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Debt Relief Industry

IRS Still Actively Going After Nonprofit Credit Counseling Agencies

As part of a Freedom of Information Act request by the National Policy Group it was disclosed that a number of credit counseling agencies are still undergoing audits with the Internal Revenue Service to determine if they are cleared to continue services as nonprofit entities. The FOIA response by the IRS stated that under the Credit Counseling Compliance Project, 275 ... Read More »

    The Future of Credit Counseling. Shades Might Not be Required.

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    At the recent Debt Relief Master Class I held in Raleigh, North Carolina we had the pleasure of hearing from Howard Dvorkin from Consolidated Credit Counseling Services on his view of the future of credit counseling. Howard has been in the credit counseling industry since about the early 1990s and has a very broad perspective that all debt relief providers ... Read More »

      NoteWorld Hit With Class Action RICO Suit

      Thanks to a tipster (send in your tips here) we discover that NoteWorld was just hit with a lawsuit on behalf of consumers against Noteworld, LLC (“Noteworld”), claiming the Tacoma, Wash. company has violated the Racketeer Influenced and Corrupt Organizations Act (“RICO”) by engaging in a conspiracy to defraud consumers by extracting exorbitant fees from trust accounts related to useless ... Read More »

        Debt Restructure Sales Script Fails MSTARS SAFTI Checklist

        Recently I exposed the debt restructure sales effort in Consumer Debt Restructuring 101: What It is and Why You Should Avoid It. Consumer debt restructure is going to become the next wave of marketing efforts for old advanced fee debt settlement sales operations. Following that article a tipster (send in your tips here) sent me a mandatory disclosure statement from ... Read More »

          Consumer Debt Restructuring 101: What It is and Why You Should Avoid It

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          In my previous article on Debt Restructuring I mentioned it was not a magic solution. So let’s look deeper into what all of this is about. Diving Deeper into Debt Restructuring The minute a debt relief product can’t be easily explained in 30 seconds, the more my radar goes off. That’s exactly what happened when I started looking more closely ... Read More »

            Consumer Debt Restructuring is Not a Magic Solution. Still a Target of Regulators.

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            Just a quick word of advice. Seems like chatter is heating up about something called Debt Restructuring and is being pitched as some cutting edge tool to help people out of debt. Debt Restructuring This press release sent in by a reader caught my eye. Las Vegas (OPENPRESS) July 26, 2011 – The debt settlement industry has been in sort ... Read More »

              Clint Johnson Suspended by Bar. Receiver Appointed. Impacts, Johnson Law Group, Debtwave, CBDC.

              A tipster (send in your tips here) has just sent in documents which show that the State of Florida has not reinstated attorney Clint Johnson. His licensed remains suspended and Leslie Eiserman, CPA was appointed as receiver on July 14, 2011. This may have a significant impact for debt settlement clients that were working with Johnson law Group in Florida ... Read More »

                New Data Shows People Aggressively Paying Off Debt and Using Cards Less

                Less consumer borrowing leads to less debt relief demand.

                TransUnion has released new data that indicates consumers made $72 billion more in payments on their credit cards than purchases between the first quarters of 2009 and 2010. The reason this is newsworthy is because this occurred during a time when it was believed lower credit card debt was being driven primarily by credit card charge offs. “Many people in ... Read More »

                  Debt Eye Tries to be The Automated Debt Relief Solution for All. Swing and a Miss.

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                  When I heard about Debt Eye I perked up. Was this finally going to be the first debt relief company to provide a low cost solutions for people to create their own debt management plan and offer other solutions to get out of debt? If so, this could be a total game changer and would put a lot of debt ... Read More »

                    So Which One Has the Fake Testimonials? CRHELP.com or CreditCardLitigation.org

                    I discover things from all over the place. Sometimes a tipster (send in your tips here) sends me something or sometimes a comment catches my eye. This time is was a comment about CRHELP.com, a legal referral service, having fake testimonials. Sure enough, some of their testimonials are either copied or copies from at least one other site. CRHELP.com describes ... Read More »

                      Legal Debt Pros, What Do You Know?

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                      A reader asked me what I knew about a new debt relief company called Legal Debt Pros. They said: “I really enjoy your site. Do you know anything good or bad about this new DS firm? http://www.legaldebtpros.com/ . Apparently it was started by John Simon who used to own the failed Debt Rescue. Thanks” This one is new to me ... Read More »

                        Steven Vanderhoof Defaults on Settlement for Credit Exchange

                        A tipster (send in your tips here) has just alerted me that Steven Vanderhoof, of The Credit Exchange fame, was just recently sued for non-payment of a settlement agreed to in the Hess Kennedy bankruptcy. Vanderhoof’s lead generation company was sued by the receiver in the Hess Kennedy bankruptcy to claw back money paid for marketing services. Under the terms ... Read More »

                          Ramba Law Group Named in Article the Warns Consumers About Mass Joinder Suits Against Mortgage Lenders

                          housefire

                          For quite some time now I’ve been warning people about the wave of mass joinder suits that are being marketed to consumers. The pitch is simply, you’re bank screwed you and now we are going to make them pay. All you have to do is fork over $5,000 to participate, of which the marketers, who are not lawyers, get the ... Read More »

                            It’s Time to Start Restoring Debt Settlement Into a Larger Debt Relief Industry

                            Debt Settlement Hurtling Towards Regulation

                            We’ve certainly been through a lot over the past few years. We’ve watched the debt settlement industry go absolutely crazy, opportunists invade, regulators need to step in, and now we’ve reached a low. But the good news is, it’s time to rebuild, but wisely. In my talks with state and federal regulators and the CFPB it is clear that debt ... Read More »

                              This Will Scare The Hell Out of You if You Sell Debt Relief Services

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                              During the Debt Relief Master Class I held in Raleigh, NC in July 2011 we had the pleasure to meet with Michael Dye, Esq. who pursues legal action against debt relief companies. Now your initial reaction after watching the video will be intense. You will want to vilify Mr. Dye for the statements he makes and actions he takes against ... Read More »

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