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Debt Relief Industry

Morgan Drexen Skewered by The Center for Public Integrity

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Shirley Gao from The Center for Public Integrity just posted a look at the activities of Morgan Drexen in the case of retired schoolteacher Mary Linville from West Virginia. Linville had engaged Morgan Drexen to provide her with debt settlement services and wound up sued by one of her creditors. The West Virigina Attorney General later filed suit against Morgan ... Read More »

    Debt Relief USA Owners to Personally Pay Millions in Court Award

    I don’t think the former corporate directors of Debt Relief USA will soon forget July 15, 2011. On that day a State of Washington court awarded a class action award of $1.5 million against the directors of a now defunct and bankrupt debt settlement company. James Wojcik, Kelly Reilly, and Alvin Bell will have to personally pony up this big ... Read More »

      Default Rates Continue to Fall at Credit Card Issuers

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      Reports just out from five of the six top credit card issuers showed that default rates on accounts fell in June. Of the banks reporting, Bank of America showed the biggest reduction in default rates with Chase Bank, Discover reporting very noticeable declines. Just recently Discover said their default rate was at the lowest ever in their history. According to ... Read More »

        Morgan Drexen and Walter Ledda, Sued in Ohio

        A tipster (send in your tips here) just brought this suit to my attention.Sharonetta Jones v. Morgan Drexen and Walter Ledda (2:11-cv-00542-GLF-TPK). It reminds of another similar lawsuit in Virginia. The case in Ohio alleges Morgan Drexen and Walter Ledda violated the Debt Adjustment Companies Act, the Credit Services Organization Act, Credit Repair Organizations Act, and Ohio Consumer Sales Practices ... Read More »

          Is Clear Blue Debt Solutions and Synergy Debt Group in Canada Really Run by Tim McCallan and Americorp?

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          A tipster (send in your tips here) sent me in some information that showed members of AmeriCorp and Intermark Media. You can click on the images below for a bigger view. Pictured (l-r), Back row: Americorp, Ed D’Rozario, Intermark, Joe Hogya, Intermark, Wil Schmidt, Americorp, Ryan Gallagher. Second row; Intermark, Joanna Thalassinos, Intermark, Stefanie Favicchio, Americorp, Maria Napolitano, Americorp, Kathryn ... Read More »

            CFPB Still Moving Ahead. Enforcement and Supervision Imminent.

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            Yesterday was the last Congressional hearing I’m aware of prior to the July 21, official launch date for the Consumer Financial Protection Bureau (CFPB). There was tension that House Republicans would roll back the scope and authority of the new CFPB even before it actually began but from reports of the hearing, the gutting of the agency did not occur. ... Read More »

              Philip Kramer, Kramer & Kaslow, and Attorney Processing Center Sued in California

              Jay Bird Check

              A wonderful tipster (send in your tips here) forwarded to me a lawsuit against Philip Kramer, Kramer & Kaslow, and Attorney Processing Center by Jeff Yarchever and Jay Bird, LLC. The suit was filed on June 10, 2011. The suit alleges that in December 2010, Yarchever was approached by Lance Cutsforth to help him find a solution for his pending ... Read More »

                Debt Relief Master Class – “How to Survive, Thrive & Arrive in the New Debt Relief World”

                Following up on the enormous success of the Rally in Raleigh I held for members of the debt relief industry, this time I’m rolling out an even more extensive class for debt relief companies to help them find a way forward in a compliant way with help and advice from inside the industry and from regulators. Phil Lehman, Esq. from ... Read More »

                  U.S. Debt Relief Providers Targeting Canada and Canadian Debtors

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                  A Canadian trade association reached out to me to let me know what they are seeing from across the boarder. And it sure does not look like the face of America we want to portray. Since I have not had an opportunity to verify the details related to the documents given to me, I’m going to remove the specific company ... Read More »

                    Credit Counseling Against Registration of Debt Relief Providers? Huh?

                    In what is another of the ultimate ironies of nonprofit charitable credit counseling, it appears that at least two trade associations feel nonprofit credit counselors should not have to participate in any national registration of debt relief companies with the Consumer Financial Protection Bureau. I must admit, the position against CFPB registration stumps me and seems anti-counsumer at face value. ... Read More »

                      Nonprofit Credit Counselors Now Paying People to Join Debt Management Plan

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                      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

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                          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

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                              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 »

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