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Debt Relief Industry

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 »

            Debt Settlement Law Firm FBL Associates Now Selling Bankruptcy at Blue Chip Bankruptcy

            A tipster (send in your tips here) reported that former debt settlement law firm FBL Associates is now looking for sales reps for a new site they setup at BlueChipBankruptcy.com. The Blue Chip Bankruptcy site is interesting since it makes no apparent mention of debt settlement, a program that FBL Associates has been behind for a awhile now. The Blue ... Read More »

              Venable Presents Overview of the New Consumer Financial Protection Act

              Today the Venable law firm, through their debt relief experts Jeffrey S. Tenenbaum, Esq. and Jonathan L. Pompan, Esq. provided an overview of the new Consumer Financial Protection Act (CFPA) and the Consumer Financial Protection Bureau (CFPB) and how it applies to credit counseling agencies, debt settlement companies, and debt relief service providers. The presentation is about 1:25 but it ... Read More »

                Legal Helpers Debt Resolution Retainer Agreement With Rise Above Debt

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                Here is a current retainer agreement, as of the date this article published, for Legal Helpers Debt Resolution, LLC, also known as the law firm of Macey, Aleman, Hyslip & Searns, was forwarded to me. I thought you would be interested in reading it to see how at least one law firm is enrolling consumers at this time. I have ... Read More »

                  Ohio Not Happy With National Homeownership Assistance Foundation, Lifeline Financial Legal Home Solutions, and 1st American Law Center

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                  The press release from the Ohio Attorney General is below but the case that really caught my attention was the one against 1st American Law Center where a California attorney was charged as not being authorized to act as an attorney in Ohio and not registered to do business in the state. The attorney is charged with violating the Ohio ... Read More »

                    How Can I Get a List of People in Global Client Solutions or NoteWorld? – Darren

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                    “Dear Steve, I am like you and want to help all the consumers out there that have been scammed by debt settlement companies. I want to introduce a program to these people that would #1, help get their money back from the debt companies, and #2 guide them in the right direction. Do you have any ideas on how I ... Read More »

                      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

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                            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?

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                              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 »

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