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Debt Relief Industry

Recommendations Released Today for Debt Settlement in Maryland

debt settlement chart cropped

The Maryland Consumer Rights Coalition today released its recommendations for better regulation of the debt settlement industry. The recommendations are in conjunction with those from the Maryland Office of the Attorney General and the Maryland Office of the Commissioner of Financial Regulation, which MCRC feels do not go far enough. (Read report/recommendations here, including the story of a Marylander who ... Read More »

    Texas AG Returns $3.7 Million to Defunct Debt Relief USA Customers

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    The Texas Attorney General’s Office has obtained a court order disbursing $3.7 million to Texans and customers in other states who were defrauded by a now bankrupt debt relief firm. Court documents filed by the State indicate that Debt Relief USA Inc. unlawfully collected millions of dollars from Texans who hired the firm to settle their outstanding debts. Debt Relief ... Read More »

      American Advisors Group – Debt Relief Television Commercial

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      Commercial Name: American Advisors Group Record Date: 12-3-2010 Network/Channel: Retro TV Description: Commercial encourages people with tight finances over 62 to use a reverse mortgage to tackle their money problems. [quicktime]http://getoutofdebt.org/member/video/AmericanAdvisorGroup-20101203.mov[/quicktime] The debt relief commercial above is presented only as an example and archive of debt relief marketing and NOT AS AN ENDORSEMENT by this site. The commercial is archived ... Read More »

        Interesting Connection Between Ameridebt, Debt.Com and Harborfields High School

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        Just this morning I reported about the trials and tribulations of Stephen Todd Cook and Debt.com getting slammed by the FTC. Well thanks to a tipster (send in your tips here) it appears Cook has a long standing involvement in the debt relief world and it goes way back to Ameridebt and Infinity Resources Group, both of which were previously ... Read More »

          FTC Action Shuts Down Debt Relief Robocallers Claiming to Lower Interest Rates

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          At the Federal Trade Commission’s request, a U.S. district court has approved a settlement shutting down two groups of Florida-based telemarketers that allegedly flooded consumers with misleading pre-recorded robocalls falsely promising to reduce their credit card interest rates. The agency reached a settlement that permanently bans the two related operations from making robocalls and selling debt relief services. The settlement ... Read More »

            What The FTC Claims Debt.com Did All Wrong and Why All Lead Generators Need to Pay Attention

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            In order to learn lessons on what to avoid I wanted to take a close look at the statements by the Federal Trade Commission that they made in their recent complaint against Debt.com, Debt.com Marketing, Media Choice, 800 Credit Card Debt, and Stephen Todd Cook. From the Complaint Defendants are lead generators that target the millions of Americans who are ... Read More »

              FTC Puts Debt Relief Business – Out of Business Because of Marketing Activities

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              A deceptive advertising operation has been banned from the debt relief business under a settlement agreement with the Federal Trade Commission. As part of a continuing crackdown on scams that target consumers in financial distress, the FTC charged the defendants with deceptively claiming they could save consumers thousands of dollars by reducing their credit card debt. According to the FTC’s ... Read More »

                National Debt Relief Initiative – Marketing Fakery. Shame on You Credit Answers.

                NDRI-Front

                I see consumers are still asking me about mailers they are getting that look like official government documents and have a return address of: National Debt Relief Initiative PO Box 96503 #10680 Washington, DC 20090-6503. As you can see by the image below, the self sealing mailer certainly appears to be an official mailing by glancing at it. Putting “This ... Read More »

                  The Association of Settlement Companies (TASC) Makes Move That Will Eliminate Members

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                  The Association of Settlement Companies (TASC) has just made an announcement below that will result in a significant reduction in their membership. Dear TASC Members, I want to update you on an important decision that the Executive Board voted on yesterday. We recognize these are trying times for our industry, and in trying times is when difficult decisions must be ... Read More »

                    CareOne Conspiracy Theorists, It’s Over.

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                    There has been a bunch of chatter about the fact CareOne has lost their BBB rating. That is certainly the way it appeared. What in fact happened was that the BBB had changed the BBB rating to a No Rating when it was announced that there was going to be a multi-state settlement that involved CareOne. As of today the ... Read More »

                      United States Organizations for Bankruptcy Alternatives (USOBA) Announces No More Tom Foolery

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                      The United States Organizations for Bankruptcy Alternatives (USOBA) trade association has just made the following announcement. Smart move. Dear USOBA Member, The United States Organizations for Bankruptcy Alternatives (USOBA) strives to establish industry standards for its membership that both benefit debt settlement companies and protect consumers. We have worked hard in Washington and in the states to educate legislators and ... Read More »

                        Can Churchill Debt Settlement Claims be Substantiated or Believed?

                        Churchill Debt Settlement Leader

                        So this press release comes across my desk. Churchill Debt Settlement is Compliant with FTC Regulations Churchill Debt Settlement is committed to the ethical resolution of unsecured credit card accounts by 60%. Churchill is fully FTC compliant as well as registered with the International Association of Professional Debt Arbitrators. New York, NY, December 02, 2010 –(PR.com)– President of Churchill Debt ... Read More »

                          What Landed Financial Freedom of America, Debt Professionals of America, and Debt Consultants of America in Hot Water With the FTC

                          The suits filed recently by the FTC against Financial Freedom of America, Debt Professionals of America, and Debt Consultants of America surround a common thread and common practices of many debt relief providers. A wide swatch of debt settlement companies have been guilty of similar marketing practices that the FTC is strongly saying are deceptive, unsupported and unfair to consumers. ... Read More »

                            FTC Charges Financial Freedom of America, Debt Professionals of America, and Debt Consultants of America with Making Unsubstantiated Claims that They Could Eliminate Consumers’ Debt

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                            As part of its continuing crackdown on scams that target consumers in financial distress, the Federal Trade Commission has charged three debt relief operations with making unsubstantiated claims to lure consumers nationwide into paying thousands of dollars in up-front fees, but failing to reduce credit card debts as promised. According to the FTC’s two complaints, the defendants made deceptive claims ... Read More »

                              Non-Profit Credit Counseling Group Effectively Missing in Action. United Financial Systems Leaves People Stranded.

                              UFS Salaries

                              I’ve been writing about United Financial Systems for a while now and early on I predicted United Financial Systems look primed for an implosion. In fact my article on October 25, 2010 was “United Financial Systems Looks Set to Implode. Run For The Hills!” What really disappoints me about this situation is that, for whatever reason, a 501(c)3 charity has ... Read More »

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