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Debt Relief Industry

SaveMore.com Sucks. Doug Van Arsdale of Credit Solutions Fame Back in the News.

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An tip just came in from a reader. Seems Doug Van Arsdale the CEO of Lending.com and CEO of Credit Solutions of America is back in the news. The allegation is that Van Arsdale is the indirect owner of SaveMore.com, a Grouponesque spinoff that sells discounts and coupons, is not delivering coupons to consumers more funds to merchants. A visit ... Read More »

    Public Citizen Steps In to Oppose Persels & Associates and CareOne Class Settlement Offer to Consumers

    The consumer advocacy group Public Citizen has stepped into a proposed class action suit involving a case against Persels & Associates and CareOne. The issues seems to be that the proposed class action settlement does not benefit consumers. A class of more than 120,000 people alleges that the law firm and an affiliated credit counseling company offered to help consumers ... Read More »

      Offshore Debt Relief Offers Promoted to U.S. Residents Targeted by FTC

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      The Federal trade Commission today announced a new enforcement action against a number of companies. The action targeted Roy M. Cox Jr, Roy Cox, Castle Rock Capital Management, Capital Solutions Group, Transfers Argentina, Public Service, and Marketing Strategy Group. What makes this action interesting is that the companies in question had been established offshore in an attempt to sell debt ... Read More »

        Morgan Drexen Case Exposes Issues in Attorney Model Debt Settlement

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        On December 16, 2011, Juanita White v. Morgan Drexen was filed in Virginia. Frankly, I’m getting sick of reporting on all the suits in the debt industry and I was going to pass on this one, until I read it. If all the facts and allegations are true, it’s enlightening. I think readers will be especially interested in the details ... Read More »

          Which is Cheaper: Credit Counseling, Debt Settlement, or Bankruptcy?

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          How can you determine what debt relief option is the right fit for a given set of cash flow limitations. The 3 options that people typically seek outside assistance with are Debt Management Plans (DMP), Debt Settlement Programs, and Bankruptcy. There are benefits and drawbacks to each option. Companies and people selling you a specific brand of debt help can ... Read More »

            Morgan Drexen Makes News Out of a Recent Investigation That Does Not Exist

            On December 9, 2011 I posted a press release from Morgan Drexen about an issue in Alabama, here. The press release stated: In recent weeks, prompted by a creditor the Alabama State Bar raised concern that Morgan Drexen’s services constituted the unauthorized practice of law. After an investigation on the matter the State Bar quickly closed the matter and stated ... Read More »

              Cambridge Credit Counseling Files Petition in U.S. Tax Court

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              Recently I wrote about Take Charge America filing a petition in United States Tax Court, here. Cambridge Credit Counseling has now done the same thing. On November 30, 2011 their petition was filed. They are represented by Venable law firm in Washington, DC. Current information on this case can be found through this link. I can always use your help. ... Read More »

                United Financial Systems and Christopher Boulahanis Reach Settlement With Florida AG

                This is actually a picture of the UFS building that a reader sent in previously. The Florida Attorney General just made a big announcement concerning the non-profit credit counseling group United Financial Systems. This is a company that we first announced was likely to implode back in August of 2010. Unfortunately the economic impact caused by United Financial Systems will ... Read More »

                  Bankruptcy Filing Rates Continue to Drop

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                  Credit Slips is reporting that U.S. bankruptcy filings have now dropped for the 13th consecutive month in November. The daily filing rate is down 12.5% from last November. Although the past seven months have seen double-digit year-over-year drops, these drops have consistently stayed between 10-17%. In other words, there is no increase in the rate of decrease. Extrapolating from this ... Read More »

                    Robert Manning and Responsible Debt Relief Institute Named in Software Suit

                    A tipster (send in your tips here) sent in a recent suit by the Cole Group, Inc and Robert Manning, Newtonian Finances, Debtorwise Foundation, and Responsible Debt Relief Institute. Frankly, the suit is a bit of a shocker. The Manning approach to helping credit counseling groups work out a satisfactory way to determine the most effective way to resolve debt ... Read More »

                      California Lawyer Disbarred Over Loan Modification Business

                      Another sad story of advanced fee loan modifications tearing down yet another group of people. From the California Bar Journal. PAUL JEFFREY LUCAS [#163076], 50, of Aliso Viejo was disbarred July 22, 2011, and he was ordered to make restitution and comply with rule 9.20 of the California Rules of Court. Lucas participated in the proceedings until the first day ... Read More »

                        Is Clearpoint Credit Counseling Solutions Doing Debt Settlement?

                        A reader wanted me to watch a past video, that I’ve embedded below. The reader wanted to know if Clearpoint Credit Counseling Solutions was involved in debt settlement. Clearpoint is an NFCC and AICCCA member agency (source) so the claim they had been involved in debt settlement sounded surprising to me. Typically non-profit credit counseling agencies are scared to touch ... Read More »

                          Less Than Full Balance Plans and the Problems They Create for Credit Counselors

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                          For many years debt relief plan providers, such as nonprofit credit counselors, and debt settlement service providers, have been seen as two separate and distinct structures in the debt relief services industry. These two sides of the industry have often been at odds with one another. While debt settlement providers have never come together as a unified voice to slam ... Read More »

                            Give Your Company a Great Gift This Holiday Season: Review Your Contract

                            Readers may forget that not only do I write about the debt relief industry, but I used to run a debt relief group at one time. I familiar with the tremendous issues that come with helping people deal with debt. Just yesterday I published this article and it was a great example of an issue that many debt relief companies ... Read More »

                              Global Client Solutions Moves Unusual Nelson Gamble & Associates FL Case to Federal Court

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                              On December 11, 2011, Global Client Solutions moved a case against them to Federal Court. The case is Ronda Andrews v. Nelson Gamble & Associates and Global Client Solutions. The case alleges that in August or September, Nelson Gamble and Associates contacted Andrews and offered their services in the form of a consumer debt consolidation program. Andrews reviewed the program ... Read More »

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