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Debt Relief Industry

Federal Student Aid Relief Website Generates Legitimate Concerns

Audit Stamp Shows Financial Accounting Examination

A reader wanted to know more about a company called Federal Student Aid Relief that operates a website (FederalStudentAidRelief.com) with a picture of a capitol building on the site. The reader claims they did a bit of secret shopping as well and said, “When I called them I got a guy with a heavy New York accent who definitely implied ... Read More »

    Mack Financial Solutions / MFS – Site Review

    Audit Stamp Shows Financial Accounting Examination

    A reader contacted me and said: “Do you have any knowledge of Mack Financial Solutions in Las Vegas, NV. About 5 years ago I was referred to them from a fellow real estate investor because this company says they can help build business credit. They are still in business today. I have a very deep financial background in banking, lending ... Read More »

      creditDMS / Credit DMS – Site Review

      Audit Stamp Shows Financial Accounting Examination

      Nichole wanted to know, “What do you know about CreditDMS?” I had not heard of them before so I went and took a look. The results of my review are below. Company Name creditDMS, Credit DMS Address Texas-Corproate 421 HWY, 120 West, Suite #4 Pottsboro, TX 75076 – Source California – Administration 14661 Myford Rd. Suite 200 Tustin, CA 92780-7205 ... Read More »

        National Settlement Services – Site Review

        Audit Stamp Shows Financial Accounting Examination

        Company Name National Settlement Services / NSS Address 5010 W Carmen St Tampa FL 33609 This address was also used by US Settlement Services, American Financial Law Group, Integrity Mortgage and Credit Solutions, Receivables Management Acceptance Corporation, Getmolo, Meridian Law Group, New Leaf Financial, Nexus Financial, Clearview Credit, A New Life Improvement Center, American Financial Law, Consumer Credit Services, Debt ... Read More »

          Consolidated Credit Canada Criticized

          news2

          Consolidated Credit Counseling Services of Canada has been criticized recently in the Canadian press for not having any Canadian certified counselors on staff. “Our industry has been around for more than 45 years, yet counsellor certification is a fairly new requirement. As a newer organization in an industry with a long history, it has taken time and resources to grow ... Read More »

            Meracord to Get Out of Debt Relief Business

            changes

            A tipster (send in your tips here) forwarded me an email they had received from Meracord that announces as of March 1, 2013 they will no longer accept new accounts from debt relief providers. Email from Meracord In early January, we notified you of fee changes that will take effect on February 15, 2013. Please begin using the attached agreement ... Read More »

              Bankruptcy Filings Decline in 2012

              Screen Shot 2013-02-04 at 11.04.38 AM

              Bankruptcy filings in the federal courts fell 13 percent in calendar year 2012, according to data released today by the Administrative Office of the U.S. Courts. The number of bankruptcies filed in the 12-month period ending December 31, 2012, totaled 1,221,091, down from the 1,410,653 bankruptcies filed in CY 2011. Statistics released today include business and non-business filings for the ... Read More »

                Colorado Says No to Advance Fees for Tax Resolution Services

                No Way!

                The National Association of Tax Resolution Companies has just shared that the State of Colorado has announced tax relief companies are included under the Uniform Debt Management Services Act and may not charge an advance fee for services. “In the first public announcement of its type, companies providing certain tax debt relief, resolution or settlement services to residents of Colorado ... Read More »

                  Former Dextral Managing Director Shares His Bold Story About Ken Talbert

                  umbrella

                  See February 9, 2013 update at bottom for takedown request received from EFA Processing. This article was written and contributed by Jason Spencer, the former Managing Partner of Dextral Capital Management Fund. He shares his observations and experiences from inside the debt settlement industry. I asked Jason why he wanted to share this story. He said, “The reason is that ... Read More »

                    Prestige Financial Solutions Can No Longer Service Clients. Terminates Agreements.

                    crime scene

                    A tipster (send in your tips here) just sent in the following email alleged to have been sent out by Preferred Financial Services that are impacting affiliates that sold debt relief services for them. From: Amy Thompson Sent: Monday, January 28, 2013 Subject: Dear Affiliates, There has been concern about recent fee split changes to commissions. This move was made ... Read More »

                      Mortgage Rescue Company Advertises Commission Only Jobs With Law Firm. Dumbass.

                      Certain death

                      A tipster (send in your tips here) sent in a tip about a company in Florida that is recruiting for commission only sales positions with a company that is making outbound sales calls to sell “residential clients in a lawsuit against mortgage lenders.” This appears to clearly be fee-splitting between attorneys and non-attorneys. That’s a big no-no and an issue ... Read More »

                        Is Steven Craig With Tapit.com Really Steven Vanderhoof of Mortgage Law Group and The Credit Exchange Fame?

                        Who Are You

                        A tipster (send in your tips here) wrote me and said: “My old boss is using an alias working for Tapit.com in Irvine CA. He owes me back pay He is ripping off this company like be did in Chicago with Mortgage Law Group He goes by Steven Craig. Tapit.com/team he is VP of Sales. I know that the FTC ... Read More »

                          Consumer Credit Counseling Insider Alleges Corners Are Being Cut to Sell DMP

                          topsecret

                          A tipster (send in your tips here) reached out to me from inside a very recognized consumer credit counseling organization and shared with me their concerns about corners they felt were being cut. I’ll share the comments they shared with me, minus the company name, and I’d love to hear you opinion of how widespread you feel these practices are. ... Read More »

                            CareOne Agrees to Pay Fine of 300K to Connecticut Department of Banking

                            oops

                            CareOne has entered a consent for sanctions against it for offering unlicensed debt negotiation services to Connecticut residents. You would think that a company the size of CareOne would not have let that happened but there it is. According to the State: WHEREAS, on August 4, 2011, CareOne filed with the Commissioner an application to engage and offer to engage ... Read More »

                              This is Why People Need to Be Aware Who They Are Talking to at Debt Relief Companies

                              Big Scam Dog

                              Every once in a while I look around the web to see who is advertising. Today I spotted an help wanted advertisement by Preferred Financial Services that typifies why consumers need to be careful when calling the average debt relief company. People think that what they are getting is fair and balanced advice by an independent person who wants to ... Read More »

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