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Debt Relief Industry

CFPB Goes After Advance Fee Debt Settlement Company in Nationwide Coordinated Enforcement

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The Consumer Financial Protection Bureau has recently announced they have taken action against Payday Loan Debt Solution, Inc. (PLDS) and Sanjeet Parvani who routinely charged consumers upfront fees prior to settling the consumers’ debts. The CFPBs position was that the practice of charging consumers advance fees for debt settlement violates the Federal Trade Commission’s Telemarketing Sales Rule, the Dodd-Frank Wall ... Read More »

    Orion Financial and Eric Thompson Settle With Colorado Attorney General

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    A tipster (send in your tips here) sent me a heads up that it looks like the case I wrote about before between Orion Financial and Colorado is over. The Colorado Attorney General’s Office announced on December 20, 2012 that Adams County District Court entered a consent decree in a case involving the now defunct, debt-settlement company, Orion Financial Group ... Read More »

      InCharge Debt Solutions Gives Employees Access to Your Personal Information at Home

      INCHARGE DEBT SOLUTIONS WORK-FROM-HOME

      InCharge Debt Solutions, and Orlando based non-profit credit counseling agency, just put out a press release that brags about how their telecommuting program benefits the environment. It even included a neat little infographic which you can see below. “Improving our employees’ quality of life and job satisfaction were enough for me,” said Ms. Money from InCharge. “Reaping the additional benefits ... Read More »

        FTC Closes Down Credit Counseling Company We’ve Written About.

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        The Federal Trade Commission has been kicking debt relief butt recently. They’ve been closing down bogus outfits almost faster than I can write updates about them. The latest is a company a reader and tipster (send in your tips here) alerted me about. I then made a secret shopper call you can listen to. See Fake Nonprofit Credit Counseling Agency ... Read More »

          Demand for Debt Help Expected to Remain at Current Levels Through 2013

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          TransUnion is has released their forward looking statement on credit card delinquencies. If their analysis holds, demand for debt relief services should remain at current levels with no jump in sight. Although the forecasts are trending upwards and showing a slow loading of the future pipeline for debt relief help with balances expected to increase and more sub-prime cards being ... Read More »

            South African Debt Relief Industry Punches Creditors in Face

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            Now here is something you’d never see in the United States or England, debt relief major players fighting back hard against the creditors trying to take control of how consumers are served and to fight collectively against creditor control over the process. Enjoy the statement on recent activity below. South African Debt Relief Industry Punches Creditors in Face – Click ... Read More »

              Cambridge Credit Counseling Talks About Fair Share Creditor Funding

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              Below you will find the latest release from Cambridge Credit Counseling regarding their transparency project. I personally do have to give them a huge hat tip for their unique willingness to post open and transparent information about the measurement of their services and client performance. You can see more about your their latest data release, here. While I have been ... Read More »

                Take Charge America to Get Their Non-Profit Tax Status Restored

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                Take Charge America, a non-profit credit counseling organization, has been in a battle with the IRS regarding the loss of their 501(c)3 tax status. The tax status for the organization has been retroactively returned to December 11, 2011 after a settlement was reached with the IRS. As part of the settlement Take Charge America agreed to give up their rights ... Read More »

                  World Law Debt Assistance – Company and Site Review – Watch Out!

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                  The following review was generated as the result of a request made by a tipster (send in your tips here) who wanted me to look at this allegedly new debt relief company. While the company says their corporate office is in Texas, a search of the Texas Secretary of State records could locate no company registered under the name of ... Read More »

                    Debt Settlement Targets Ohio, Nearly Half Want to Skip Christmas, NY AG Sues Bank

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                    Debt settlement companies lobbying Ohio for entry into the state Companies that charge up-front fees for working with consumers to settle tens of thousands of dollars in credit-card debt are pushing for a bill in the lame duck legislative session that would allow them to operate in Ohio. The “debt settlement” industry has been advocating for legislation in Ohio for ... Read More »

                      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.

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                            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 »

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