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Debt Relief Industry

Tax Relief Providers Get Temporary Pass Under FTC TSR Effective Today

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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

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      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

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        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. Get ... Read More »

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

            MacDermott

            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 »

              Tax Relief Providers Want to Avoid New FTC Telemarketing Sales Rules

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              Here is a press release from Tax Resolution Services. With two days left before the new telemarketing sales rules go into force it seems very last minute to make the pitch, but nice try. Anyone want to try to help clarify it for them? Post your clarification in the comments below. Get Out of Debt Guy – Twitter, G+, Facebook ... Read More »

                Deposition of Thomas Roland Lands on My Debt From Johnson Law Group Case

                Information on the Johnson Law Group mess between Johnson Law Group Nevada and Johnson Law Group in Florida, just keeps arriving in my inbox. This time it is a copy of the deposition of Thomas Roland of Enhanced Servicing Solutions (ESS) and his role in a company called CBDC. Here is what Roland had to say about the ongoing battle ... Read More »

                  Can We Make It Any More Complicated With Shielded Circle?

                  ShieldedCircle

                  A debt settlement company forwarded to me a copy of a recent pitch they received from a company called Shielded Circle whose slogan is “Financial Integrity for Life.” Consumers are already confused by who is doing what in some of the debt settlement contracts. I can’t imagine how confusing it would be to add the layers of options and service ... Read More »

                    Advanced Client Services Says It’s Not Responsible for Johnson Law Group Failure. Johnson Law Group Not a Law Firm.

                    Recently I wrote about the Johnson Law Group Nevada and the involuntary of the company. In the story I had said the failure of Johnson Law Group was because Advanced Client Solutions pulled the plug. I have since received some alleged information that provides a different version of things. Along with the email was an attachment. The deposition of Attorney ... Read More »

                      NoteWorld Makes Smart Move And Says ‘No’ to Debt Settlement Companies Charging Advanced Fees

                      In a move that seems aimed at the attorney model of debt settlement which is designed to circumnavigate the FTC telemarketing sales rules on debt settlement services, NoteWorld, one of the two primary escrow companies for consumer funds, said they would not accept companies that do not adhere to the new FTC rules. NoteWorld has spent the last three months ... Read More »

                        Vortex Debt Group Sued For Just About Everything

                        Vortex Debt Group out of Florida is a name familiar to me. I’ve written about them before, here. Yesterday Vortex was sued by Terry Rudd in a class action suit. It seems that Vortex really wanted to control the client and allegedly left the client disadvantaged. “The Vortex representative hid from plaintiff the fact that the agreement purported to contain ... Read More »

                          Debt Network USA Setting Off to Offer Face-to-Face Debt Settlement Presentations

                          I just had a great conversation with an attorney about what I learned from my experience with sending agents out to collect documents in the debt relief industry. I was sharing with him all the difficult lessons learned and why I would not suggest people do that. Maybe at some point I’ll write more about that experience. And then my ... Read More »

                            Debt Settlement Sales Folks Flocking Into NAA

                            NAA

                            An email from a respected debt settlement insider tells me this morning that a number of debt settlement salespeople are “flocking” to move on to sell financial services and products through NAA (National Agents Alliance). One company even said they’ve lost 25% of their sales staff to NAA. Now, putting aside the issue of jumping into a market of more ... Read More »

                              Consumer Law Group Bails Out of North Carolina After Attorney Model Fails

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                              WRAL television in Raleigh, NC is reporting Consumer Law Group of Florida, who was recently sued by the NC Attorney General, has agreed to pull out of North Carolina. Under North Carolina law, it’s illegal to charge an upfront fee to help negotiate debts, also called debt adjusting or debt settlement. Some companies promising debt relief, including Consumer Law Group, ... Read More »

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