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Debt Relief Industry

Credit Card Charge Off Rates Continue to Fall

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Story out in Collections & Credit Risk is reporting the average consumer credit card default rate has continued it;s decline for most large issuers in May, according to Moody’s Investors Services. All of the top six credit card issuers except JPMorgan Chase & Co. on June 15 reported fewer accounts deemed uncollectible during May, and Chase’s increase was so slight ... Read More »

    CNI – Century Negotiations Wants to Raise My Fees. – Honeylou


    “Dear Steve, I just received a letter from CNI regarding increasing their monthly fees (see attached), is this even possible?. I have been with CNI for 4 yrs and they closed 2 of my smaller accounts. The big debt that I have is still hanging and CNI told me that I need to grow my funds before they can settle ... Read More »

      Shit Law Jobs – Debt Settlement Attorney & Loan Modification Attorney

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      I never knew this site existed ShitLawJobs.com. Funny. A reader and tipster (send in your tips here) wanted me to see the recent job posting for debt settlement attorneys. Enjoy. Debt settlement attorney job in Sacramento We are a small finance firm in Highland Park that purchases packages of charge-off debt, looking to hire an attorney to file cases for ... Read More »

        ReadyForZero Friends Score Big. Congratulations Guys!


        Just heard two fantastic bits of news from my friends over at ReadyForZero.com, the free service to help get out of debt. They have just closed a round of venture funding for $4.5 million that will allow them to take the platform even further. ReadyForZero is a free service that allows people to reduce their debt faster by prioritizing their ... Read More »

          Golden Financial Services Looking For Sales Reps for “Luxury Debt Settlement Program.”

          I’m now getting a bit more worried for sales representatives and marketers that fall into programs promising all sorts of fantabulous claims. Take this ad below that a tipster (send in your tips here) sent in that Golden Financial Services is running. It seems that the advertisement for potential sales representatives is making some very bold claims that could run ... Read More »

            Nationwide Support Services and Legal Helpers Debt Resolution Employee Speaks Out

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            The following guest post was contributed by an employee of Nationwide Support Services that handled Legal Helper Debt Resolution Accounts. They wanted to speak out anonymously to better help consumers understand the realities of the process. Any highlighted text has been added by me to make some key points stand out. If you would like to contribute a guest post, ... Read More »

              Nationwide Support Services Says What? Are Marketers Being Told the Truth?


              A tipster (send in your tips here) sent in the following graphic that was sent out by Nationwide Support Services in an attempt to attract new companies to send them clients. I added the arrows to the image to point out some items that caught my eye. Now it might just be that Nationwide Support Services has some secret sauce ... Read More »

                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.

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                    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 DamonDay.com 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 »

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