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Debt Relief Industry

Tipster Says, “Look at American Debt Buster University”

American Debt Buster University

I get a lot of tips sent to me that ask me to take a look at a number of issues in the debt relief world. Most come through the confidential tip form on the site. This tip asked me to take a look at something called the “American Debt Buster University.” The university is located here and claims to ... Read More »

    Should Ex-Cons Run Debt Relief or Debt Settlement Companies?

    Devoto Prison

    There are a number of people that I’ve been aware of that are heavily involved in the debt settlement world that have served prison time for fraud and other issues. Up till this point I don’t think I’ve ever specifically reported on anyone in that camp. But I’m interested in what people have to say on the subject if ex-cons ... Read More »

      Debt Settlement Companies Please Stop Announcing You Are Going to Comply With New Rules And Just Do It

      Hamilton Debt Relief Cartoon

      In what is becoming an irritating series of press releases from debt settlement companies comes yet another from Hamilton Debt Relief. The point debt settlement companies are missing is that it should not be news if you actually abide by the rules and laws of the land. That’s not the stuff you pay to announce in the press. Where you ... Read More »

        Freedom Debt Relief to Layoff 120 and Close Office

        Ready to Collapse

        Mark Anderson of the Sacramento Business Journal is reporting that Andrew Houser and his Freedom Financial Network will close their office in Sacramento, California and begin “curbing its local operation Nov. 15, with employees winding down over about a six-month period.” The change is blamed on recent FTC telemarketing rules changes and the need to realign the business moving forward. ... Read More »

          What About S.3264 Passing? What Are The Odds?

          Ready to Collapse

          David sent in the following question: Hello Steve, What do you think the chances are of the Debt Settlement Consumer Protection Act S.3264 passing? I was thinking since all up front fees are now banned, maybe that will clean up the industry and S.3264 might not be needed as much now. For those not familiar with S.3264 it is the ... Read More »

            What’s The Point of USOBA?

            Ready to Collapse

            In an era when it seems there is little need for multiple trade associations in a post-FTC TSR debt settlement world I’ve asked the question before what is the need for USOBA. Yesterday there was a conference call held by USOBA for member that was described as, “The call will be in presentation form by Robby Birnbaum on sales and ... Read More »

              United Law Group Class Action Case Over Loan Modifications, Moving Ahead

              Loan modification attorney Sean Rutledge and firm United Law Group lost a recent round in a class action case moving forward in California. The Fourth District Court of Appeal has ruled that a former client can proceed with a suit alleging that Irvine attorney Sean Rutledge, who resigned from the State Bar in November amid accusations of loan modification misconduct, ... Read More »

                Co-Founder of ReadyForZero.com Shares Details How They Could Revolutionize the Need for Credit Counseling

                Today I spoke to Rod Ebrahimi from ReadyForZero.com. ReadyForZero.com has big plans to allow consumers to create a self-directed credit counseling program that will eventually work closely with banks to extend special terms to participating consumers. If they can pull this off they could potentially revolutionize the credit counseling world by providing a web portal to login, create an optimized ... Read More »

                  This is Why Debt Settlement Companies Need to Sit Up, Take Notice, and Fly Straight

                  Ready to Collapse

                  I’m posting this comment I received, not as a threat against debt settlement companies, but as an educational opportunity to show companies that want to play fast and loose with consumers that there are risks. No question: Just a note to tell you that I am a huge fan of your web site. I am a debtor’s attorney in [ ... Read More »

                    ABC Debt Relief, Kevin Devoto and Lloyd Regner Sued Again. This Time With X-Rated Allegations.

                    ABC Debt Relief had been sued previously by one of their senior debt consultants, G. Chris Onorato. For some reason Onorato sought new counsel and filed a new suit against ABC Debt Relief and this time names Kevin Devoto as an owner of ABC Debt Relief. Up until this point the fact Kevin Devoto was an owner of ABC Debt ... Read More »

                      You Know Your Credit Counseling Company is Having a Bad Day When…

                      What Is You F-ing Problem

                      I was doing some research on a story and came across the email below as part of the public record. Since I’m still working on the story I’ve redacted out a bunch of information but I think that when the president of a credit counseling organization sends an email to his own in-house lawyer with the first line of the ... Read More »

                        Franklin Debt Relief Worried Debt Settlement Fees Will Be Controlled By Credit Card Companies

                        Ready to Collapse

                        Franklin Debt Relief sent out the press release I’ve published below. In the release they announce they will comply with the new FTC rules on debt settlement. Smart move. But then there is this statement, “The scary part of this [FTC TSR] is the control it gives to banks over the debt relief industry. After seeing how they treat the ... Read More »

                          Harvey Z. Warren Publishes New Book, Drop Debt. Brings Back to Mind a Bit of FTC Past That Tangles In Walter Ledda, CEO of Morgan Drexen

                          A couple of days ago I saw the press release for “Drop Debt” by Harvey Z. Warren and thought, “Hum, that names sounds familiar from the past.” In a twist of “what a small world it is” it came to me. There was a Harvey Warren that I remember getting slammed by the FTC a number of years ago for ... Read More »

                            “Shame on FH Financial Service” or This Should Be Entertaining

                            Shame on FH Financial Services

                            Now here is an ironic turn of events, with so much crap going on inside of FH Financial Services it has turned on itself. Debt settlement gone bad. A comment was previously posted by Alex Fender indicating there was some trouble-a-brewing between the guys involved in FH Financial Services. So today Alex brings to my attention a site he has ... Read More »

                              Is This Not The Most Misguided Picture to Put on a Debt Relief Homepage? It Actually Startled Me.

                              Shaw & Associates

                              I was just checking out the site of Shaw & Associates, a bankruptcy attorney with an alternative to bankruptcy, and this is the picture that hits you smack in the face. Really, green teeth and green eyes? It’s obviously a web designer issue but whoever posted this picture needs to be __________ (you fill in the blank). Here is the ... Read More »

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