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Debt Relief Industry

FTC to FCC: Sellers Responsible for Outside Telemarketers

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In a statement made by the FTC to the FCC, the point that end providers are responsible for what outside telemarketers and agents say was reinforced. This is a very important point to keep in mind if you are using a call room or an outside sales force and you are not monitoring what they are telling consumers. A sales ... Read More »

    Debt Settlement Attorney Wants to Know if Debt Settlement Companies Suffer From a Fundamental Flaw

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    I received the following communication from a Greg Fitzgerald, debt settlement attorney who raised some excellent questions regarding the fiduciary duty and responsibility of debt settlement companies and the issues surrounds the unauthorized practice of law. I think he has raised some good thought provoking questions and I’d love for readers to weigh in by posting feedback in the comments ... Read More »

      Roni Deutch, the “Tax Lady” Closes Firm in Face of Jail Time

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      Roni Deutch, the tax lawyers who we’ve seen advertising on television for years, has decided to surrender her law license and close her tax practice. She is claiming she is totally broke in the face of the charges filed against her for ripping off consumers with fees for services never delivered. A Sacramento Superior Court judge in April froze her ... Read More »

        Consumerwiz of Connecticut and National Spending & Credit Counseling Center Lose Nonprofit IRS Status

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        On April 4, 2011 the IRS revoked the nonprofit status of National Spending & Credit Counseling Center of Spring Valley, CA and Consumerwiz of Connecticut, Inc. of Groton, CT. This information was just published on their website. I can always use your help. If you have a tip or information you want to share, you can get it to me ... Read More »

          Washington Supreme Court Issues Important Unanimous Opinion Impacting Debt Settlement Companies that Target Washington Consumers

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          I received the following press release regarding the Global Client Solutions case I wrote about previously here. The Washington State Supreme Court issued Thursday an important opinion impacting “debt settlement” companies that ubiquitously promote their “debt settlement” services to heavily indebted Washington consumers through late night television advertising, unsolicited phone calls, Internet communications, and junk mail. In the matter of ... Read More »

            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

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                    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

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                      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

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                          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

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                            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 »

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