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Debt Relief Industry

Will the CFPB Outlaw Fairshare to Credit Counseling Organizations?

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I was approached not long ago by an knowledgeable industry insider with the statement that the CFPB may be already in the process of policy to outlaw credit counseling fairshare payments. You know the first reaction you might have about that statement is that it would never happen. Fairshare is that commission the creditors pay when nonprofit credit counseling groups ... Read More »

    A Peak Behind FTC Action Against Christopher Mallett Which Involves World Law Debt. Interesting Stuff.

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    A lawyer friend just forwarded me an interesting document if you are a total debt relief geek like me. It’s a judicial opinion issued which looks at the FTC action and requests in the efforts to go after Christopher Mallett, which I reported in World Law Debt and Others Sued by FTC for Misrepresentation. I think it sheds a bit ... Read More »

      Allrepco Claims to Be TSR Exempt from Credit and Debt Help

      A reader brought to my attention. The tipster (send in your tips here) wanted to know how a debt relief site could proclaim, “We are proud to state that we are federally exempt from the CROA (Credit Repair Organization Act) and the TSR Federal Debt Settlement Rule to serve consumers in all 50 states.” Good question. is owned ... Read More »

        Debt Relief Options – DRO – Website Makes Me Say Huh?

        DebtXs has a new website. They are apparently moving into new branding as the website says it is now DR Options at 1-800-374-1088, 7668 Warren Parkway, Suite 315, Frisco TX 75034. – Source They’ve apparently taken on the task of presenting a wider breadth of debt relief options, a course we’ve talked about more would take. Their new offerings, or ... Read More »

          Christopher Boulahanis and Capital Debt Relief Meet Georgia

          Christopher Boulahanis, who has been in the news after the collapse of his nonprofit credit counseling group United Financial Systems, appears to have made more news this year with his Capital Debt Relief company being cited by Georgia. While this action took place in February, 2011, the BBB just published this report recently according to a reader. Here is the ... Read More »

            Why is Credit Counseling Stumped Demand is Down?

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            Over the past couple of weeks I’ve noticed a wave of information appearing on the web about the decrease in demand for credit counseling services. The reason given seems to be “consumer fatigue.” The peak client numbers that nonprofit consumer credit counselors saw in 2009 appear to be slowly falling. NFCC member agencies in the Ninth District began to see ... Read More »

              What You Can Learn From the Preferred Financial Solutions Class Action.


              A class action case against Preferred Financial Solutions, Credit Card Relief, Thomas Dakich, Dakich & Associates, and Rhonda Roell-Taylor has just been moved from a Georgia Court to Federal Court. Rhonda Roell-Taylor is a Georgia attorney who the company allegedly worked with to enroll consumers into their debt adjustment program in Georgia. Thomas Dakich is an Indiana attorney who worked ... Read More »

                All About Cambridge Credit Counseling Corp.

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                Company Name Cambridge Credit Counseling Corp. Owners/Managers Christopher A. Viale, President & CEO Thomas W. Hebert, Chief Financial Officer Tracy Guay, Clerk Of the Corporation Physical Street Address 67 Hunt Street Agawam, MA 01030 Contact Information 1-800-CAMBRIDGE (1-800-226-2743) [email protected] Website Description of Services Provided Cambridge Credit Counseling Corp. is a 501(c) 3 non-profit credit and housing counseling agency. All ... Read More »

                  Illinois Files Suits Against Debt Relief Companies

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                  This week, Attorney General Lisa Madigan filed lawsuits against three Chicago area companies for fraudulent mortgage rescue and debt settlement schemes that cheated consumers out of large thousands of dollars. Madigan filed the lawsuits in Cook County Circuit Court, alleging the three companies took large upfront fees from consumers with a promise to help them obtain a loan modification on ... Read More »

                    Consumer Mediation Services Opens to Help Scammed Consumers


                    A new type of company has just opened to help consumers that may have been scammed by a debt relief company, and is looking for money back, but getting nowhere. We all know how frustrating that is. If you are the consumer and you didn’t get the services that were sold to you, the matter could be put to rest ... Read More »

                      Colorado Attorney General Goes Hard After Thomas Roland for Unlicensed Debt Relief

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                      Looks like Thomas Roland and his company ESS are now into Colorado for almost $1.2 million in fines and penalties. In a press release, Colorado Attorney General John Suthers recently announced that his office has obtained a judgment for more than $594,000 against Thomas Roland for his role in an Orlando, Fla.-based unregistered debt management company that defrauded Colorado consumers. ... Read More »

                        Credit Card Balances Continue to Drop in August

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                        Federal Reserve data just out shows consumer revolving and non-revolving debt continues to drop. August showed a 3.4 percent drop in revolving debt. More disconcerting was the reduction in the pools of securitized assets where issued credit cards are packaged and sold. August’s 40.3 billion is anemic and is not a good indicator that banks can initiate and move larger ... Read More »

                          Legal Helpers Debt Resolution Sued in WA for Violating Debt Settlement Act

                          LHDR Suit

                          Yesterday a suit was filed in Washington State by Meghan Fitzgerald against Legal Helpers Debt Resolution, LLC, for violations of the Washington Debt Settlement Act, RCW 18.28, et seq. and the Washington Consumer Protection Act, RCW 19.86, et seq. The lawsuit states: In approximately August of 2010, Ms. Fitzgerald received a solicitation from LHDR offering to assist Ms. Fitzgerald with ... Read More »

                            Wanna Know a Secret About the Debt Relief Industry?

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                            As modern and clever as we might feel here on the bleeding edge of history there is one cold hard fact I can’t ignore, these are still the dark ages of the debt relief industry. Let’s just take a broad look at the current state of affairs: Nonprofit Credit Counselors: The credit counseling world is as tied to creditors and ... Read More »

                              Bankcard Issuance High But Still Not Good Sign for Debt Relief Industry

                              PRMIA Survey

                              Just like the economy, credit card issuers are sending mixed signals about consumer debt. I wanted to share my opinions and read the tea leaves this month. Equifax is reporting credit cards are being issued at a faster rate this year. “More than 18 million new bankcards have been originated between January-June 2011. While this total represents a 3-year high ... Read More »

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