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Debt Relief Industry

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 »

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

            Ready to Collapse

            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

                Ready to Collapse

                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

                    Ready to Collapse

                    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

                      Ready to Collapse

                      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 »

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