One issue I’ve always found ironic is that while some debt relief companies attack some of my debt industry articles the debt relief community at large does not help consumers through the GetOutOfDebt.org site. Critical, but not helpful, interesting. I’ve been curious why companies that purport to assist consumers in trouble are not offering advice, and assistance in the comments ... Read More »
So what is the truth about Mogan Drexen? On one hand they claim, as was stated in the recent West Virginia Attorney General suit about them to “merely provide paralegal services to lawyers engaged in debt settlement activities on behalf of clients.” Even their own website says: Morgan Drexen provides integrated legal software and paralegal services to attorneys across America. ... Read More »
The bankruptcy trustee in the Chapter 11 bankruptcy cases involving Safe Trust Financial, P & E Solutions and Vertexsoft Corporation requested an emergency motion on May 19, 2011 to seize the companies and convert the bankruptcy filings to a terminal Chapter 7 case. Unfortunately this almost guarantees the clients of those debt relief companies, as creditors’, will receive little in ... Read More »
Century Negotiations, David Leuthold, Freedom Debt Relief, Fast Track Debt Relief and Debt Shield all Named in Class Action
On May 24, 2011 a State of Washington class action case was moved to federal court by Fast Track Debt Relief. The case, Rule v. Century Negotiations, David Leuthold, Freedom Debt Relief, Fast Track Debt Relief and Debt Shield was filed by Paul Lawrence of Pacifica Law Group in Seattle, Washington and Richard Epstein, Esq. of Greenspoon Marder. It looks ... Read More »
I’m fortunate enough to have been selected as an alpha tester for the new debt relief software by USDR. Granted it’s early days on the rollout but I had to share with you what I’ve seen so far. There are still more modules to implement but the software makes it VERY easy for any debt relief company to track a ... Read More »
The FTC has settled two actions that charged marketers with deceptively claiming they could reduce consumers’ credit card interest rates. Both operations allegedly made deceptive telemarketing calls, called consumers on the Do Not Call Registry, and used illegal robocalls. The settlements will ban all of the defendants from selling debt relief services. Advanced Management Services The FTC charged that Advanced ... Read More »
Veritas Assurance Group Announces Full Legal Protection to All Consumers in Any Debt Settlement Program. No Need for an Attorney Debt Settlement Company Anymore.
This is finally public and it might be a great asset to all performance based debt settlement companies that would like to provide legal protection to their clients. It’s a big advantage for consumers since they can now get access to legal protection while in a debt settlement plan without having to pay an attorney firm all those advanced fees ... Read More »
A tipster (send in your tips here) sent in a notice about an even that happened earlier this year but the story struck me so much I wanted to share it with you anyway. It’s a good example of what happens to lawyers who lose control of their professional ethics and allow the sale to become more important than their ... Read More »
A couple of articles today painted an interesting picture of the challenges credit counselors are facing and the declining demand for their services. According to the National Foundation for Credit Counseling (NFCC), the number of consumers seeking help has dropped twenty percent from 2009 to 2010. This has NFCC scratching their head especially when the CARD Act required lenders to ... Read More »
Today I received and email from a reader and tipster (send in your tips here) who wanted more information about Florida Debt Resolve. It seems the reader had noticed a press release sent out today by Florida Debt Resolve regarding their iPhone app. In an effort to serve their clients more effectively and efficiently, Florida Debt Resolve has launched a ... Read More »
Poor old United Financial System out of Florida. Looks like they promised to make client refunds in Wisconsin, did not meet the deadlines and Wisconsin closed them down. – Source Fidelity Debt Solutions out of San Diego got shut down in Wisconsin as well for operating without a debt adjustment license. It appears Fidelity Debt Solutions was given notice of ... Read More »
Is The Creditor Treated Fairly When People Can’t Pay Their Bills? Are Consumers Stupid When It Comes to Their Debt?
The following material was sent to me to share with you by Kevin. I was a debt collector for a dozen years-and have worked in the debt settlement industry for the past 4-5 years. I come from a completely different perspective about “debt” than most people. First-I used to be a collector–having worked in the collection industry for about a ... Read More »
Another reinforcement to the unfortunate trend of negative signs that are impacting the demand for debt relief services has emerged. According to Collections & Credit Risk, bad debt buyers are finding it harder to purchase debt as the supply of bad debt shrinks. A more limited supply is driving up costs for debt buyers just as shrinking levels on consumer ... Read More »
NuHavens Refuses to Give Refund 80 Year Old for Debt Relief Services Never Delivered. Winds Up on TV,
A tipster (send in your tips here) sent in a link to a story by WTKR about a debt relief company called NuHavens who labels themselves as consumer advocates. It sure does not appear to be much advocacy going on here. According to WTKR, 80 year old Brigitte Musial paid NuHavens to negotiate her debt. Things did not work out ... Read More »
Details on Mogran Drexen Lawsuit by West Virginia AG. Allegedly Unlicensed, Unfair, and Unrefunding.
I’ve received copies of the complaint and atachments of the lawsuit filed on Friday, May 20,2011, by the West Virginia Attorney General against Morgan Drexen Vincent Howard, Damian Nassiri, Lawrence Williamson, Rachelle McIntyre-Nicholson, Walter Ledda personally and as CEO of Morgan Drexen. What follows will be details from the suit filed. Morgan Drexen Complaint Morgan Drexen is not authorized to ... Read More »