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Debt Relief Industry

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 »

                    CCCS Now Offered by IAPDA as an Additional Certification

                    A tipster (send in your tips here) told me that the International Association of Professional Debt Arbitrators is now offering a competency certification called the Certified Credit Counseling Specialist (CCCS). This new training module is available to current members for no additional cost. We have also evolved by offering a complete debt relief education to our members and a second ... Read More »

                      Does Credit Counseling Have a Fiduciary Duty to Mention Ethical Debt Settlement to Consumers?

                      Fiduciary

                      Yesterday a commenter on my article Dear Credit Counselors, You Are Your Own Worst Enemy made a very interesting comment that raises a number of questions. The comments had been flowing between what appeared to be people from credit counseling and debt settlement when the issue was raised that credit counseling groups should have a fiduciary duty to the people ... Read More »

                        American Consumer Credit Counseling Makes Some Interesting Marketing Claims

                        Consumer Credit Counseling and Debt Consolidation Services from American Consumer Credit Counseling (20110627)

                        A reader and tipster (send in your tips here) sent in some concern about the American Consumer Credit Counseling website that they wanted us to see. In light of the Federal Trade Commission Telemarketing Sales Rules that prohibit a number of misleading advertising practices, it is surprising that American Consumer Credit Counseling is making the following statements on their landing ... Read More »

                          Morgan Drexen Virginia Lawsuit Update

                          Recently I covered a lawsuit filed against Morgan Drexen in Virginia, Morgan Drexen Sued in Virginia. Called Parasitic. Allegedly Violated Credit Counseling Act., Sykes v. Morgan Drexen 2:11-cv-00024-JPJ -PMS. Morgan Drexen had responded and said the case should be tossed out. But in the response by the Plaintiff’s attorney I spotted an interesting development way back in the pages of ... Read More »

                            EFA Processing, New Leaf Debt, Neil Ruther and Consumer Law Associates Sued in Kansas

                            Thanks to great readers and tipster (send in your tips here)s I just found out about Hays v. Consumer Law Associates, Neil Ruther, New Leaf Debt and EFA Processing. The suit goes after the defendants for violations of the Kansas Credit Services Organization Act, Kansas Consumer Protection Act, and conspiracy. The suit alleges the following facts. On September 23, 2009, ... Read More »

                              BBB Concerned Over Questionable Morgan Drexen Television Commercial

                              Back in May I wrote about a Morgan Drexen television commercial that caught my eye. See Morgan Drexen Running TV Commercial for Debt Settlement Clients. Says It Is Exempt from FTC Rules. Well a tipster (send in your tips here) just brought to my attention that the BBB evidently took exception to the same or a similar commercial. The BBB ... Read More »

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