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Debt Relief Industry

Innovative Wealth Builders Settles With Missouri Attorney General.

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Thanks to a tipster (send in your tips here) a company I’ve written about before, Innovative Wealth Builders, has been found in the news. According to the office of the Missouri Attorney General, Innovative Wealth Builders is willing to pay a $36,000 settlement to the State. Here is the official statement sent out by the AG: “Attorney General Chris Koster ... Read More »

    Debt Relief Companies and Time-Barred Debt. New CFPB Rules.

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    The Consumer Financial Protection Bureau has put out an examiners guide for debt collection agencies. Much of the information is of less interest to debt relief companies but one small section creates an important issue that debt relief companies should pay attention to. In the past we’ve written about the inclusion of time-barred debt in debt relief programs, including credit ... Read More »

      An Examination of New CFPB Debt Collection Rules

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      The Consumer Financial Protection Bureau (CFPB) has released new rules that will give it the authority to supervise the activities and actions of the nations largest debt collection agencies. While supervision does not extend to all debt collection groups, the lessons learned will. The CFPB stated that the purpose of this action and regulations of the debt collection industry was ... Read More »

        Lloyd Ward Group & Lloyd Ward and Associates Warns Consumers

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        A reader shared the email below from the office of Dallas, Texas debt settlement attorney Lloyd Ward. (You can send tips in here.) Apparently Ward is concerned that consumers that cancel accounts with him need to be careful about finding reputable debt settlement service providers. That’s good advice. And while I am critical of activities that harm consumers, I’m also ... Read More »

          J Hass Group Debt Settlement Fine Upheld at Three Times State Request

          Ready to Collapse

          “Around the same time last year, the J. Hass Group was slapped with a cease and desist order by the Arizona Department of Financial Institutions accusing the J. Hass Group of “engaging in unlicensed activity as a debt management company.” The company was ordered to pay a $50,000 fine. Although their offices have since been cleared out, J. Hass has ... Read More »

            Michael Bovee Interviews Jared Strauss from Debt Relief A La Carte

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            Recently Michael Bovee from Consumer Recovery Network interviewed Jared Strauss, a former champion debt collector who now assists consumers with debt relief through his website. Strauss shares his experience as a debt collector where he approached debtors as a problem solver to find solutions to their financial problems. Jared has contributed a series of guest posts to this site to ... Read More »

              I Am a Debt Negotiator. Can Chase and American Express Refuse to Work With Me? – David

              Ready to Collapse

              Question: Situation * I am a negotiator with a Debt Settlement company. Can Chase or American Express refuse legally to discuss the account with a debt management office even if we have legal notarize papers? how can I get passed this. also how is the goverment allowing debt buyers to charge more interest on accounts that were charged off? Answer: ... Read More »

                Debt Relief Industry Living Groundhog Day. South Africa Can’t Think Globally.

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                The other day I caught a bit of that movie Groundhog Day. That’s the Bill Murray film where he wakes up every morning and it is the day before all over. As someone who has been involved in debt relief in Ireland, UK, U.S., The Netherlands, and some in South Africa I can tell you that the debt relief industry ... Read More »

                  South Africa – “Banking Bullies Still Using Scare Tactics” says The Debt Counseling Industry

                  Debroah Solomon, of The Debt Counseling Industry, a South African debt counsellor, is speaking up about what she perceives as continued bad behaviour by the banks. Solomon states, “I am compiling a list of case studies involving banking institutions and the tactics used to terrorise some debtors. The studies display many common features, including scare tactics rather than respect for ... Read More »

                    Nonprofit Credit Counseling Agency to Give Away Cash to Attract Potential Clients

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                    A press release out from Debt Management Credit Counseling Corp, a nonprofit credit counseling group, caught my eye. In fact we’ve published the release in full, here. The credit counseling group is making a big splash about $500 cash giveaway to one luck person that like them on Facebook and fills out the following form on their site. According to ... Read More »

                      Evidence CFPB Actively Investigating Next Generation Debt Settlement

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                      In what is the first big sign that the CFPB is tackling debt settlement, a tipster (send in your tips here) sent me a copy of a letter from the CFPB to Next Generation Debt Settlement. The letter states the Consumer Financial Protection Bureau issued a Civil Investigative Demand letter on August 3, 2012. The letter asked Next Generation Debt ... Read More »

                        South African National Credit Regulator and Magauta Mphahlele in Crosshairs

                        Recent activity by the National Credit Regulator, and the CEO of the creditor controlled NDMA, Magauta Mphahlele, has created a flurry of activity among South African debt counsellors who are not happy that the voluntary debt mediation project (VDMS) has been cancelled. The new process sounds very similar to a UK or Canada IVA type arrangement or a U.S. non-judicial ... Read More »

                          Andrew Houser Praises the FTC for Telemarketing Sales Rules

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                          I wish I had a time machine to go back two years and tell Andrew Houser of 2010 that he’d be praising the FTC for implementing the Telemarketing Sales Rules in 2012. In a syndicated article out today, Houser, the CEO of Freedom Financial Network says this about the FTC changes: “Prior to the implementation of the FTC rules in ... Read More »

                            UK Debt Relief Providers May Lose Credit License On The Spot

                            The Office of Fair Trading, (UK Equivalent of FTC) has announced they are considering adding a new power to their quiver of tools to deal with rouge debt relief companies. This new proposal seems very risky to even good and compliant debt relief providers in the UK. Under this new proposal the OFT could suspend the required consumer credit license ... Read More »

                              National Consumer Group Wants You to Review Their Website

                              National Consumer Group Analyst Biography's (20121023)

                              Dav_Daddy posted a message in the forum and asked us to review their website for National Consumer Group at my-ncg.com. I’ll let the readers of the site take a look and offer most of the feedback in the comments section below. But in a quick look at their site it did strike me as very odd that the home page ... Read More »

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