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Debt Relief Industry

Details on Minnesotta Action Against Legal Helpers and Others

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Earlier I reported that Legal Helpers was uninvited from offering services in Minnesota. See this article. I now have more details on the matter. According to a document signed by Steven Carlson, Deputy Commissioner, Minnesota Department of Commerce, the state laid out the facts as they asserted them in a Cease and Desist order. Statement of Facts CDS Client Services, ... Read More »

    Minnesota Tells Legal Helpers and Friends to Get the F Out

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    The State of Minnesota has issued notice to Legal Helpers Debt Resolution and some affiliates that they are not welcome in the state and calls them a sham. “Minnesota consumers struggling with debt asked Legal Helpers for assistance, but instead they reported that they were scammed out of money they couldn’t afford to lose. These consumers were trying to pull ... Read More »

      Take Charge America in a Bad Spot With Good People

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      Last week I received the following tip regarding Take Charge America. “Once again Take Charge America lays off more employees. After filing suit against the IRS and having to lay off a large number of employees in March 2012. The CEO and COO resigned in October, and now with the CFO acting as CEO they have laid off more employees. ... Read More »

        Credit Card Delinquency Rates Jump Up. Balances Rise Also.

        Ready to Collapse

        CHICAGO, IL–(Marketwire – November 19, 2012) – The national credit card delinquency rate (the ratio of borrowers 90 or more days past due) increased slightly to 0.75% in Q3 2012 from 0.71% in Q3 2011. This rate had been 0.63% in Q2 2012, a seasonal low. Average credit card debt per borrower also increased on a yearly basis by 4.91%, ... Read More »

          UK Debt Settlement Company Loses License to Offer Debt Relief Help

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          The Office of Fair Trading in the UK has eliminated a debt relief company license to offer debt help. The OFT has decided to revoke the credit licence of First Step Finance Limited (FSF), a large debt resolution company based in Stockport. The OFT has reached this decision because, among other matters, the company: was not sufficiently transparent when describing ... Read More »

            US National Legal Solutions and Performance Debt Resolution Named by Connecticut

            The Connecticut Department of Banking has issued an update on debt relief companies they have gone after. Frequent readers will recognize that Connecticut is very tough when it comes to companies operating without a debt relief license in the state. The most recent companies named are: US National Legal Solutions US National Legal Solutions a/k/a USNLS, Inc. 92 Corporate Park, ... Read More »

              National Relief Hotline – Not What You Think

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              Early this morning I was watching television when the same commercial for National Relief Hotline began running over and over. It caught my attention. It’s important for consumers who see the commercial for National Relief Hotline to understand what exactly it is. The commercial promotes the company can assist consumers who are dealing with: Foreclosure Denied Loan Modification Missed Mortgage ... Read More »

                FTC Says Debt Relief Programs Still on the Radar to Target in 2013

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                The Federal Trade Commission has just announced their accomplishments for 2012 and objectives moving forward into 2013. Along with a number of issues, like deceptive business opportunities, and identity theft, they have also renewed their focus on the debt relief industry. As part of their targeted sector statements they say, “Fraud operators have seized upon new schemes to take advantage ... Read More »

                  Chris Kohl at JP Morgan Chase Would Probably Love to Know if This is True

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                  Rumors are flying and now it’s time for you to share what you know on this. Two different very reliable sources have shared with me two similar stories that have piqued my interest. Apparently, a very large national debt settlement company has been pitching the idea of pairing up with some non-profit credit counselors to sell their debt management plans ... Read More »

                    Companies Need to Watch Out for the FTC on Deceptive Ads

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                    An article in Adweek talks about focus the Federal Trade Commission has had in going after advertisers for deceptive advertisers. It’s a good read for those that either engage in marketing or hire outside parties or lead vendors to represent their services. The big takeaway is that the FYC is not just concentrating on going after scammer, but also legitimate ... Read More »

                      Consumer Credit Counseling Settles Debt on 50% of its Clients – 1968

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                      As a student of debt history I’m probably one of those odd geeks that spends time reading outdated and arcane material about consumer debt and debt relief activities. Recently I sat down and read a 1968 document put out by the NFCC. Today they are called the National Foundation for Credit Counseling but back then they were the National Foundation ... Read More »

                        Jeffrey Hyslip from LHDR Starts New Debt Relief Company – Lifetime Debt Solutions

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                        A tipster (send in your tips here) notified me about a new website, Lifetime Debt Solutions. This debt relief company appears to be the newest incarnation of Jeffrey Hyslip, Esq. of Legal Helpers Debt Resolution fame. Like Legal Helpers Debt Resolution, Lifetime Debt Solutions is located in Chicago, and just down the street on S. Wacker Drive. The company, Lifetime ... Read More »

                          Is the BBB Logo on the Debt Savers Website Misleading?

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                          A tipster (send in your tips here) asked me to look at a website for a debt relief website called Debt Savers. Their concern was the use of the BBB logo as a badge of trust by this company. And they are correct, the Debt Savers website at DebtSavers.us or DebtSavers.info does display the BBB Accredited Member logo on the ... Read More »

                            Debt Remedy Solutions Closes and Tells Clients to Do It Yourself

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                            A tipster (send in your tips here) wrote and said Debt Remedy Solutions just closed up shop and is now advising clients to deal with their creditors directly. The reader said that this advice was given to clients when they call the toll-free number at 866-597-0730. And sure enough, that’s what the message says. Listen to Debt Remedy Message The ... Read More »

                              Mike Wayman and Don Brokaw Sued over Mortgage Scam Operation

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                              The Lawyers’ Committee for Civil Rights Under Law (Lawyers’ Committee) has filed a lawsuit in Riverside County, California against a network of for-profit loan modification companies on behalf of 16 homeowners from California and five other states. The suit alleges that defendants defrauded vulnerable homeowners out of tens of thousands of dollars by falsely promising to obtain—for substantial upfront and ... Read More »

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