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Debt Relief Industry

Decline in Open Credit Card Accounts Helps to Show Why There is a Reduced Demand for Debt Relief Services

Open Accounts

A reader and tipster (send in your tips here) sent in a link that led me to the most recent Federal Reserve Bank of New York report showing the number of open credit card accounts. These are the types of accounts that are most addressed by debt relief providers. The data seems to support the statement made to me recently ... Read More »

    Washington Nails Global Client Solutions as a Debt Adjuster. Game Changer.

    Yesterday the Supreme Court of Washington issued an opinion in the Carlsen v. Global Client Solutions case in Washington State. You can read more about that case here and here. At the heart of the case that continued to the Supreme Court of Washington was the matter if Global Client Solutions was culpable as a debt adjuster even though they ... Read More »

      TASC American Fair Credit Council Lay Out The New Branding Attempt

      TASC1

      A tipster (send in your tips here) sent in the following presentation. Below you will find the rebranding presentation that was sent out by TASC along with their open letter announcing their new name of AFCC. The new buzzwords are NAFDS (“No Advance Fee Debt Settlement”), they need us, we are consumer advocates, and “Our program is a commitment, there ... Read More »

        TASC / American Fair Credit Council Say They Are The Only Ones With Credibility

        A tipster (send in your tips here) sent in the following letter from TASC. May 12, 2011 AN OPEN LETTER FROM THE TASC BOARD OF DIRECTORS: We’d like to extend an enormous “thank you” to the more than 170 attendees at the “2011 Mission Possible” TASC Industry Conference.  The event was successful beyond our expectations and everyone left with a renewed ... Read More »

          Chase and Citibank Said to be Refusing Escrow Company Payments on Debt Settlements

          Ready to Collapse

          I just heard from the CEO of a debt settlement company that said his third-party escrow company is getting flooded with refused settlement payments sent from the escrow company to Citibank and Chase. The CEO said he’s had client payments refused in just the past couple of days. These settlements were with law offices and third party collectors on behalf ... Read More »

            Mitchell Stein’s Attorney Threatens Me to NOT Release the Documents

            Ready to Collapse

            Over the past few days I had received some documents from individuals that claimed to work with/for Mitchell Stein in his efforts to pursue mass joinder lawsuits. Particularly damaging in the documentation was information that could be perceived as an inducement by others that are blogging and promoting Stein in his efforts. In an effort to verify the documentation I ... Read More »

              Hope Financial Group Get Kicked Out of Wisconsin But Ordered to Refund All Residents.

              On May 9, 2011 the State of Wisconsin sent a letter to Hope Financial Group of Orange Park, Florida letting them know they were no longer welcome in Wisconsin. Apparently this is just another one of those efforts of state licensing people reaching out to debt adjustment services following a complaint and then taking action. According to the State of ... Read More »

                Word on the Street on the Future of Debt Relief

                Ready to Collapse

                The following guest post was contributed by Angelo Anzalone of Active Debt Solutions. If you would like to contribute a guest post, click here. Success based debt Settlement, the Attorney Model, Non Profit CCC’s and DMP’s, Do it yourself kits, Debt Validation, Debt Elimination, Bankruptcy – the list of available options seems endless and although we can argue all day ... Read More »

                  Moody’s Releases News on Debt Relief Customer Pool

                  Ready to Collapse

                  I would love t be a blind cheerleader for the legitimate players in the debt relief world that are helping consumers and doing it the right way. The news remains worrisome though. And when I have good news to report on the forecast for debt relief services you better believe I will share it with you. In the past few ... Read More »

                    Ridiculous Debt Relief Mailer – Avoid Credit Card Responsibility and Disclosure Act of 2011.

                    CCARDA 2011

                    Thanks to another wonderful tipster (send in your tips here), here is another version of the sudden wave of misleading and deceptive debt relief mailers that are being sent out. This one is titled the Credit Card Responsibility and Disclosure Act of 2011. What is blazingly stupid is that in the very first sentence it refers to the Credit Card ... Read More »

                      Trials and Tribulations of Running a Legitimate Debt Settlement Company in Today’s Environment

                      nera_website_32

                      The following guest post was contributed by Alex Vieco of New Era Debt Solutions. Alex is an experienced debt settlement company executive and his company is a member of the AACC that works hard to create fair and balanced solutions for consumers with debt issues. If you would like to contribute a guest post, click here. I was recently asked ... Read More »

                        Credit Card Accountability Responsibility and Disclosure Act of 2011 Mailer – It’s Total BS

                        Thanks to some pretty awesome tipster (send in your tips here)s the flood of fake, misleading and deceptive mailers has been coming in fast. The latest is the Credit Card Accountability Responsibility and Disclosure Act of 2011 mailer that tells consumers they need a Forensic Mitigation Program. For those of us who deal with the consumers and debt even the ... Read More »

                          Solid Ground Financial Hit With Washington State Class Action Suit

                          The Scott Law Group out of Spokane has filed a class action lawsuit against Solid Ground Financial, David Smith, Scott Haick, Rubin McEachron, JIO Reserves, and Stephen Detta. The claim is that the Defendants engaged in a uniform conspiratorial and predatory scheme to enrich themselves at the expense of financially strapped Washington families by violating Washington statutes designed to protect ... Read More »

                            Tipster Sends in Postcard Pitch. Do You Think It’s a Good Idea?

                            marketing postcard

                            A tipster (send in your tips here) just sent in an mailer they got from a marketing firm that wanted to target people in their area that are 60 days late on their mortgage, have late credit card payments, lawsuits, or judgments. Does anyone think it’s a smart move to contact these people using the postcards shown below? Is anyone ... Read More »

                              Deceptive Debt Relief Flyers Being Sent Out. Beware!

                              16-CCHP

                              For some reason there has been a resurrection of a previously sent debt settlement flyer. The flyer makes all sorts of promises about magical debt reduction but it certainly appears to be nothing more than a shining example of the type of debt relief marketing material that was made illegal under the FTC telemarketing sales rules. This particular mailer is ... Read More »

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