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Debt Relief Industry

Consumer Credit Counseling Service – CredAbility, Lays Off 70

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A tipster (send in your tips here) just sent this in and pointed out the news yesterday in the Atlanta Journal-Constitution that said the non-profit credit counseling group CredAbility has laid off 70 employees due to a reduction in funding and consumer demand for debt relief services. CredAbility grew with the economic collapse. In 2007, it had 270 workers and ... Read More »

    Legal Helpers Debt Resolution Slapped with Class Action Case in North Carolina. Local Attorney Said to Be Just a Front.


    This case is so fresh I’m not sure if Legal Helpers Debt Resolution even knows about it yet. On June 9, 2011 Stewart v. Legal Helpers Debt Resolution, Macey, Aleman, Hyslip & Searns, CDS Client Services, Jeffrey Hyslip, and Linda Carol was filed. The suit alleges the Legal Helpers Debt Resolution (“LHDR”) holds itself out as a law firm that ... Read More »

      Morgan Drexen Sued in Virginia. Called Parasitic. Allegedly Violated Credit Counseling Act.

      MD Fees

      A state court case against Morgan Drexen has just been moved to federal court. This case is Jenny Sykes v Morgan Drexen. The suit alleges Morgan Drexen is in violation of the Virginia Credit Counseling Act by not being licensed in Virignia to offer services in compliance with the act. The suit names Walter Ledda as CEO and says he ... Read More »

        In Ohio If You Are Working With a Credit Counselor You Can’t Be Garnished

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        And here is one of those little odd facts that appears from time to time that I never knew. Yes, I still learn new stuff frequently as well. The Ohio statute 2716.03 Commencing proceeding for garnishment of personal earnings says: No proceeding in garnishment of personal earnings shall be brought against a judgment debtor for the collection of a debt ... Read More »

          Canadian Debt Relief Company: Top Five Reasons to Avoid American Debt Settlement Companies

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          Thanks to a great tipster (send in your tips here) I found out about an article published by Total Debt Freedom in Canada. The blog post warns readers to avoid American companies that are headed into Canada to sell debt relief services. Here are the five reasons: Canadian creditors sue more often than American creditors. American debt settlers have little ... Read More »

            Fed Reports Consumer Debt Levels Rise


            The latest Federal Reserve Consumer Credit release is out and while consumer debt levels increased at an annual rate of 3 percent in the last reported month, April, the bad news is that the rise is fueled by non-revolving student loans, auto loans, etc. Revolving debt continued it’s fall but at a slower pace of an annual rate of negative ... Read More »

              Debt Settlement Offer – Exclusive Discounts From Top Debt Settlement Programs

              The following guest post was contributed by Damon Day from If you would like to contribute a guest post, click here. Debt Settlement Offers That Can Save You Big Money Of the many helpful services I offer to consumers, the Exclusive Debt Settlement Offers and Discounts that I can provide is one of the favorites among my clients. To ... Read More »

                Credit Counseling Groups Laying Off Staff. Even the NFCC HQ Had a Recent Layoff.

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                A story out today in Collections & Credit Risk highlights some of the issues facing credit counseling groups now with decreased demand by consumers. “Consumers have resolved their credit card problems to such an extent over the past year that nonprofit credit-counseling firms are noticing a significant decline in demand for their services, resulting in layoffs at some firms.” “The ... Read More »

                  Law Firm Makes it Part of Their Practice to Go After Debt Relief Companies

                  Legal Assistance Center

                  A tipster (send in your tips here) sent me the link for the Legal Assistance Center in Florida that now has a defined part of their practice to go after what they call, “credit scams.” The page describing this part of their practice says: Many debt relief and loan modification companies simply charge large upfront fees with promises that are ... Read More »

                    Why It Makes Sense to Consider Debt Settlement for Second Mortgages and HELOCs

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                    The debt settlement strategy has generally been limited to negotiation of unsecured debt accounts like credit card debt, store charge cards, personal loans, and medical bills. With secured debts, there is always collateral at stake, in the form of property like a home or vehicle. Given the right of secured creditors to foreclose or repossess property, it didn’t make much ... Read More »

                      Credit Counseling Warned About Surviving The Next Couple of Years

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                      I’ve been saying that the debt relief space is in a difficult spot right now. And I’ve provided warnings to all members of the debt relief community. Some have trounced me for being too “negative” in what I see just ahead. But recently Jeff Tenenbaum gave a presentation at the recent credit counseling meetings of ACCPros. Here is what he ... Read More »

                        Red & Green State Update – June 2, 2011

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                        Statutory and regulatory compliance has always created challenges for any industry as they have created uncertainty and complexity in organizations strategic plans. Debt relief providers constantly have to navigate compliance issues, especially for companies that operate in multiple states. As the TSR has now aged 6 months and states continue to move forward with pending legislation that is even more ... Read More »

                          Practical Debt Relief, Let’s Play Do They Comply

                          A tipster (send in your tips here) and reader sent in an email and thought we should play another round of Do They Comply with the website of Practical Debt Relief. For those new to the game, Do They Comply is where debt relief professionals review the online marketing of a company and provide comment about if the advertising is ... Read More »

                            Elimadebt Player Comes Back Around in FTC Settlement With First Universal Lending

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                            David Feingold, a lawyer out of Florida, who I first reported about in relation to Elimadebt, has surfaced again as part of a reported FTC $18.8 million settlement regarding his actions in the loan modification business. The Balm Beach Post is reporting that David J. Feingold, Sean Zauser, and David Zauser have agreed to pay back $18.8 million which will ... Read More »

                              Johnson Law Group Florida Gets Permission to Make Client Payments Under Supervision

                              The Florida Bar had recently gone after attorney Clint Johnson of the Johnson Law Group for irregularities in his law firm trust account. In fact Attorney Johnson had his law license suspended. You can catch up by reading this article. When I wrote that last article the court still had a freeze on all of Johnson’s trust accounts, including those ... Read More »

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