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Debt Relief Industry

Nonprofit Credit Counselors Now Paying People to Join Debt Management Plan

gI_103987_0_creditcounseling01

A New Horizon Credit Counseling Services has engaged in a new approach to landing consumers for their debt management program, pay them. According to A New Horizon Credit Counseling Service they will enroll consumers into their debt management plan for free and give them $100 for joining. A New Horizon Credit Counseling Service calls this program their Win-Win Program. Clearly ... Read More »

    Practical Debt Relief Mentioned in Confusing Press Release

    A reader and tipster (send in your tips here) sent me the link to a rather confusing press release about Practical Debt Relief. The release, which looks like it was put out by their SEO vendor, makes it appear Practical Debt Relief is a lead generator rather than a debt relief provider. Furthermore, eBrandz’ services gave a massive fillip to ... Read More »

      Congres Gets One Last Chance to Poke CFPB Before it Opens for Business

      Ready to Collapse

      I don’t think there can be any dispute that the GOP has fought the existence of the CFPB and tried a number of approaches to defang it or try to make it go away. This Thursday, Elizabeth Warren, appears again in front of the House Oversight Committee and will most likely face one last round of aggressive questioning before the ... Read More »

        Is Canada Credit Fix Full of It?

        A company in Canada is bragging that their credit repair and debt settlement business is going so great they just passed on a $223 million offer to buy them. Canada Credit Fix’s President Sheldon Wolf shrugged off a 223 million dollar offering to buy out their Canadian credit repair and debt settlement company. A spokesman for Canada Credit Fix did ... Read More »

          CFPB is Looking for Public Comments on Debt Relief Industry

          CFPB-1801

          Last week I had the pleasure of visiting the Consumer Finance Protection Bureau (CFPB) in Washington, DC. to meet with staff and attend a planning session. Elizabeth Warren started the meeting with an introduction and left the meeting in the capable and good hands of Peggy Twohig and Alice Hrdy, both who supervised debt relief issues over at the FTC, ... Read More »

            Disbarred Debt Settlement Attorney Charged With Selling Illegal Machine Guns

            Richard Brennan

            In case anyone wants to know what apparently happens with former debt settlement attorneys that get caught for doing bad things, Richard Brennan, can be the poster child. Brennan who has been in the debt relief industry for a while, and worked for both nonprofit credit counseling groups and his own law firm, had reached a settlement with the Maryland ... Read More »

              Consumers Loading Up on Credit in May But Watch Out

              chart

              Yesterday I published Revolving Debt Increases in May. Is This a Good Sign? and then a reader sent me a tipster (send in your tips here) message and pointed out an article The American Consumer May Now Be Maxed Out. The article draws the conclusion that: “We contend, in our original report on this series, “Retail Sales as Echoes of ... Read More »

                Revolving Debt Increases in May. Is This a Good Sign?

                DDPChart

                The Federal Reserve G19 report is out for May and it shows an uptick in revolving consumer debt. On an annual basis the amount of outstanding unsecured consumer debt rose at a 5.1 percent annual rate. Moving up from $789.8 billion to $793.1 billion. I’ve said for a long time to watch for an uptick in G19 revolving credit as ... Read More »

                  American Debt Services, Quality Support Services, Global Client Solutions in California Class Action

                  On June 29, 2011 a class action case in California was filed against American Debt Services, Quality Support Services, Global Client Solutions, and Rocky Mountain Bank & Trust. The case alleges a now common scheme of evading state state laws regarding debt adjusters or proraters. The complaint says that California consumers were induced by promises provided by American Debt Services ... Read More »

                    Mortgage Elimination Program Lands Debt Relief Provider in Jail for 12 Years

                    Linda Sadr, 52, of Manassas, Va., was sentenced a couple of weeks ago to 144 months in prison, followed by three years of supervised release, for her role in a “mortgage elimination” scheme that caused more than $11 million in losses. Sadr was charged with two counts of mail fraud, three counts of wire fraud, and two counts of unlawful ... Read More »

                      Debt Help Angel Network. Free Help For People in Trouble From Friends.

                      PeterM_Angel_wings_3

                      Recently I asked a bunch of debt relief company friends if they would be willing to help me to help others by donating their time. The premise was simple. If I have readers that need help for a bad situation would you be willing to help them for free if I send them to you for VIP help? I was ... Read More »

                        AFCC -35, TASC – 41. Lost in Translation? Bermuda Triangle of Debt?

                        A reader sent in an interesting question. They wanted to know why if TASC (The Association of Settlement Companies) changed their name to AFCC (American Fair Credit Council) then why did TASC report having 41 members and AFCC only reports 35. – Source Good question. What’s interesting about the AFCC membership list is that it is broken into accredited members ... Read More »

                          I Love the Debt Relief Industry But Why It’s Hard to Say Good Things

                          Debt Block

                          It’s time I address a repeating criticism of this site. The claim is frequently made that somehow I am against the debt relief industry or I target it for bad publicity. The reality is nothing could be further from the truth than those statements or beliefs. “But Steve, all you say are bad things.” Well that’s not quite true. I’m ... Read More »

                            Cambridge Credit Counseling Releases Latest Performance Report

                            Loss of Income

                            Cambridge credit counseling has release it’s latest performance report showing the effectiveness of their program. This group was the very first credit counseling organization to actually release information that described the effectiveness of the credit counseling solution in order for consumer to make a good informed decision before joining. Cambridge believes that the unfiltered reporting of performance and satisfaction data ... Read More »

                              Tax Defense Network Former VP – Mugshot

                              Dwayne Harmon

                              A tipster (send in your tips here) is checking in today with an update regarding the Tax Defense Network that I previously wrote about in Tax Defense Network and Interesting Past Worth Knowing. According to news reports, Dwayne Harmon, 42, former Vice President of Marketing for Jacksonville-based Tax Defense Network, was charged with four felonies: organized fraud of $50,000 or ... Read More »

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