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Debt Relief Industry

FTC Goes After Credit Repair and Debt Relief Provider and Files Civil Contempt Charges

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The Federal Trade Commission has filed contempt charges against a promoter of credit repair and debt relief services and three of his companies, alleging that they continued their deceptive marketing practices in violation of a federal court order. The FTC charged that the defendants tried to take advantage of financially strapped consumers by falsely telling them that almost anyone can ... Read More »

    TASC Back At It Again. Fighting Back Against Delaware HB 72 With Fiction.

    TASC CCA DS Fees

    A tipster (send in your tips here) forwarded me a copy of the April 6, 2011 correspondence by The Association of Settlement Companies (TASC) on the proposed amendment of the Delaware code relating to debt management services. The Delaware Debt Management Services Act (source) was modeled after the uniform act developed by the National Council of Commissioners on Uniform Laws ... Read More »

      Some Credit Counseling Groups Not Optimistic About Future. Looking to Merge.

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      So much of the past year or so has been directed towards the debt settlement world. The credit counseling world has just be slowly ticking away and watching their funding shrink from creditors. Funding may be shrinking even more now that the U.S. government is looking for places to cut back. Significant cuts in funding for HUD housing counseling are ... Read More »

        Former TASC Executive Director Says Legal Helpers Debt Resolution is Awesome and Will Stay the Course

        Despite the growing number of lawsuits against Legal Helpers Debt Resolution they stand by their services. In a press release sent out recently they appear to believe the wave of recent lawsuits naming then is an unfair witch hunt, is political and profit-driven and damn the suits, it’s business as usual. “We are a law firm, the first truly national ... Read More »

          Loan Litigation Mass Joinder Program Sales Scripts Revealed

          Mass Joinder income Potential

          A tipster (send in your tips here) sent me the live answer and answering machine sales scripts that were suggested for people to use when selling mortgage modification, loan litigation, mass joinder products to consumers. – Source Below you will find some of the scripts that were recommended to be used to sell consumers on mass joinder cases. Some of ... Read More »

            U.S. Debt Settlement Morphing Into Financial Wellness Company

            Debt Away

            U.S. Debt Settlement has issued the following statement for investors. I had to chuckle when they say the are “transitioning into becoming a financial wellness company.” So does that mean they were not one before and instead caused financial illness? As I mentioned recently in “Debt Settlement Companies Poised to Eat Credit Counseling for Lunch. What a Difference a Day ... Read More »

              Debt Relief Legislative Update – April 13,2010

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              This legislative update comes courtesy of the National Policy Group. Be sure to visit their site for more information. California SB 708 Debt Settlement Consumer Protection Act HEARING SCHEDULED FOR APRIL 27, 2011 April 12, 2011: From Committee with author’s amendments. Read second time and amended. Re-referred to Committee on Banking & Financial Institutions Colorado HB 1206 UDMSA Amendments April ... Read More »

                Elizabeth Warren Says CFPB to Spend Half of Budget on Enforcement

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                This past Monday I had the pleasure of catching up with my old friend Elizabeth Warren. She was the keynote speaker at the National Association of Attorneys General meeting in Charlotte, NC. Professor Warren made it very clear that the Consumer Financial Protection Bureau (CFPB) will focus on compliance, supervision and enforcement of financial products. This includes all areas of ... Read More »

                  Maryland Attorney General Says Attorney Model Debt Settlement Has Not Risen to His Level

                  Doug Gansler, the Attorney General of Maryland told me in this recent interview I recorded at the National Attorneys General meeting in Charlotte, North Carolina that the FTC TSR had a positive impact in cleaning out the bad actors in the debt relief world and leaving the legitimate companies intact. Interestingly he said that attorney model debt settlement companies had ... Read More »

                    Attorney General of Colorado Tells Me There are Several Active Investigations Into Attorney Model Debt Settlement Companies

                    At the recent National Association of Attorneys General meeting in Charlotte I had an opportunity to talk to Attorney General John Suthers. General Suthers says attorneys should not hide behind attorney fronts and they are proceeding against attorneys since they are effectively debt relief operations. Attorney General John Suthers Interview Subscribe to Debt Interviews You can subscribe to my series ... Read More »

                      Humpy Wheeler and I Talk About How NASCAR Got Slammed in these Economic Tough Times

                      Humpy Wheeler was at the NASCAR Hall of Fame for a reception for the recent National Association of Attorneys General meeting in Charlotte, North Carolina. Mr. Wheeler has played a large role in the growth of NASCAR as the past owner of the Lowe’s Motor Speedway near Charlotte, NC. You can learn more about Humpy Wheeler here. Recently, in an ... Read More »

                        My Interview With Attorney General Roy Cooper from North Carolina on Attorney Model Debt Settlement

                        At the recent National Association of Attorneys General meeting I caught up with Attorney General Roy Cooper from North Carolina. We talk about debt relief services and the attorney model of debt settlement services. General Cooper talks about how the money paid in advance for debt relief services hurts both the consumer and the creditor. He talks about how working ... Read More »

                          I Interview Robert Stephan Former Attorney General of Kansas

                          At the recent National Association of Attorneys General meeting I had the pleasure of interviewing former Kansas Attorney General Robert Stephan who served between 1979 to 1995. We talk about how financial issues from the 1980s and today are very much the same. We talk about the problems he faced while the chief cop in Kansas. Our discussion of payday ... Read More »

                            Debt Settlement Companies Poised to Eat Credit Counseling for Lunch. What a Difference a Day Makes.

                            Ready to Collapse

                            It’s funny how a little thing like the FTC telemarketing sale rules can lead to change and eventually revitalize an industry. Last year I wrote and talked about how the debt settlement industry needed to expand their horizons with a combined debt management plan (DMP) and settlement approach. They could focus on settling some debts quickly, earning revenue, while parking ... Read More »

                              Credit Alliance Group and Credit Alliance Services Alleged to Have Not Helped Credit Rating. Hit With Class Action.

                              CAG Suit 1

                              A tipster (send in your tips here) pointed out a recent suit to me in North Carolina, Deborah Sumlin v. Credit Alliance Group and Credit Alliance Services Incorporated. The plaintiff alleges that Credit Alliance Group and Credit Alliance Services, out of Texas, were hired to provide assistance in improving, repairing or correcting credit records, credit histories and credit ratings. It ... Read More »

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