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Debt Relief Industry

The Importance of Data Transparency When Working With Credit Counseling and Debt Settlement Regulators and Lawmakers

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Recently Christoper Viale, the president and CEO of Cambridge Credit Counseling, and I had a chance to talk about a number of issues that are important in the debt relief world today. You can read the full transcript of our conversation below. Some of the highlights are: Coming forward with actual credit counseling performance data was not embraced with open ... Read More »

    Johnson Law Group Sued by Colorado AG for Debt Settlement Without a License

    Colorado Attorney John Suthers has sued Florida based Johnson Law Group and attorney Clint Johnson for offering debt relief services in Colorado without holding a debt management license. It appears the attorney exemption just plain did not work for Johnson. This must have been one of the active investigations AG Suthers mentioned when I interviewed him at the recent National ... Read More »

      I Am a Former Debt Settlement Salesperson and Have Questions About the FTC Regulations

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      “Dear Steve, I am a former sales person for several debt settlement companies-and have questions about FTC regulation. Please DO NOT identify me by name or email on your site-I have many friends still working for this one company. FTC regulation forbids deception-would enticing a lead to sign an enrollment application by saying “I got our managers to reduce our ... Read More »

        Reliant Account Management – RAM Servicing. Anybody Used Them? Review.

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        I was recently brought to my attention that Reliant Account Management is operating as a third party escrow company for debt settlement. Frankly I don’t know anything about them and I was curious if anyone has had an experience with the company you’d like to share. Here is what I do know about the company: Reliant Account Management, LLC has ... Read More »

          USDR Comes Out to Publicly Support 15% Success Fee Cap for Debt Settlement in California

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          Here is a copy of testimony that was presented in California today to support a debt settlement fee cap at 15% of savings. Get Out of Debt Guy – Twitter, G+, Facebook Need More Help? 20 April 2011 The Honorable Ellen Corbett
Senate JUDICIARY COMMITTEE 
 State Capitol, Room 2187 
Sacramento, CA 95814  RE: SB 708 (Corbett) – Support Dear Senator ... Read More »

            CareOne for California SB 708 Debt Settlement Services Act With Modifications

            SB708CareOne-1

            I was communicating with Mike Croxson, president of CareOne, who shared his written testimony with me regarding his view of the new proposed California SB 708 Debt Settlement Services Act. His testimony stated the fee level set by SB 708 as a 15% of savings success fee was too low; consumers that contact CareOne broke down as 48% candidates for ... Read More »

              Debt Settlement Business Consultant Willing to Help Debt Settlement Companies for Free

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              Scott Johnson, a guy that has a great analytical mind when it comes to running a debt settlement company, has agreed to field questions and provide free advice for debt settlement companies that are looking for tips and ideas on running a debt settlement company. This is a great opportunity to ask a professional in the trenches for advice on ... Read More »

                Looking Forward and Planning How to Run a Successful Debt Relief Company

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                The following guest post was contributed by Scott Johnson. Scott Johnson, CEO of US Debt Resolve & USDRINC. Scott has testified at both the state and federal level, participating as a panelist for the FTC debt settlement workshop in 2008 and TSR 2009. If you would like to contribute a guest post, click here. 2012 & The 5 Year Business ... Read More »

                  Consolidated Litigation Support Group, Just Another Player in the Mass Joinder Mess

                  A tipster (send in your tips here) sent me in the documents they received after contacting a sales representative from a mailer they received. For those not familiar with Consolidated Litigation Support Group, they appeared to surface after attorney Phillip Kramer did not renew his agreement with Mass Litigation Alliance. As of March 31, 2011, contracts between Mass Litigation Alliance ... Read More »

                    NFCC and CCCS Should be Open and Transparent When It Comes to Performance

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                    For far too long credit counseling groups have remained silent about how their service actually performs. Many routinely direct consumers to nonprofit credit counselors but how effective are they? The actual performance numbers have always been a closely guarded secret. That secret has been held, not out of modesty, but out of fear that when it was reveled, fans and ... Read More »

                      Center for Responsible Lending Says 15% Success Fee for Debt Settlement Should Be the Norm

                      CRL Chart on DS Fees

                      The Center for Responsible Lending submitted testimony last month to the Uniform Law Commission asking them to reconsider 30% success fee caps for debt settlement services under the soon to be modified Uniform Debt Management Services Act (UDMSA) Currently the fee allowed to be charged is 30% of the amount saved by the consumer, between the original enrolled balance and ... Read More »

                        Latest Search Data Still Shows Falling Demand for Debt Relief Services

                        Debt Settlement Search April 2011

                        A look at updated search trend data still is showing an across the board decrease in consumer generated searches for debt relief services. This post will show both historical and twelve months charts. Debt Settlement Credit Counseling Debt Consolidation Unfortunately the consumer demand for debt relief services, as gauged by proactive consumer searching continues to reflect a continued downward trend. ... Read More »

                          Reader Wants to Know Why Christian Credit Counseling Center is Pushing Chase Bank Call to Action Program

                          Christian Credit Counseling

                          A tipster (send in your tips here) sent in a comment that caught my attention: I found this interesting. it strikes a nerve to me as a bit abusive of CTA programs. Check out this company’s facebook blog. They actually solicit Chase account holders with the Call to Action carrot before even knowing who they are or if they qualify. ... Read More »

                            Lawyer Accuses Legal Helpers Debt Resolution of Fee Splitting with Non-Attorneys and Committing Fraud

                            LHDR Grievance 1

                            For some reason I am suddenly getting flooded with information regarding Legal Helpers Debt Resolution. Here is what just arrived. A tipster (send in your tips here) forwarded me a copy of a recent filing by Geraci Law in Chicago, Illinois that has filed a grievance with the office of lawyer regulation in Wisconsin. The grievance is against William K. ... Read More »

                              “Gullible Americans” Targeted by Canadian Call Center for Debt Settlement Services

                              Not too long ago I wrote about two companies, EMA Nationwide and New Life Financial Solutions. It appeared that the call center for these companies was actually located in Montreal, Canada. New Life Solutions was recruiting new sales representatives to sell consumers a service that would charge them thousands of dollars to evaluate their financial situation and then refer them ... Read More »

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