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Debt Relief Industry

Dear Credit Counseling, Times Only to Get Tougher.

The Current Debt Relief Reality

Now that the last storm in debt relief is quieting, namely hurricane ‘debt settlement’ that was quelled by the FTC Telemarketing Sales Rules, it has given me an opportunity to poke my head up and take a wide look at the debt relief horizon. And what I’m seeing is concerning. My roots in the debt relief world began with my ... Read More »

    Rocky Mountain Bank & Trust and Global Client Solutions Part Ways

    Ready to Collapse

    Apparently Rocky Mountain Bank & Trust has parted company with Global Client Solutions. Howard Smith of Rocky Mountain Bank & Trust told this site, “I thought you might be interested to know that Rocky Mountain Bank & Trust no longer has a relationship with Global Client Solutions or any of their associated debt service companies.” Who knows, maybe the increasing ... Read More »

      Citibank Closes Credit Counseling Call to Action Program

      Ready to Collapse

      A notice just out to credit counseling groups was sent in by a great tipster (send in your tips here). Apparently Citibank, an initial supporter of the NFCC and Consumer Credit Counseling Service program called Call to Action, is terminating their participation. An email sent out to AICCCA members says: Due to resource limitations and required compliance with policy, February ... Read More »

        Legal Services Speaks Out About Non-Profit Credit Counseling

        Ready to Collapse

        There has been a lot of attention focused on rogue debt settlement companies over the past year. And now that battle is mostly over with the introduction of the FTC telemarketing sales rules, as I have predicted, more attention will now turn towards non-profit debt relief services. The non-profit market will become polluted with companies that will attempt to evade ... Read More »

          Problems Just Keep Piling on for GHS Solutions CEO Anthony Shea

          You can never underestimate the skills of a tipster (send in your tips here). In this case, this morning arrives more bad news for Anthony Shea of GHS Solutions. GHS Solutions was in the news yesterday when I wrote about the court in Kentucky tossing out their arbitration agreement. Well it looks like January of 2011 just isn’t the month ... Read More »

            Global Client Solutions, GHS Solutions, Rocky Mountain Bank & Trust Get Shutdown on Arbitration. Judge Says No.

            Back in May of 2010, Brett and Linda Davis filed a class action suit against Global Client Solutions, GHS Solutions, and Rocky Mountain Bank & Trust. The suit said: “Defendants are engaged in a continuing class-wide predatory business scheme to financially enrich themselves and defraud Kentucky Class members by violating Kentucky’s Debt Adjusting statute, Chapter 380; by the commission of ... Read More »

              Safeguard Financial – Backstroke. Don’t Call Us, Call Them.

              A consumer who had enrolled in a debt settlement plan with Safeguard Financial sent me the current company number and asked me to listen to the message. It sure sounds like they are trying to swim away from all the consumers they sold into a debt settlement program. Listen to Safeguard-18885259898 It also appears the Safeguard Financial website is gone ... Read More »

                Credit Counseling Missing the Boat by Fighting With Debt Settlement

                BK Filings

                A tipster (send in your tips here) sent me an email outlining how a number of credit counseling groups are funding a campaign to try to “expose bad debt settlers.” And while the campaign has been ongoing for over a year, changes in the debt settlement world these days have little to do with a campaign against specific debt settlement ... Read More »

                  Is HSBC Screwing Consumers in Debt Settlement?

                  According to some of my debt settlement friends with the AACC, this HSBC dirty trick is real and they’ve seen evidence of it. It is alleged that HSBC has been setting consumers up to fail on their debt settlement programs, including those put forward by lawyers. The complaint says HSBC agrees to a debt settlement in installments and then when ... Read More »

                    Active Debt Solutions Offers Bargain Basement Rate on Debt Settlement Services

                    My friends over at Active Debt Solutions just sent in the following information on an approach they are taking to help people deal with getting out of a debt settlement program they may not be happy with. It’s a unique approach and one that can benefit the consumer since it can result in significantly lower fees for debt settlement services. ... Read More »

                      Deceptive Mailer – Housing & Economic Recovery Program (PL 110-289)

                      PL 110-289 Front

                      A tipster (send in your tips here) sent in the following mailer they received for the Housing & Economic Recovery Program (PL 110-289). You will notice the mailer looks like a government document and uses the HUD equal housing symbol. The front references P.L. 110-289 which is actually The Foreclosure Prevention Act of 2008 and something called the “Economic Stimulus ... Read More »

                        Debt Relief Legislation in the Works

                        Ready to Collapse

                        The National Policy Group has just sent out a list of the most recent legislative action covering debt relief. Members of the debt relief industry may want to pay attention to the following proposed legislation: Indiana HB 1410 Indiana HB 1483 Indiana HB 1528 Kentucky HB 133 Mississippi HB 425 & SB 2251 Mississippi HB 824 & SB 2382 Nebraska ... Read More »

                          Let’s See if We Can Figure Out the Players in This Legal Helpers Debt Resolution Marketing Pitch

                          LHDR Marketing

                          I just published a story about Legal Helpers Debt Resolution being hit with a class action suit in Washington. And then in my inbox lands an email with the Legal Helpers Debt Resolution marketing pitch. I’ve covered something like this before and I’d pass writing about it again but in light of the new class action suit I decided to ... Read More »

                            Legal Helpers Debt Resolution Hit With Class Action Lawsuit

                            Thanks to a tipster (send in your tips here) I got a heads up on a class action lawsuit just filed in Washington. The suit was filed against Legal Helpers Debt Resolution, LLC, JEM Group, Inc, and Marshall Banks, LLC. Marshall Banks is said to be a lead generator and marketer of debt relief programs. This is interesting in light ... Read More »

                              Consumer Law Group Says the Florida Attorney General Needs to Back Off Investigating Them

                              The Consumer Law Group, American Debt Negotiators, Michael Metzner, Ran Barnea, and Daniel Post have filed suit against the Florida Attorney General. The Consumer Law group and others engage in debt relief services. I’ve written about Consumer Law Group before. This legal model debt settlement firm has been in the news after the BBB warned consumers to stay away from ... Read More »

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