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Debt Relief Industry

Secret Shopper Debt Settlement Call. How Do You Think They Did?

Yesterday I made my first secret shopper call after the FTC TSR went fully into force. My vote of the call yesterday was a FAIL. You can read my comments on that call here. So today I decided to call the exact same company back and confirm what the sales representative had told me yesterday. That didn’t happen. Today I ... Read More »

    I Wonder How They Are Getting Around Fee Splitting?

    Ready to Collapse

    I’m in possession of an email sent out by Coast to Coast Financial Counseling that is promoting the huge big new opportunity for debt settlements affiliates, surprise…bankruptcy. Yes, you know that thing you’ve been selling against all this time, well guess what, the ugly girl you were making fun of is now your girlfriend. Subject: Bankruptcy: Hitting a Home Run ... Read More »

      Just Made My First Post FTC TSR Undercover Call – Fail

      Ready to Collapse

      I’m not going to tell you the name of the company I called. Their site is a bit ambiguous if their settlement services are under the attorney model or not so I thought I’d hear what the pitch was. Sadly, it was just business as usual. Here was my scenario. I called as a guy $80,000 in only credit card ... Read More »

        NC AG Not Laughing at Attorney Model Debt Settlement

        CLG Exhibit 3

        Recently the office of Attorney General Roy Cooper went after Consumer Law Group, Michael Metzner, American Debt Negotiators, Ran David Barnea, and Daniel Post in a suit against them for debt settlement services. I happen to have a copy of the complaint from the case and I wanted to run through it to point out some of the issues the ... Read More »

          You Might Be a Loopholer….

          Ready to Collapse

          Damon Day and I were talking yesterday and Damon was pondering what Jeff Foxworthy would say about TSR loopholers if he changed his routine from, You Might Be a Redneck…” We started tossing suggestions back and forth on the phone and Damon even wrote this post about it. If anyone has any additional suggestions, leave them as comments over on ... Read More »

            Green Attorney is Looking for Debt Relief Business Advice. – L

            Ready to Collapse

            “Dear Steve, I’m a newly admitted “green state” attorney and have been doing loan modifications and settlements for over a year now for clients who come to me based on referrals. I absolutely love your site and have been going through all of the material related to the debt settlement industry and the new regulations for weeks now. I have ... Read More »

              FTC Provides Video on Debt Relief Services and Telemarketing Sales Rule

              Ready to Collapse

              Here is a nice video from our friend Allison Brown at the FTC about the new telemarketing sales rule and some last minute clarifications for consumers. Transcript Allison Brown: Hi I’m Allison Brown, an attorney with the Federal Trade Commission, the nation’s consumer protection agency. If you’re in the debt relief services industry, you may have heard about amendments to ... Read More »

                ABC Debt Relief Switches From Selling Lloyd Ward Debt Settlement to Selling World Law Plan

                WLP Lloyd Ward

                A tipster (send in your tips here) sent me an email today letting me know that The Debt Answer/ABC Debt Relief have now started selling debt relief services under the name of World Law Plan. ABC Debt Relief is a company I have written about before. You can find previous articles here. With the new telemarketing sales rules going into ... Read More »

                  Let’s Play “Do They Comply” with Debt Help Center USA & Hulk Hogan

                  National Media Connection is still advertising the “Hulk Team” commercials for debt settlement leads. – Source. Keeping in mind that effective today the new FTC telemarketing sales rules went into effect, I’m curious to hear what you think. Do the ads below comply with the new rules? Post your comments below. I can always use your help. If you have ... Read More »

                    Tax Relief Providers Get Temporary Pass Under FTC TSR Effective Today

                    Ready to Collapse

                    Enforcement Deferred for Tax Debt Relief Services, but Most Companies Are Now Prohibited From Collecting Advance Fees The Federal Trade Commission has issued an enforcement policy statement on a new FTC rule that protects consumers by barring debt relief firms from collecting up-front fees. In its statement, the FTC says that while most companies that sell debt relief services over ... Read More »

                      Did You Know “Debt Restructure” is Better Than “Debt Settlement?”

                      Next Generation Debt Settlement

                      What am I to think when a site says: “Debt Restructure” is better than “Debt Settlement” and is FTC complaint. What am I to think? Here is the full image of the site with the claim on it. What makes the statement even more ironic is that the company making the statement is called Next Generation Debt Settlement. So would ... Read More »

                        WV AG Scores Refunds From Discount Debt Solutions, Debt Settlement Solutions, Accelerated Financial Centers, Heritage Debt Relief

                        Ready to Collapse

                        On October 26, 2010, West Virginia Attorney General Darrell McGraw announced the recovery of $64,737.08 for 48 West Virginia consumers in cases against three debt negotiation and settlement companies that charged illegal fees. These settlements bring the total of successful cases brought by the Attorney General’s Office since 2006 against deceptive and abusive practices by debt relief providers to 31, ... Read More »

                          Debt Relief Alert: Deadline for Implementing New Model Privacy Form Fast Approaching

                          Ready to Collapse

                          Starting on January 1, 2011, “financial institutions” subject to the federal Gramm-Leach-Bliley Act (the “GLB Act”) will have to use new model privacy forms if they want to take advantage of a “safe harbor” for compliance with requirements for providing initial and annual privacy notices to customers. The model privacy forms will replace the sample clauses associated with an existing ... Read More »

                            FTC Releases New Guide: Debt Relief Services & the Telemarketing Sales Rule: What People Are Asking

                            FTC TSR

                            I just got word from the FTC they released a new guide to help people understand the new telemarketing sales rule for debt relief products. You’ll find the guide below. You’ll also find that it helps to clarify the rule and slams the door closed on some of the ways people were trying to evade the law with loopholes. Debt ... Read More »

                              Say It Ain’t So. 79 Year Old Sold Work At Home Debt Settlement Business.


                              A tipster (send in your tips here) brought the article below to my attention. It’s by Kevin Leininger out of Fort Wayne. I’m pasting the entire article here since I could not adequately capture the issue in an excerpt. Now granted MacDermott is an adult and able to enter into an agreement but come on, does anyone think this was ... Read More »

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