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Debt Relief Industry

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 »

    Mass Joinder Leader Mitchell Stein Found Guilty and Behind Bars for Years

    mans hands behind bars in jail or prison

    A tipster just let me know that Mitchell Stein, the California attorney who was leading the charge selling consumers access to lawsuits to sue their lenders in a mass joinder action, was taken into custody today in court when he was found guilty on 14 counts in Florida today. Here is what the tipster said, “Mitchell J. Stein (Spire Law ... Read More »

      FTC Catches Bogus Tech Support Scam and Then Finds a Debt Relief Company

      fist

      The Federal Trade Commission announced a settlement over a bogus tech support service and accidentally found a debt relief company that was violating the Telemarketing Sales Rules in the process. Mikael Marczak, doing business as Virtual PC Solutions, and Sanjay Agarwalla were among the subjects of a series of six complaints filed by the FTC last September as part of ... Read More »

        Sameer Qadri, Connecticut is Calling and Looking for $100K

        top secret

        The Connecticut Department of Banking has issued a cease and desist notice and civil penalty to Sameer Qadri and Accredited Law Group. Qadri has also been associated with Estate Law Group. After a lack of response to many certified letter the State sent Qadri, the State has issued a final cease and desist letter for violation of Connecticut General Statutes ... Read More »

          Debt Relief Company Options Debt Consolidation Canada Hits Rough Patch

          oops

          The Vancover Sun is reporting a situation which sounds familiar in the U.S. as well regarding Options Debt Consolidation Canada and Options Credit Canada. Apparently Options Credit was selling agents or franchise owners a magnificent debt relief business opportunity where they would receive “with real-time leads and the ongoing support and management necessary to qualify prospective clients and to generate ... Read More »

            EFA Processing and Consumer Law Associates Named in CT Cease & Desist

            kicked_in_the_nuts

            EFA Processing, a Texas company, and Consumer Law Associates, a Maryland company, were named in a public notice by the State of Connecticut. The State Said: 1. EFA is a Texas limited partnership with its principal place of business at 7668 Warren Parkway, Suite 325, Frisco, Texas. 2. CLA is a Maryland limited liability company having its principal place of ... Read More »

              The Student Loan Help Center – Review. Are They a Scam?

              medical-bills

              Company Name The Student Loan Help Center Our Impression of What the Company Offers to Consumers Student loan assistance help for a fee. Address 2634 Cypress Ridge Blvd. Suite 104 Wesley Chapel, FL 33544 Additional Contact Information Phone: 866-945-2201 Company Description “We offer Federal Student Loan Consolidation Services. Our Financial Counselors will work with you to maximize your savings and ... Read More »

                Student Debt Relief studentdebtrelief.us – Review. Are They a Scam?

                Audit Stamp Shows Financial Accounting Examination

                Company Name Student Debt Relief Our Impression of What the Company Offers to Consumers Advance fee student loan assistance programs. Address 151 NE 5th Ave #401 Delray Beach, FL, 33483 Comes back as an apartment. – Source Additional Contact Information Phone (866) 921-8053 Web info@studentdebtrelief.us www.studentdebtrelief.us Company Description “We offer individuals, seeking to consolidate or lower their monthly student loan ... Read More »

                  U.S. Attorney Plans More Criminal Actions in Debt Relief Industry

                  White Collar Criminal

                  NY officials vow attack on predatory debt-fixing (via The Dispatch) Federal authorities announced a crackdown Tuesday on predatory businesses that cheat “desperate and vulnerable” people harmed by the 2008 financial crisis with phony promises to consolidate their debt. U.S. Attorney Preet Bharara told a news conference that charges were brought against the owner and… Read More »

                    The CFPB Civil Action Against Mission Settlement, Levitis, Lupolover, and Others

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                    The Consumer Financial Protection Bureau (CFPB) took action yesterday in a coordinated effort with the Manhattan U.S. Attorney and took both civil and criminal action against Mission Settlement Agency and others. Named in the civil complaint filed were Mission Settlement Agency, Mission Abstract, Michael Levitis, Law Office of Michael Levitis, Premier Consulting Group, and Law Office of Michael Lupolover. Information ... Read More »

                      AFCC Takes Some Action and Suspends Mission Settlement Agency

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                      Yesterday I wrote an article that was critical of the AFCC for their lack of action against Mission Settlement Agency and Rescue One. I have to give them a pat on the back for doing something this time. The AFCC has taken a little bit of action and suspended Mission Settlement Agency as a member. In my opinion they should ... Read More »

                        How Debt Settlement Employees Can Avoid Long Jail Time

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                        Yesterday a U.S. Attorney announced criminal charges against debt settlement company owners and employees for fraudulently selling debt relief services to consumers in financial trouble. The Indictment laid out a pattern of activity that many inside debt settlement companies will recognize, if they swivel their chair around. Sadly, what has been assumed to be the normal way to run a ... Read More »

                          AFCC Current Member Criminally Charged in Debt Settlement Fraudulent Scheme

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                          In what must certainly be a terrible embarrassment for the American Fair Credit Council, AFCC, one of their members was criminally indicted today by the Manhattan U.S. Attorney. According to documents released today, Mission Settlement Agency, Michael Levitis, and employees Denis Kurlyand, Boris Schulman, and Manuel Cruz have been criminally indicted for misrepresenting debt settlement to consumers and engaging in ... Read More »

                            Banks Talk About Easing Lending – May, 2013

                            Modern business concept

                            The April 2013 Senior Loan Officer Opinion Survey on Bank Lending Practices is just out and here is banks had to say about consumer lending. “Responses from domestic banks indicated that they are somewhat more willing to make consumer installment loans now as opposed to three months ago. However, only a small net fraction of banks reported having eased standards ... Read More »

                              Scott Law Group Updates Debt Industry Target List

                              crime scene

                              The Scott Law Group has been very active in going after debt relief companies. They have recently updated their debt settlement litigation page by adding some companies and removing others. Added: American Platinum Financial Services, Inc. Consumer Debt Law Firm, Inc. The Mortgage Law Group, LLP U.S. Debt Processing, Inc. Decca Consumer Law Group The current list of companies they ... Read More »

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