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Debt Relief Industry

Debt Settlement Fee Ban, Credit Counseling Wounded, Caller Question – The Get Out of Debt Guy Show

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Today we’ll be also talking about the impact the new fee ban for debt settlement services is going to have. We’ll also talk about changes that are impacting credit counseling and why people need to address their problem debt now before the economy improves too much. All that and a caller question on today’s show. Listen to Debt Settlement Fee ... Read More »

    What Am I Missing in This Preferred Financial Services Affiliate Pitch? It Does Not Make Sense to Me.

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    A tipster (send in your tips here) brought the following page to my attention from the Preferred Financial Services site which says: The pitch seems to be to switch and become their affiliate and outsource all the back office stuff to them so you can “focus on front end operations.” But the charts show your overhead expenses remain the same ... Read More »

      Marketer Settles FTC Charges That PayDay Loan Websites Were Unfair and Deceptive

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      The technology officer of a payday loan marketer has agreed to pay $850,000 to settle FTC charges for his role in an allegedly deceptive and unfair scheme that allegedly debited the bank accounts of hundreds of thousands of cash-strapped consumers in violation of federal law. The FTC has been closely monitoring payday lending and other types of financial services as ... Read More »

        Money Management International Settles Case for $6.5 Million to Avoid Allegations of Improper Credit Repair Services

        I just had a long conversation with an inside party that told me about a massive settlement by the credit counseling company Money Management International to avoid further involvement in a suit that alleged they engaged in improper credit repair services through their debt management plans. This case seems to clearly go hand-in-hand with a recent ruling that could expose ... Read More »

          Debt Settlement FTC TSR Ruling and Legal Model Informational Webinar by Tami Brown

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          If anyone attends this webinar and wants to post a comment about what was discussed I’m sure we’d all love to hear what the compliant plan is. Starts: Tuesday October 05, 2010 at 02:00PM EDT Ends: Tuesday October 05, 2010 at 03:00PM EDT Intended For: Debt Settlement Company Owners Only Do not miss this opportunity to engage in a live ... Read More »

            Consumer Financial Protection Bureau In The Works But Don’t Expect Much Before July, 2011

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            Reuters is reporting recent comments by Treasury Secretary Geithner that have sent a clear signal that the new Consumer Financial Protection Bureau (CFPB) will not be active in enforcement actions until July, 2011. “It is fair to say that until that authority is transferred, which will not happen before July of 2011, and before there is a confirmed director in ... Read More »

              Consumer Law Group Slammed By North Carolina. Fees, Not Help.

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              The Consumer Law Group should be barred from illegally collecting money to settle debts and made to pay refunds to more than 3,000 North Carolinians, according to a lawsuit filed by Attorney General Roy Cooper. “Taking advantage of consumers who are trying to pay off their bills is wrong, and it’s also against the law,” Cooper said. “Never agree to ... Read More »

                New California Legislation Impacts Debt Management Plan and Debt Settlement Providers

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                On September 30, 2010, Governor Arnold Schwarzenegger signed into law California AB 2789, the California Money Transmission Act (the “CA MTA”).1 The CA MTA expands the state’s current regulation and licensure requirements for money transmitters by the Commissioner of the Department of Financial Institutions (the “Commissioner”) by covering domestic money transmitters, including stored value card issuers and, potentially, credit counseling ... Read More »

                  Debt Management Industry Facing Widespread Problems in UK

                  The Office of Fair Trading (OFT) in the UK has just released a report warning 129 debt management companies they risk losing their license to operate. The OFT in the UK serves a similar function as the FTC in the U.S. In the UK debt management companies can operate as for-profit companies and fees may be charged. As you will ... Read More »

                    Law Office of Evan Kagan Legal Debt Agreement. Offers to Settle Debt for Free.

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                    A tipster (send in your tips here) sent in the following agreement from the Law Office of evan S. Kagan for debt help representation. The tipster (send in your tips here) said: Take a look at the new program that is supposed to “benefit” the customer with $9000 in non refundable fees. Not only is more than debt settlement this ... Read More »

                      Victims of Bogus Debt Negotiation Scam to Receive $104 Refund Payments

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                      A complaint issued by the FTC in 2004 has finally paid some limited fruit to consumer caught in the scheme. The original complaint can be found here. An administrator working for the Federal Trade Commission is mailing checks to 360 consumers who were victims of Innovative Systems Technology doing business as Briggs & Baker, an operation that claimed it could ... Read More »

                        Persels and Associates Gets Into It With Kansas. Kansas Says Not Loving Attorney Model Debt Settlement.

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                        The Topeka Capital-Journal is reporting an interesting development in Kansas regarding debt settlement. I’ve bolded the most interesting parts of the article below. But this case may be of significant interest for those staking a future under an attorney model to conduct debt settlement activities. A Maryland-based company conducting debt settlement activities in Kansas has challenged the authority of the ... Read More »

                          Legal Helpers Debt Resolution New Operating Standards for Marketing and Front End Services

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                          A confidential tipster (send in your tips here) has sent in the following document that appears to cover the marketing operation of Legal Helpers Debt Resolution following the implementation of the Federal Trade Commission Telemarketing Sales Rules that cover debt relief service providers. The tipster (send in your tips here) asked the following questions. Seeing that I’m away right now ... Read More »

                            Credit Counseling Enrollment Down. Hurt by Debt Settlement Some Say.

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                            Credit counseling groups feel the past couple years of cowboy debt settlement have had a significant impact on their operations. The impression I am hearing is that consumers that may have otherwise been able to be helped via a credit counseling program were attracted to unsubstantiated promises of rouge debt settlement companies and then wound up in deeper trouble, often ... Read More »

                              Is the Government Going to Freeze GCS and NoteWorld Client Accounts?

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                              “Dear Steve, I work for a small Debt Settlement Firm in the midwest Is the Government going to Freeze GCS and Noteworld Client Accounts? Given GCS’s problems with the FDIC (and having to switch banks) and Senator McCaskill pledging to subpoena GCS and Noteworld before the Senate Banking Cmte, should I worry that our client accounts are going to be ... Read More »

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