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Debt Relief Industry

United States Trustee Files More Allegations Against Morgan Drexen, Howard Law, Figueredo & Boutsis and Rosen & Wining

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Yesterday I wrote about a court filing by the United States Trustee against Morgan Drexen, Howard Law, Figueredo & Boutsis and Rosen & Wining. In that separate case you can read about here, some similar accusations were made as made in this case. On May 11, 2012 the United States Trustee, Donald F. Walton and United States Department of Justice ... Read More »

    CC Brown Law, Fidelity Debt Solutions and Others Hit by Connecticut Department of Banking

    The Connecticut Department of Banking is one busy department. A new wave of administrative orders and settlements is out again with some new debt industry participants named. Some readers may recognize some of the names instantly. One that caught my eye was CC Brown Law, that came up in a comment and was alleged to be indirectly related to a ... Read More »

      Doug Van Arsdale and Credit Solutions Still In the Thick of It

      Ready to Collapse

      It seems that VD isn’t the only gift that keeps on giving. Apparently, running a debt relief company without a license does as well. Colorado Attorney General John Suthers just announced that his office has obtained a final agency order for civil penalties against Credit Solutions of America, LLC, a Dallas, Texas company, and Doug Van Arsdale, the company’s president, ... Read More »

        U.S. Department of Justice Levels Deception and Fraud Allegations at Morgan Drexen and Others

        On May 11, 2012 documents were filed in two bankruptcy cases by United States Department of Justice, Office of the United States Trustee against Morgan Drexen and others. The allegations made are very sternly worded. In the first document filed against Morgan Drexen, Howard Law, Figueredo & Boutsis, and Rosen & Wining the trial attorney for the Office of the ... Read More »

          Judgment to be Secured With Cash or Bond in Lloyd Ward Kansas Default Judgment Case

          A tipster (send in your tips here) wrote to me and directed me to a previous case that was filed against Lloyd Ward in Texas as a foreign judgment. Apparently the court in Texas has just ruled that Lloyd Ward, Lloyd Ward PC, Lloyd Ward & Associates and Lloyd Ward Group must deposit $119,000 in cash or bond “which is ... Read More »

            CFPB Appears to Lay Ground Rules to Begin Enforcement in Debt Relief Industry

            In a predatory move, the Consumer Financial Protection Bureau (CFPB) has issued a public request for comment over rules that could be used to regulate debt relief industry companies, both for-profit and not-for-profit. The document, “Procedural Rules to Establish Supervisory Authority over Certain Nonbank Covered Persons Based on Risk Determination” has been put out for public comment. Under this proposed ... Read More »

              Bank of America to Credit Counseling Agencies – It’s Not Me, It’s You

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              A tipster (send in your tips here) recently emailed me saying that the inside scoop is that Bank of America is going to start working with fewer credit counseling agencies, or at least stop accepting DMP proposals. Bank of America has been some interesting things recently. Most intriguing is their selected 75%-50 month repayment plan they are offering at 0% ... Read More »

                Lloyd Ward Sued by State Bar of Texas – Commission for Lawyer Discipline

                Texas attorney Lloyd Ward, as part of Lloyd Ward & Associates, has beed sued by the State Bar of Texas, Commission for Lawyer Discipline over his alleged actions concerning debt settlement activities related to Debt RX USA and Silverleaf Debt Solutions. The complaint, filed on May 23, 2012, alleges that in “June 2008, Michael Miles created Debt RX USA, LLC ... Read More »

                  Connecticut Goes After More Debt Relief Companies

                  New administrative actions have just been made public against more debt relief companies. Connecticut does not mess around. The new entires made public include: Alliance Mitigation Group The company did not respond to administrative notices sent by the Consumer Credit Division of the Department of Banking. The company was hit with $11,795 in fines and is barred from Connecticut. – ... Read More »

                    Is DebtConsolidation.com Smoking Dope?

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                    A company called DebtConsolidation.com just put out a press release making some rather odd statements. They claim they are “a leading information and referral source for debt management and credit counseling” but seem to be instead providing misinformation instead. The reader who sent this to me was most upset by the statement they make, “”There is no signup fee for ... Read More »

                      Freedom Debt Relief Sues Century Negotiations, Inc. My How Times Change.

                      For those that have been involved in the debt world for a number of years the names Freedom Debt Relief (FDR) and Century Negotiations, Inc. (CNI) were linked together through thick and thin under the trade group TASC, (The Association of Settlement Companies). In fact the honcho over at CNI, Dave Leuthold, was even the Executive Director of TASC, under ... Read More »

                        Mortgage Modification Company Former Owner Facing 80 years in Jail

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                        Isaak Khafizov, a former owner of American Home Recovery (AHR), a mortgage loan modification business, was found guilty yesterday in Manhattan federal court of conspiracy, mail fraud, and wire fraud in connection with a scheme to defraud distressed homeowners and lenders. Khafizov was convicted after a ten-day jury trial presided over by U.S. District Judge George B. Daniels. He was ... Read More »

                          IRS Yanks Nonprofit Status of Credit Counseling Agencies

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                          The IRS has just posted a public update on the nonprofit credit counseling agencies that have recently lost their 501(c)3 tax status from the IRS. The companies named lost their nonprofit status in April and early May, 2012. They include: Budget Right Debt Management, Inc. Lake Mary, FL 4/9/12 Budget Right Debt Management, Inc. Maitland, FL 4/9/12 Consumer Advocacy Group, ... Read More »

                            Debt Settlement Companies Suffer from Premature Representation

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                            First, I’d like to say thank you to Steve Rhode for the invitation to make a guest post. Steve, I greatly appreciate you opening up your venue. Rather than focusing on what Debt Relief A La Carte offers, I’d like to take this opportunity to discuss why. It will be much more meaningful for all. I’ve been waiting for a ... Read More »

                              Non-Profit Housing Counseling Agencies to be Focus of IRS Examinations

                              The report below comes from Venable law firm. All I can say to my credit counseling friends is they better learn the meaning of the phrase BOHICA (Bend Over Here It Comes Again). Earlier this year, the Internal Revenue Service’s (“IRS”) Exempt Organizations (“EO”) division unveiled its annual work plan. The plan highlights EO’s priorities for the year and is ... Read More »

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