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Debt Relief Industry

FTC Goes After Another Alleged Collection Enterprise That Threatened Consumers and Offered Debt Reduction Services

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The Federal Trade Commission recently filed suit against Pro Credit Group, Brett Fisher, Sanders Legal Group, Sanders Law, Andre Sanders, My Success Track, Consumer Credit Group, Dale Robinson, William Balsamo and First Financial Asset Services. According to the FTC court documents, the defendants operated a common enterprise while engaging in deceptive acts and practices. They used an interrelated network of ... Read More »

    Bankruptcy Court Not In Love With Attorney Loophole Debt Settlement. It’s a Duck.

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    A recent memorandum opinion from Kansas in the United States Bankruptcy Court against Persels and Associates and attorney Stan Goodwin didn’t probably wind up how Persels would have wanted it to. The summary of the opinion is intriguing and clear. The United States Chief Bankruptcy Judge, Robert Nugent, says: If it walks like a duck and swims like a duck ... Read More »

      Amazing How Hypocritical You Are Steve Rhode

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      Someone just posted the following comment, on a post about Lloyd Ward, which actually creates a perfect segue for me to finally write an article I’ve had percolating for some time. While some of the claims made by the commenter are skewed, it is true that back in the early 2000s the non-profit group that I ran did charge some ... Read More »

        Scott Law Group Debt Settlement Litigation List Contains Some New Companies

        The Scott Law Group in Washington State has been VERY active in going after debt settlement companies that allegedly injure consumers. It appears some new companies have been added to their list of current litigation, The new companies include FBL Associates, Lifeguard Financial, Please Reduce My Debt, and Think Outside the Box Solutions. – Source Here is the current list ... Read More »

          Connecticut Forces Global Client Solutions to Make Sure Debt Settlement Companies Are Really Licensed

          Global Client Solutions, one of the major escrow companies that handles funds for debt settlement clients, was charged with being an unlicensed money transmitter by the state of Connecticut and then entered into a consent order to resolve the issue. According to the records, on November 30, 2011 Global Client Solutions received a cease and desist letter from the state ... Read More »

            Oh Dear – Debt Help and Answers Site Needs Help

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            Someone asked me to look at debthelpandanswers.com, and so I did. Clearly what we have here is a small player who is trying to attract potential customers. The site appears to be for a Marcella Hill. My clients are everyday American’s who are facing financial crisis due to the current economy and personal hardships. My clients are served by me, ... Read More »

              Consumer Credit Default Rates Drop in March 2012

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              Data through March 2012, released today by S&P Indices and Experian for the S&P/Experian Consumer Credit Default Indices, a comprehensive measure of changes in consumer credit defaults showed that, with the exception of bank card, all loan types saw a decrease in default rates for the third consecutive month. In addition, the four that did decrease posted their lowest rates ... Read More »

                Bogus National Debt Relief Hardship Program Mailer Still Being Sent

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                First off I would like to applaud the debt relief company that sent me in this mailer. Good debt relief companies that care about consumers and who want to play a role is stamping out bogus advertising that hurt the entire industry, can play a role by forwarding material to me at tips@getoutofdebt.org. I’ve covered bogus mailers on The National ... Read More »

                  Pro Debt Solutions Creates Consumer Advantage Loan to Lend Money to Debtors First and Then Settle Their Debt

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                  A reader posted a comment about a company called Pro Debt Solutions in California. While this initially sounded like the same debt restructuring B.S. we’ve heard about and covered before, this might actually be a different approach. The reader said: The company I used in place of the settlement company is called Pro Debt Solutions.This company negotiates settlements with the ... Read More »

                    The Resolution Law Group Sued Over Claims in Mailer by First Mariner Bank

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                    It looks like another company marketing services against lenders has run into trouble as a result of their mailers. It’s somewhat similar to the claims made against another company, NHT Law Group. You can read that story here. It looks like mortgage lenders are going after these mass joinder like mailers more often. In the complaint filed against The Resolution ... Read More »

                      CFPB Sends Clear Message You Will Be Held Responsible for Your Affiliates and Lead Sources

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                      You absolutely can’t overlook the April 13th announcement from the Consumer Financial Protection Bureau about the liability that extends to any debt relief company by the actions of service providers. The CFPB will hold all appropriate companies accountable when legal violations occur with service providers you contract with. “Consumers are at a real disadvantage because they do not get to ... Read More »

                        Consumer Freaked Out With American Financial Service and Legal Helpers Debt Resolution Changes

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                        I received the following statement from a consumer regarding the recent changes at Legal Helpers Debt Resolution with the termination of their backend servicing companies, including apparently American Financial Service. While the statements made might apply more to American Financial Service that was probably terminated, the perception is that this is poor service being delivered by Legal Helpers Debt Resolution ... Read More »

                          Portfolio Recovery Associates Gets Tough on Debt Settlement Companies

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                          A debt settlement insider forwarded over to tips@getoutofdebt.org the following fax they received from Portfolio Recovery recently. It appears the Portfolio Recovery is getting tough with settlement companies and law firms. The correspondence from Joseph Hood III even says that effective 3-1-2012 Portfolio Recovery will no longer generate agreement letters for arrangements. That could be terribly dangerous for consumers if ... Read More »

                            Consumer Affairs Processing Center Responds to LHDR Recent Stories

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                            I received the following statement from Dale Weikel from Consumer Affairs Processing Center in response to recent stories that involved CAPC. I’ll just let his words provide the update. From Dale: I just wanted to respond to the numerous accusations being thrown around your site and clarify some errors. I am Dale S. Weikel , the current and sole owner ... Read More »

                              Good News for Debt Relief Companies. Lenders Getting Back to Subprime Credit.

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                              Debt relief companies know the more subprime credit that’s given out, the more business they are probably going to get. It’s just the way it works. Over the past five years or so lenders have been hesitant to extend credit to those borrowers most likely to default, the subprime consumers. And consumers have been hesitant to take on new credit. ... Read More »

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