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Debt Relief Industry

Lloyd Ward, Lloyd Ward & Associates, Debt RX USA, and Silverleaf Debt Solutions Hit With Employee Suit

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On June 13, 2011 Sabrina Bermudez filed suit against Lloyd Ward, Lloyd Ward & Associates, Debt RX USA, and Silverleaf Debt Solutions. The class action suit alleges the defendants did not pay proper wages for time worked. The suit alleges the following facts. Defendants specialize in selling and/or providing a variety of debt solution products and services, including debt settlement ... Read More »

    Global Client Solutions, Clear Your Debt, Orion Processing, Derin Scott, Shannon Scott and Pradeep Nair Hit With Lawsuit

    On June 17, 2011 the following case was filed, Jalenna Bowie v. Clear Your Debt, Global Client Solutions, Orion Processing, Derin Scott, Shannon Scott, and Pradeep Nair. The case goes after the debt relief providers for violating the Credit Repair Organizations Act, violations of the Ohio debt adjusting statutes, violation of the Ohio Consumer Sales Practices Act, violation of the ... Read More »

      AICCCA Credit Counseling Conference to be Held at the Four Seasons Hotel

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      The Association of Independent Consumer Credit Counseling Agencies (AICCCA) has their annual conference coming up in Washington, DC if anyone wants to attend. It’s July 20-22 at the flippin’ Four Seasons Hotel in D.C. Seriously, charitable dollars are being spent to hold a non-profit meeting at the luxury Four Seasons Hotel? And on top of just the public relations nightmare ... Read More »

        Debt Relief industry Trends, June, 2011 – Credit Counseling, Debt Settlement, Bankruptcy

        Credit Counseling June 2011

        In what has turned into a regular report from this site, here is the next installment in my forecast for the debt relief industry. The extension of consumer credit remains weak. Delinquencies and defaults are dropping and sometimes, as Discover announced recently, to historic lows. Credit Counseling Demand Sources inside credit counseling are reporting continued declines in new debt management ... Read More »

          Consumers Demonstrate Less Need for Debt Relief Services

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          TransUnion just release new data which shows their Credit Risk Index (CRI) continues to decline. The CRI is a forecast tool that shows the likely chances of a consumer not being able to repay their debt. For the first quarter of 2011, the CRI came in at 123.56 – approximately 5 percent lower than the index high of 129.67 (Q4 ... Read More »

            Discover Card Delinquencies Hit Record Low

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            Discover Financial Services (DFS) said the proportion of its customers who are a month late on their credit card payments hit an all-time low during its second quarter, helping more than double the card company’s profit. The record low in credit-card delinquency rates, which the company said covers a 25-year period, highlights the sharp turnaround in the ability of Discover’s ... Read More »

              Dear Credit Counselors, You Are Your Own Worst Enemy.

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              I’m frustrated. For the life of me I can’t understand why credit counseling continues to look at debt settlement as the enemy. The anger and desire to kill the solution seems to be opposite of what a charitable industry should be trying to do. The other day over a delicious Cracker Barrel lunch I was asked which side of the ... Read More »

                Town Hall Meeting With Elizabeth Warren

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                The Maryland Consumer Right Coalition is hosting an upcoming town hall meeting with Elizabeth Warren if you’d like to meet her. Town Hall Event with Elizabeth Warren Please join us next Thursday for a special town hall meeting hosted by Rep. Elijah Cummings and featuring White House Adviser and leading consumer advocate Elizabeth Warren. The meeting will take place: Thursday ... Read More »

                  Allegro Law Still Suing AmeriCorp, Seton and Tim McCallan

                  A tipster (send in your tips here) sent in information with an update to the lawsuit resulting from the Allegro Law bankruptcy filing. For those who might not know, Allegro Law was an attorney model debt settlement company where the lawyers was disbarred and the firm filed a Chapter 7 bankruptcy petition. This suit was filed by the Chapter 7 ... Read More »

                    All Debt Relief – Reader Express Concern and Rightfully So

                    All Debt Relief

                    A reader contacted me to express concern about All Debt Relief. This company chargers fees on credit card in advance and even the settlement funds that will be paid down the road on a credit card and than enrolls that credit card. this may be the worst company ever. I reached out to the company through the email address provided, ... Read More »

                      Sean Zausner, David Zausner, David Feingold Agree to Pay Millions to Settle With FTC

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                      David Feingold of Elimadebt was named as part of a $19 million settlement with the FTC over some of his other business activities. Today the FTC announced that under a settlement with the Federal Trade Commission, a federal court banned three men and their company from the mortgage modification business and ordered them to pay nearly $19 million for consumer ... Read More »

                        Enhanced Servicing Solutions and Thomas Roland Sued by Colorado Attorney General

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                        Enhanced Servicing Solutions and Thomas Roland have been sued by the Colorado Attorney General for offering services to Colorado residents through unregistered debt management services. This appears to be a follow-up action by AG Suthers after he took action recently and sued the Johnson Law Group, which Roland has a controlling role in for offering debt settlement and debt management ... Read More »

                          Former TASC Board Member Charged With Driving Under the Influence in Florida

                          Nicky P

                          I have no idea in the world how readers of this site find these things. They just arrive in my inbox. Here is the latest TMZish scoop of the day. A tipster (send in your tips here) sent in the following mug shot of Nick Passalacqua who was arested and charged with driving under the influence in Florida. Nick is ... Read More »

                            GFS World Law Says You Can Make a Million Dollars a Year Selling Debt Settlement and Tax Resolution

                            A tipster (send in your tips here) sent in this job posting by a company, GFS World Law. It’s important for possible marketing representatives to ask questions before considering such postings. I’m hoping members of the debt relief community can comment on the advertisement below. Is it fair and reasonable to potential applicants? To begin with, GFS World Law claims ... Read More »

                              Credit Card Charge Off Rates Continue to Fall

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                              Story out in Collections & Credit Risk is reporting the average consumer credit card default rate has continued it;s decline for most large issuers in May, according to Moody’s Investors Services. All of the top six credit card issuers except JPMorgan Chase & Co. on June 15 reported fewer accounts deemed uncollectible during May, and Chase’s increase was so slight ... Read More »

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