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Debt Relief Industry

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 »

            Vortex Debt Group Gets Consent Judgment From Missouri And Told to Stay Out of the State

            Ready to Collapse

            This was just released by the State of Missouri and sent to me by a tipster (send in your tips here). Jefferson City, Mo. – Attorney General Chris Koster announced today that the Florida-based debt settlement firm Vortex Debt Group, Inc., will refund fees paid by Missouri consumers and cease operating in Missouri. The Attorney General’s Office alleged Vortex Debt ... Read More »

              Legal Helpers Debt Resolution Contract Review. Is This Really The Best Deal Possible?

              A tipster (send in your tips here) sent in a copy of what appears to be an agreement between a consumer and Legal Helpers Debt Resolutions Services. – Source What follows are just my observations of some of the pages of this agreement. You may view the entire agreement here. Click on image for larger view. The budget looks especially ... Read More »

                Tim McCallan’s Intermark Communications Slammed by FTC

                Ready to Collapse

                In my previous article Tim McCallan And His Nine Lives in the Debt Relief World I covered the role of Tim McCallan in Intermark Communications, which later changed their name to IMM Interactive, but still located at 135 Crossways Park Drive, Woodbury, New York 11797. The FTC took aim at a different product, other than debt relief but it moved ... Read More »

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

                  Ready to Collapse

                  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.

                      Ready to Collapse

                      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

                              Ready to Collapse

                              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 »

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