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Debt Relief Industry

The FTC Does Not Want Debt Settlement to Survive

A tipster (send in your tips here) sent in the following comment I wanted to address. But now that debt settlement is dwindling, it is clear the FTC wants this industry not to survive or rebound. DS needs internet marketing. FTC is shutting down lead gens, who are not companies, and pretty much everyone right now. photo © 2008 Hazrulnizam ... Read More »

    Let’s Play, Do They Comply, With and Debtmerica Relief - February 28, 2011 (20110228)

    It has been a while since we played “Do They Comply” but a tipster (send in your tips here) sent in the following information and wanted me to share it with you. I think we have a new winner in the DECEPTIVE ADVERTISING DEPARTMENT Check it out, they prepare it like its a REAL SITE and a Real News ... Read More »

      Tipster has Concerns About US Legal Service Group Affiliate Pitch

      Ready to Collapse

      The following email below was sent in by a tipster (send in your tips here). Get Out of Debt Guy – Twitter, G+, Facebook Need More Help? Tipster Submission I got this email after filling out an affiliate request for info from This email is disturbing. The email comes from a guy named Ryan Amir whose direct number is ... Read More »

        Why the Debt Relief Industry Needs

        photo © 2008 Dan Perry | more info (via: Wylio)In the early 2000s I received a call from a regulator friend that changed my life and eventually led to the work I do here reporting on the debt relief industry. This was back in my Myvesta days and the regulator friend said, “Steve, I’m planning to go after Ameridebt by ... Read More »

          First Stone Credit Counseling Target of Tax-Exempt Status Revocation

          First Stone Credit Counseling 7

          A tipster (send in your tips here) has sent me a petition to the Internal Revenue Service which asks for for an investigation and revocation of the tax-exempt nonprofit status for the credit counseling group. I took a look at the claims made and they do appear to be supported by the website of First Stone Credit Counseling so I ... Read More »

            Is World Law Going to Get in Hot Water Letting Affiliates Run Wild with Marketing?

            A tipster (send in your tips here) has sent in the following email and since it is well documented I’ll print it as is. Get Out of Debt Guy – Twitter, G+, Facebook Need More Help? Is World Law going to get in hot water letting affiliates run wild with marketing? On same page- All Accounts Serviced and Negotiated ... Read More »

              Federal Housing Program Email. Warning.


              A tipster (send in your tips here) sent in the following email they received. A while ago you inquired with us about a modification for xxxxxx xxxxx. This is an important notice regarding a Federal program now enables you to have xxxxx reviewed. This is a direct intervention for the first time to help people who are in imminent finciancial ... Read More »

                Canada Credit Fix Claims to Clear Your Bad Credit and Only Pay Ten Cents on the Dollar for Settlement

                Ten Cents on the Dollar

                A wonderful tipster (send in your tips here) brought the following company to my attention. Canada Credit Fix claims to be able to remove accurate but negative information from your credit report in Canada. They also claim to be able to settle debts for ten cents on the dollar. The tipster (send in your tips here) says they first heard ... Read More »

                  Tipster Wants to Know What’s Going on With Debt Solutions Network

                  A tipster (send in your tips here) sent in some concerns about Debt Solutions Network. Here is what they said: “In fact, Debt Solutions Network is still charging an upfront fee across all 50 states. See attached client agreement. I accessed DSN through this site: originally calling into Debt Free America. I’m wondering if they are licensed to do business ... Read More »

                    Able Debt Settlement Files Bankruptcy in Texas

                    A tipster (send in your tips here) wrote in to let me know Able Debt Settlement in Texas has filed bankruptcy. On 2-1-2011 they filed a Chapter 11 reorganization plan and listed 1,000-5,000 creditors. This leads me to believe they are listing their clients as creditors. – Source The list of creditors holding the 20 largest unsecured claims is comprised ... Read More »

                      Maryland to Hold Important Hearing on Debt Settlement. Persels & Associates is Said to be Adamantly Opposed.

                      Ready to Collapse

                      The Maryland Consumer Right Coalition reached out to me to let me know about upcoming hearings in Maryland that involve debt settlement. Marceline White of the MCRC said, “There will be two hearings in the Maryland General Assembly next week on regulating the debt settlement industry within the state. The legislation recommends that lawyers that are principally engaged in debt ... Read More »

                        Debt Settlement Fee Structure in Relationship to Client Success Rates

                        Fee vs Success

                        Debt settlement industry insider Scott Johnson sent me this interesting chart based on the numbers he has reviewed from the different models. His data shows consumers are graduating at higher rates and getting lower settlements from performance based debt settlement companies. He determined, a performance based debt settlement model will result in 57.5% of consumers paying back between 57% – ... Read More »

                          Doug Sends In Debt Free Angels Mailer

                          Angle ad_page0

                          A tipster (send in your tips here) reader sent in the following statement and advertisement they received. I received the attached advertisement in the mail so I went online to check them out and found the company reviewed on your site. I am so glad I did before I called them and I have also seen their commercial on the ... Read More »

                            Active Debt Solutions Addresses Tipster Issue

                            Active Debt Solutions, a member of the AACC, was the focus of an email sent in which said “I decided to dig up some dirt on the companies that Steve Rhode and his associates formed called the AACC. This is what I have found: – Active Debt is not licensed or bonded” So I asked Active Debt for a response ... Read More »

                              Here is How to Financially Screw Consumers With the Debt Double-Tap Method.


                              A disturbing trend is becoming clear that some companies promoting lawyer backed debt relief services have in fact created a clever little model for cleaning out consumers and making twice as much money. Basically what happens is the lawyers get the exclusive client for essentially free since the consumer winds up paying the marketing costs of the affiliate selling them ... Read More »

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