Foreclosure Advisers – Let’s Play Do They Comply

    Capture2

    A reader sent in a screen shot of a webpage that uses the American flag and the picture of President Obama to essentially sell foreclosure assistance services. It’s been a while since we played “Do They Comply” where readers leave comments if they think the advertisement does or does not comply with regulations. This page is for Foreclosure Advisers, foreclosureadvisers.com, ... Read More »

      Thomassen Law Group Generic Debt Relief Postcard Sent in For Review

      Screen Shot 2013-06-20 at 7.57.25 AM

      An amazing reader Tissa send in a new debt relief mailer through my I Buy Junk Mail program. The mailer from “Fresh Start Legal Advocates” was sent from postal permit 1297 in Sacramento, California. The same as another mailer I just covered, here. But I’m not sure if Thomassen Law Group is embarrassed to use their name on the postcard ... Read More »

        Disturbing Wise Debt Relief Mailer Signed by David Hall / Indemnification & Disbursement Division

        clientservices

        An amazing reader Kiwi101 send in a new debt relief mailer through my I Buy Junk Mail program. This one is VERY Interesting because is uses the logos of American Express, Discover, MasterCard, and Visa to sell what appears to be a debt settlement program. The mailer does not easily identify who the company is behind the mailer. While the ... Read More »

          Student Loan Assistance Report Out. Shows Danger of Such Programs.

          broken piggybank with dollar notes

          The National Consumer Law Center has just released their latest report. This one is all about student loan assistance programs. While I have been reporting about this new debt relief solution, the NCLC report goes into more detail. I was happy to see they referenced a number of the articles I’ve written in the footnotes. The report is titled “SEARCHING ... Read More »

            Sanctuary Belize, Andris Pukke, Todd Cook, Peter Baker & Ameridebt

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            Please see updates on July 15, 2013 and July 23, 2013 to this article at bottom. Recently tips and information has been trickling in regarding an old debt relief industry name I had not heard for awhile, Andris Pukke. Pukke was nailed by the FTC for his operation of Ameridebt and even did some jail time for it. You can ... Read More »

              FTC-CFPB Debt Collection Roundtable Suggestions Could Kick Credit Counseling and Debt Settlement in the Nuts

              boxer

              This past week the FTC and CFPB held a joint roundtable meeting where they brought together debt collection industry participants to talk about reforms in the debt collection space. A most interesting fact came out of the meeting, that the non-appearence rate among consumers being sued for debt is about 90%. That doesn’t surprise me. What does surprise me is ... Read More »

                New Life Consultants / New Life Financial Solutions Gets a CT Time Out

                Cure the disease

                The Connecticut Department of Banking has issued a cease and desist and civil penalty against New Life Consultants / New Life Financial Solutions for running afoul of the Debt Adjusters and Debt Negotiation statutes. After giving the New Life folks a chance to respond, the State gave up and has now issued a $100,000 fine against the troubled company. – ... Read More »

                  June, 2013 G19 Release Shows Little Movement for Debt Relief Industry

                  DDPChart

                  The latest G19 report is out from the Federal Reserve. Typically the debt relief industry is most interested or able to deal with revolving debt such as credit cards. The April, 2013 data just released shows revolving consumer debt rose at an annual rate of 1 percent while nonrevolving consumer debt rose at 6.4 percent. Nonrevolving debt includes automobile loans ... Read More »

                    Innovative Wealth Builders in FTC News Again With Independent Resources Network

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                    It seems like forever Ive been writing about Innovative Wealth Builders and all the unhappy consumers that feel for their debt relief pitch. But it looks like the FTC has taken a step against their payment processor that could have ramifications in other parts of the debt world with payment processors and escrow companies. According to the Federal Trade Commission ... Read More »

                      CFPB Suit Against Debt Relief Company Should Make Industry Very Afraid

                      Boom goes the dynamite.

                      Yesterday the Consumer Financial Protection Bureau filed suit against American Debt Settlement Solutions, Inc. and Michael DiPanni. If you are in the debt relief industry you need to become painfully familiar with this suit because it will make you soil your pants. For the first time the CFPB has laid out its hand on what they feel is an abusive ... Read More »

                        Universal Debt Services Gets Order to Make Restitution

                        The folks over at the Connecticut Department of Banking, otherwise known as the people you don’t want to F with, have reached out and touched Universal Debt Services, Inc. in New York. The State assets the following: 1. Respondent is a New York corporation with offices at 100 Veterans Boulevard, Massapequa, New York, and One Cross Island Plaza, Suite 100, ... Read More »

                          World Law Debt, Global Client Solutions and Others Sued in NC. TRO.

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                          Yesterday the State of North Carolina and the North Carolina State Bar filed suit against Swift Rock Financial, World Law Debt, World Law Group, Orion Processing, World Law Processing, Derin Scott, and Global Client Solutions. This suit is different than many others I’ve seen in that it is a joint effort by both the State Bar and the Attorney General. ... Read More »

                            NoteWorld / Meracord Loses Arbitration Agreement With Court

                            Shocked Face

                            An interesting development in the NoteWorld / Meracord world and a court case involving an arbitration agreement. The Ninth Circuit Court of Appeals heard the case between Amrish Rajagopalan and NoteWorld. Apparently NoteWorld tried to rely on the arbitration agreement the debt settlement company had in their agreement to compel this situation out of court and into arbitration. According to ... Read More »

                              Consumers Defaulting Less on Debt Says New Data

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                              New data out from S*P and Experian says consumers are doing a better job paying their bills. The national composite of consumer defaults hit its post-recession low of 1.42% in April, down from 1.50% in March. The first mortgage default rate moved down to 1.31% in April from 1.41% in March. The auto loan default rate posted a 1.07% rate ... Read More »

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