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Debt Relief Industry

CBDC Rumored to Have Closed Doors Suddenly

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A tipster (send in your tips here) reports that effective yesterday, the nonprofit 501(c)3 credit counseling group closed their doors suddenly. According to the tipster (send in your tips here) a notice was sent out saying: I wanted you to hear this from me directly; I regret to inform you that CBDC will no longer be able to assist any ... Read More »

    O’Neil – Father and Son Arrested by U.S. Secret Service in Debt Relief Scam

    Following the arrest of Jeffrey Wayne O’Neil and his son, Nathaniel O’Neil aka Nathaniel Chilo, the indictment against the father son duo was unsealed. The indictment states Jeffrey Wayne O’Neil operated various debt relief businesses in the Houston, Texas area under J. O’Neil/Associaties, World Outlook, World Outlook Management, Fair Credit Investigation Company, Financial Crisis Inquiry Commission and Universal Restoration. Since ... Read More »

      Freedom Debt Relief Secures Funding to Advance Sales Reps

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      The following guest post is by Andrew Houser from Freedom Debt Relief. I asked him to provide us all with more information about his new approach at fronting sales representatives commissions while Freedom waits to collect the fees earned from consumers. Upfront Affiliate Payments on No Advance Fee Programs: Giving Affiliates the Opportunity to Move Away From the Dark Side ... Read More »

        Consumer & Business Debt Counseling Services – CBDC Subject of IRS Investigation Request

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        Apparently Consumer & Business Debt Counseling Services (CBDC) is part of a request for investigation with the Internal Revenue Service in an effort to examine the status and revoked their charitable status. A tipster (send in your tips here) forwarded me a copy of the official request for examination. This 501(c) nonprofit credit counseling agency is alleged to have paid ... Read More »

          Consumer Confidence Really Bad in August And Delinquencies Are Down

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          New consumer confidence numbers out show exactly what we didn’t want to see in the debt relief space. Consumer confidence has dropped to near record levels at 44.5 on the Conference Board Consumer Confidence Index. Says Lynn Franco, Director of The Conference Board Consumer Research Center: “Consumer confidence deteriorated sharply in August, as consumers grew significantly more pessimistic about the ... Read More »

            Champion Credit Services Named in CT Cease and Desist

            Champion Credit Services

            Champion Credit Services is the happy recipient of a Connecticut Department of Banking cease and desist notice. According to the State: Champion Credit Services is a Connecticut limited liability company with its place of business at 9 Mott Avenue, Suite 305, Norwalk, Connecticut. Champion Credit Services currently holds a license to engage or offer to engage in debt negotiation in ... Read More »

              Consumer and Business Debt Counseling Services – CBDC Sued by Colorado AG

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              Consumer and Business Debt Counseling Services (CBDC), a 501(c)3 nonprofit credit counseling company I’ve written about before, here, has just been sued by the Colorado Attorney General. The scoop on CBDC was they has close working relationships and referrals from for profit companies that were charging high advance fees. The official release says: Colorado Attorney General John Suthers announced today ... Read More »

                Hey Credit Counseling. How Did We Get the 60-60 Plan So Wrong?

                I was talking with a debt industry friend today on the phone and he was asking me about the 60-60 program that credit counseling talks about trying to implement in place of debt settlement. Typically the 60-60 program is talked about being a repayment of 60% of the balance over 60 months. After the call I wanted to go back ... Read More »

                  Neil Ruther and Persels & Associates, New Details in Suit for Millions

                  Ruther Settlement

                  Recently I reported on a suit filed against Neil Ruther, Persels & Associates, Joann Ruther, Adam Ruther, WMS Partners, Silo Point Holding, Silo Point, Patrick Turner, Mark Sapperstein, Westport Property Holdings, and Ruther Inner Harbor. See Persels & Associaties Sued By My Professional Advice and Legal Advice Line for Diverting Money. Today I received additional public documents filed in the ... Read More »

                    Selling or Buying Credit Repair Services? Read This Before You’re Busted.

                    The latest unbelievable resurgence in the debt relief world is advanced fee credit repair. That ship sailed a decade ago, at least. Companies are telling marketers that they can sell credit repair services and basically “charge whatever” they want to. But there is this little thing called the Credit Repair Organizations Act (CROA) that prohibits the collection of any fee ... Read More »

                      Marc Penso, David Henson, and CDS Client Services Move Class Action to Federal Court

                      On August 19, 2011, Marc Penso, David Henson, and CDS Client Services, who were previously named in a class action suit filed in Washington State, moved the case to Federal Court. On June 23, 2010, Plaintiff JANIS F. CALLOW (“Plaintiff’) commenced this class action lawsuit individually and on behalf of a class of similarly situated Washington residents against Removing Defendants ... Read More »

                        Enhanced Servicing Solutions Shuttered

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                        A now former Enhanced Servicing Solutions debt settlement division employee is reporting the following: “I was an employee of Enhanced Servicing Solutions. As of today 8-23-11 we were shut down. Due to Mr. Johnson and his shady acts we were not able to keep & maintain business operations. Some of the information that was published on your website was true…some ... Read More »

                          Debt Relief USA, James Wojcik and Valerie Leath Banned from Selling Financial Products and Services

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                          As part of its continuing crackdown on scams that target consumers in financial distress, the Federal Trade Commission settled charges against a debt relief operation that allegedly lured consumers nationwide into paying thousands of dollars in up-front fees, but in most cases failed to actually reduce their credit card debts, and in many cases left them even deeper in debt. ... Read More »

                            Persels & Associaties Sued By My Professional Advice and Legal Advice Line for Diverting Money

                            A tipster (send in your tips here) sent me a copy of a recent complaint against Neil Ruther, Persels & Associates, Joann Ruther, Adam Ruther, WMS Partners, Silo Point Holding, Silo Point, Patrick Turner, Mark Sapperstein, Westport Property Holdings, and Ruther Inner Harbor. According to the suit filed in Maryland, My Professional Advice and Legal Advice Line were engaged in ... Read More »

                              Car Loan Delinquency Rates Drop for Seventh Consecutive Quarter to Historic Low

                              Auto Loan Delinquency Rates

                              The national auto delinquency rate (the rate of borrowers 60 or more days past due) decreased for the seventh consecutive quarter, dropping to 0.44% at the end of the second quarter in 2011. This is according to TransUnion and its ongoing series of quarterly analyses of credit-active U.S. consumers and how they are managing credit related to mortgage, credit cards ... Read More »

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