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Debt Relief Industry

Persels & Associates Appears to Discover Millions of Dollars. CareOne Facing Bankruptcy?

Back in September, 2011 a class action lawsuit in Florida resulted in a very disappointing settlement for consumers. Basically consumers received no compensation and lost their rights, (here). People complained about the proposed and final settlement but to no avail. In the Florida case Neil Ruther from Persels & Associates said they could not fund a big settlement. “In order ... Read More »

    Department of Justice Makes Very Strange Claims About Debt Settlement & Credit Counseling

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    A reader brought to my attention today a post by the Department of Justice about debt relief. While I think the intention was to help protect consumers from debt relief scams, in this case they missed the mark entirely. The beginning of their blog post is reasonable and factual when they say, “These companies generally offer to settle a consumer’s ... Read More »

      America Financial Law Group and The Law Offices of Andrea Loveless Get CT Slap.

      The tough regulators in Connecticut just announced an action against America Financial Law Group and The Law Offices of Andrea Loveless. According to the action made public today, the following facts are asserted by the state. 1. Respondent is a purported California limited liability partnership with an office at 1 Spectrum Pointe, Suite 300, Lake Forest, California. 2. On or ... Read More »

        Alleged Former Employee Speaks Out About Rescue One Financial Loan Offers

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        A reader sent me a letter. Yes, one of those things that is printed on paper. In this letter the reader says they worked for Rescue One Financial and wanted to share information. The allegations made by the reader are disturbing. And if true, in my opinion, would paint a picture of premeditated deception on part of the debt relief ... Read More »

          CT Fidelity Debt Solutions Ass Kicking for June, 2012

          Man oh man. If you are a debt relief provider, Connecticut is not one state you want to play around with. Each month we get a new crop of debt relief companies that have run afoul of state regulations. Here is the graduating class for June 2012. Fortunately for debt relief providers there is only one new name to add ... Read More »

            Credit Card Data Out. Good News, Bad News for Debt Relief Providers

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            TransUnion has release the latest credit card data which has both longer term good news and short term bad news for the debt relief industry. Let’s get the bad news out of the way, credit card delinquencies are down. That should quiet demand for debt relief services for at least the next year. The national credit card delinquency rate (the ... Read More »

              Lloyd Ward Sued for Malpractice. It Just Keeps Getting Worse and Worse for the Guy.

              Texas debt settlement attorney Lloyd Ward seems to take blow after blow after blow. I’m not even sure how many active lawsuits he’s involved with at the moment. He’s got at least two class action suits open, a suit filed against him by the State Bar of Texas, his suit against the BBB, a judgment or two against him, some ... Read More »

                AFCC Member 1st Financial Center Allegedly Sends Out Deceptive Advertisement. Consumer Calls AFCC Mailer Misleading.

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                A reader just sent me a tip about a mailer they just received. The reader said, “Just wanted to forward you the attached mailing I received from American Fair Credit Council that I found to be appallingly misleading.” The message really caught my eye. For those of us familiar with the American Fair Credit Counsel (AFCC) we recognize it as ... Read More »

                  Let’s Play Do They Comply – North American Debt Relief

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                  A reader brought North American Debt Relief to my attention. It seems like a great opportunity to bring back our “Do They Comply” game. If you are not aware, “Do They Comply” is our game where we take a look at the website or claims of a debt relief company and comment about how you feel they are doing with ... Read More »

                    Consumer Survey by NFCC Shows People Are Wary About Real Help From Credit Counselors

                    On one hand you have to applaud the most recent release from the National Foundation for Credit Counseling. One thumb up. On the other hand it comes across as simply just more denial about the disturbing lanscape that faces narrow niche nonprofit credit counselors. The NFCC survey was an online poll conducted on the NFCC website. Right off the bat ... Read More »

                      Consumers Pull Back on Revolving Credit in June

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                      New Federal Reserve data out shows consumers decreased revolving credit debt by 5.1 percent in June 2012. However, non-revolving debt, that has student loans as a component, rose by 3 percent. Overall, outstanding revolving consumer credit dropped from $868.3 billion to $864.6 billion. The biggest pullback in issuance of revolving consumer credit came from depository institutions. Credit unions picked up ... Read More »

                        Debt Settlement Advice for Debt Settlement Companies and Consumers – Part 7 – Recovery

                        Ready to Collapse

                        When consumers encounter financial difficulty, I believe it is important to review their potential solutions with the possible end results in mind. To me, the entire purpose behind debt relief intervention, is recovery. What does the consumer need to do in order to resolve their situation, so they may recover, rebuild, and become productive again? That’s the basis for every ... Read More »

                          Ferry & Nicholas – “We Are Not a Settlement Company.” Walks Like a Duck.

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                          A reader and employee of a debt settlement company sent in a copy of a letter they received from a company out of Pennsylvania, Ferry & Nicholas. The tipster (send in your tips here) was confused and says, “They are not a debt settlement company, not attorneys but they will negotiate a settlement?” Yea, that is very odd indeed. So ... Read More »

                            Bankruptcy Filings Drop Again. Not Good News for Debt Relief Industry

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                            Bankruptcy filings have been a good indication of the overall consumer demand or need for debt relief services. As bankruptcy demand declines, so does the demand for other debt relief options such as debt settlement, and credit counseling. Data out just today shows a 14 percent drop in bankruptcy filings for the 12 month period ending June 30, 2012. For ... Read More »

                              New Free Consumer Credit and Debt News Service Launched by GetOutOfDebt.org

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                              We’ve just finished a new section of the website dedicated to the latest news and information on a wide variety of consumer credit and debt subjects. The news section is updated around the clock and both a daily email and realtime RSS feed are available for those who want to track the latest consumer credit and debt news, as we ... Read More »

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