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Debt Relief Industry

Meracord to Get Out of Debt Relief Business


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


        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 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 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. he is VP of Sales. I know that the FTC ... Read More »

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


                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


                  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 »

                      Tipster Says Jeffrey Hyslip Now With Revolution Attorney Network

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                      A tipster (send in your tips here) let me know that attorney Jeffrey Hyslip may now be associated with something called Revolution Attorney Network. Hyslip is renowned for his role with Legal Helpers Debt Resolution and that debt settlement attorney model model. Past stories on Hyslip can be found here. The tipster (send in your tips here) said that the ... Read More »

                        2013 Outlook for Credit Counseling: A Legal and Regulatory Perspective


                        As the start of 2013 is upon us, nonprofit credit counseling agencies will be trying to anticipate the needs of their communities, by knowing what to expect in the New Year. We don’t have a magic eight ball or special insight into the future, but by looking backward, we think it’s possible to help understand what’s on the legal and ... Read More »

                          Smart Credit Group – Dumbest Promises I’ve Seen Recently

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                          As part of my efforts to protect consumers, I poke around and look at advertisements and sales claims by debt relief companies. The help wanted ads are a great way to see who is motivated first by money rathe than offering exceptional consumer advice. Take for example the two advertisements today for a group called Smart Credit Group. The ads ... Read More »

                            Debt Relief Companies – Warning About FTC Complaint Email


                            The Federal Trade Commission is warning small businesses that an email with a subject line “NOTIFICATION OF CONSUMER COMPLAINT” is not from the FTC. The email falsely states that a complaint has been filed with the agency against their company. The FTC advises recipients not to click on any of the links or attachments with the email. Clicking on the ... Read More »

                              Fidelity Land Trust, Ed Cherry, Larry Diodato, and Paul Gallenbeck Back in the News

                              Big Scam Dog

                              Kimberly Miller of the Palm Beach Post has written yet another article about the events surrounding the attempted fancy pants cancellation of mortgages in Florida by several known or even notorious, debt relief players. The summary of recent court opinions about the efforts of the individuals and/or enterprise is certainly not favorable. Conspiracy theorists will say this is because of ... Read More »

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