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Debt Relief Industry

Nonprofit Credit Counseling Solutions to Get License Revoked and New Path Financial Gets Connecticut Cease & Desist

Credit Counseling Solutions, Inc Credit Counseling Solutions out of Branford, Connecticut is in danger of losing their license to operate as a non-profit credit counseling agency according to the Connecticut Division of Banking. The State has announced the credit counseling agency bond was cancelled. The company failed to provide proof they replaced the bond with a new bond. The debt ... Read More »

    Court Grants FTC Preliminary Injunction Against Pro Credit Group and Others

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    On October 17, 2012 the Court granted a Preliminary Injunction against Defendants Dale Robinson (“Robinson), Consumer Credit Group, LLC (“CCG”), William Balsamo (“Balsamo”), and First Financial Asset Services (“FFA”). This case involves the following stated facts. The FTC alleges that since January 2010 Defendants have engaged in a scheme to defraud consumers by selling them a service that purports to ... Read More »

      Freedom Financial Network & Freedom Debt Relief to Refund Almost All Clients Under Settlement

      Thanks to a reader who alerted me, I discovered Freedom Financial Network, Freedom Debt Relief, Global Client Solutions, Rocky Mountain Bank and Trust, Andrew Houser and Bradford Stroh have agreed to settle a lawsuit filed against them and refund millions in consumer fees. According to the agreement, people eligible for refunds of fees paid include “(i) were customers of any ... Read More »

        Oh Crap Mark Atalla. That’s Going to Leave a Mark.

        Under the heading of what not to do, this one is right in that playbook. American Mortgage Consultants and Home Guardian Solutions were charged by the FTC for not allegedly not doing nice things to consumers. One of the defendants, Mark Nagy Atalla allegedly violated “nearly every provision of the Mortgage Assistance Relief Services Rule” and wound up in this ... Read More »

          What to Do When Your Debt Relief Company Gets a CFPB Civil Investigative Demand Letter

          Ready to Collapse

          The Consumer Financial Protection Bureau (“CFPB”) has investigations underway that span the full breadth of the Bureau’s enforcement authority over providers of financial products and services and their vendors. If your company is the recipient of a civil investigative demand (“CID”) from the CFPB the process is not an easy one. You have to issue a record retention notice, negotiate ... Read More »

            Debt180.ca – DitchMyDebt.ca – Really? Can You Honest Back Up Those Claims?

            DitchMyDebt.ca | Get Out Of Debt Today! (20121018)

            In light of a recent hammer blow by the FTC against a debt relief lead generator, a reader sent in their concerns about a site, Debt180.ca that they called a troubling lead generation site for Canadian debt relief companies. It only takes a glance to spot the similarities between what the U.S. Federal Trade Commission identified in their lawsuit and ... Read More »

              Debt Relief Lead Generator Ryan Golembiewski Settles With FTC for Big Bucks

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              The Federal Trade Commission has taken action against a debt relief lead generator, who we’ve written about before, that appears to have made false statements about the effectiveness and efficacy of debt settlement, bankruptcy and credit counseling. As you will read, the statements made to induce consumers into debt settlement and credit counseling (debt management plans) is not accurate or ... Read More »

                Consumer Debt Default Rates Continue Downward Decline

                Ready to Collapse

                Data through September 2012, released today by S&P Dow Jones Indices and Experian for the S&P/Experian Consumer Credit Default Indices, a comprehensive measure of changes in consumer credit defaults, showed that most loan types saw a decrease in default rates, including the national composite’s ninth consecutive monthly decline. Four of the five loan types posted their lowest rate since the ... Read More »

                  Kansas Chapter 13 Trustee Clawing Back Money From LHDR, Armored Debt Center and Meracord

                  On October 3, 2012 Laurie B. Williams, a Kansas Chapter 13 bankruptcy trustee, filed suit against Legal Helpers Debt Resolution, Macey Aleman Hyslip & Searns, Armored Debt Center, Global Client Solutions, Meracord, and NoteWorld Servicing Center to recover money paid by the consumer to the companies prior to them filing bankruptcy. The complaint makes the following statements and allegations: Defendants ... Read More »

                    US National Legal Solutions Snagged by Connecticut

                    The State of Connecticut, Department of Banking, has just announced issuing a cease and desist notice to US National Legal Solutions, / USNLS, Inc. According to the State: Respondent is a purported California corporation with an office at 92 Corporate Park, Suite C254, Irvine, California. On September 28, 2010, a Connecticut resident, while physically present in this state, entered into ... Read More »

                      Ohio Appeal Drags Out of State Debt Relief Companies Back to Ohio

                      The Knox County, Ohio Court of Appeals issued an interesting opinion that might be of interest to anyone selling attorney based debt settlement services in Ohio. In this case the consumer, Martha Bumpus, was sold debt settlement services by Texas based companies and now the companies will have to pay to fight their case in Ohio. The case brings up ... Read More »

                        Do Debt Relief Companies Face Liability When Buying Credit Bureau Leads?

                        Thanks to a reader a recent action by the Federal Trade Commission against Equifax bring up issues surrounding the purchase of leads or information from credit bureaus. In the complaint filed by the FTC, debt relief services are specifically addressed. In this case, Equifax Information Services LLC, has agreed to settle Federal Trade Commission charges that it improperly sold lists ... Read More »

                          Today’s Group of Debt Relief Companies Slapped by Connecticut

                          Readers of the site will know by now that the State of Connecticut does not take much guff from debt relief companies. Here is the latest round of debt relief companies named by the State for performing unwelcome services. The Mortgage Law Group, The Law Office of Macey Aleman & Searns, Attorney Process Solutions WHEREAS, on April 24, 2012, the ... Read More »

                            NFCC Celebrates Utter Stupidity and Puts Older Dementia Patient in Debt Management Plan

                            A press release out today by the National Foundation for Credit Counseling is downright ignorant, stupid, harmful and cruel. It’s hard to believe they feel this is something to be proud of. For the record, I’m not calling the consumer stupid. In this release the NFCC brags about Francine and Jim Bostick who at ages 57 and 68 had more ... Read More »

                              1st Choice Document Preparation LLC. Reader Wants to Know Who is Behind It.

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                              A reader and tipster (send in your tips here) sent in an inquiry about 1st Choice Document Preparation, LLC. They expressed a concern that the company was tied to others in the California loan modification marketplace so I wanted to take a look and see what I could find. It appears 1st Choice Document Preparation, LLC was registered in the ... Read More »

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