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Debt Relief Industry

FTC Goes After Debt Relief Companies Who Deal With Payday Loans

ftc

On February 18, 2015 the Federal Trade Commission filed suit against PSC Administrative, Coastal Acquisitions, Infinity Client Solutions, Infinity Collect, Jared Irby, and Richard Hughes for violations of the Telemarketing Sales Rule. The FTC alleges the Defendants solicited consumers with debt relief services, who owed payday loans. “Defendants have induced consumers to enroll in their program by claiming that they ... Read More »

    CFPB Raging Pissed Off at Morgan Drexen

    tug of war

    A reader send in some documents they said I would be interested in seeing. It relates to the 2013 Consumer Financial Protection Bureau (CFPB) lawsuit against Morgan Drexen that is still ongoing. My first thought was a disbelief this case was not further ahead. Then I read the document publicly filed in the case by the former Morgan Drexen co-founder, ... Read More »

      Debt and the Theory of Dissaving. Why You Need to Take Action.

      dissaving1

      Being in debt causes us to become paralyzed with uncertainty and that leads to inaction. I want to talk about why if you wait too long to take actin it can be a very expensive mistake. And while I did previously write Get Out of Debt Fast, But Don’t Run, you should not just stand still as well. When people ... Read More »

        Debt Settlement Executives / Sales Reps Face Up to 20 Years in Jail

        The pain generated by the injury to your finances leaves you feeling lost, afraid, and confused.

        A friend sent in this announcement from the Department of Justice. Wow! A grand jury in Santa Ana, California, indicted three individuals for allegedly operating fraudulent debt relief services companies that offered to settle credit card debts but instead took victims’ payments as undisclosed up-front fees, the Justice Department and U.S. Postal Inspection Service announced. Jeremy Nelson, 29, Elias Ponce, ... Read More »

          Pay Off Debt A Growing Canadian and U.S. Concern

          Pay Off Debt searches in Canada

          According to a HuffPo article, it seems our friends in Canada are beginning to worry a bit more about their personal debt levels. Data by Google shows the search term Pay Off Debt has been trending for Canadian searchers. From the looks of the chart though it is an on again, off again interest for Canadians who have hit a ... Read More »

            Financial Help Services in the News But in the Wrong Way

            BBB Financial Help Services

            A reader sent me a story about a Ft. Lauderdale debt relief company, Financial Help Services. It appears the Bobby Blackmon company has run into what is either an issue of not paying creditors for his Debt Management Plan clients or a serious case of poorly explained client expectations with creditors. In a bizarre move, Blackmon spoke to WSVN television ... Read More »

              Student Loan Debt Relief and Credit Counselors in 2015 and Beyond

              signing

              Legitimate Debt relief services are often boiled down to 3 categories, which include nonprofit credit counseling agencies, debt negotiators, and bankruptcy attorneys. I want to focus on the role of today’s credit counselors, and how they can fill a larger pair of shoes this year and beyond, with a keen focus on student debt. Student loan debt has rightly been ... Read More »

                Crestmont Funding Debt Consolidation Loan Mailer Sent in by Reader

                Crestmont Funding mailer received by reader.

                An amazing reader, Shawn, sent in a new debt relief mailer through my I Buy Junk Mail program. He received a mailer from Crestmont Funding for a debt consolidation loan. Shawn wanted to point out the BBB logo was prominently displayed. According to the BBB and the State of North Dakota, the company address is 3949 Highway 8 STE 109, ... Read More »

                  Thomas Macey and Jeffrey Aleman Get Slapped by IL Board

                  Bitch Slap

                  For some time now there has been an open action by the Illinois Attorney Registion and Disciplinary Commissions against Macey and Aleman of Legal Helpers Debt Resolution. Well the final report is out and it surprised me. Well, I wasn’t shocked that Macey and Aleman were recommended for a two year suspension as lawyers. But I was surprised how much ... Read More »

                    AFBC and Student Loan Payment Reduction Department

                    inside of mailer

                    An amazing reader, JMAN sent in a new debt relief mailer through my I Buy Junk Mail program. This one is for something called the Student Loan Document Preparation and Processing Services Program, Student Loan Payment Reduction Department, and AF Student Services. The key here is nothing in this self mailer is clearcut. The outside of the mailer looks like ... Read More »

                      CT Kicks More Debt Relief Ass. When Will the Industry Learn to Not Piss Off CT?

                      oops

                      Maybe more in the debt relief world can learn by the unfortunate actions below by the Connecticut Department of Banking. I’ll let their words give the lesson that needs to be learned. LOCN, Inc, United Relief Services – December 3, 2014 1. LOCN Inc. d/b/a United Relief Services CEASE AND DESIST from violating Section 36a-671(b) of the Connecticut General Statutes, ... Read More »

                        Rescue One Financial Still Sending Unsecured Personal Loan Mailers

                        rescue_one__front

                        An amazing reader sent in a new debt relief mailer through my I Buy Junk Mail program. I’ve covered Rescue One mailers before and it elicited an alleged former employee to speak out. See this link. My previous coverage even wound up with a rather dubious event, the appearance that Rescue One was potentially involved, directly or indirectly, in paying ... Read More »

                          Creditors Concourse Trust – Crazy Times

                          Senior couple at home focusing on angry man

                          A reader wanted me to look at the website of a company called Creditors Concourse Trust at cctrusts.net. After looking at the site, I can see why. The site claims to be able to negotiate better terms with creditors by creating a trust which provides collateral security for the creditors in hopes to “obtain lower interest rates and longer periods ... Read More »

                            HDRP Approval Department Mailer

                            20141118_091244

                            An amazing reader, Roger, sent in a new debt relief mailer through my I Buy Junk Mail program. This mailer is nearly identical to another one I covered here. The only differences are the name on the outside of the mailers, from HDRP Funding Department to HDRP Approval Department, and the phone number. The postal permit is 507 out of ... Read More »

                              BeginToSave Sends Out Advanced Fee Debt Relief Mailer

                              scan0012

                              An amazing reader, Rhodesey, sent in a new debt relief mailer through my I Buy Junk Mail program. It certainly looks like this a rehash of the old debt settlement mailers we used to see. The fine print at the bottom says “Begintosave is a national advertising center contracted by both local law firms and non-profit debt resolution companies.” Outside ... Read More »

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