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Debt Relief Industry

What I Learned From Selling Debt Relief Services. What I Got Wrong and Right On the Front Lines.

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I had this idea for an article to look back to my early days in the debt relief world, back when I was running Myvesta, a non-profit credit counseling group, and show you examples of what I did wrong and learned from the experience. The irony is people don’t realize when I review a site today and point of mistakes ... Read More »

    Florida Debt Relief Scammer Appears Pale in Jail Uniform

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      Is Tax Relief the Next Debt Relief Scam to Watch Out For? American Tax Relief Under Fire.

      In the news again is yet another tax relief company to find itself in hot water. American Tax Relief of Beverly Hills, California made claims that they could settle tax debt for pennies on the dollar. As big and scary as the Internal Revenue Service is, many jumped at the opportunity to make their debt somehow painlessly and magically disappear. ... Read More »

        Cornerstone Financial Education DMP Service Agreement

        A tipster (send in your tips here) sent in the following information and praises for a debt management plan provider, Cornerstone Financial Education, which is really iPayDebt Financial Services. I did a bit of checking and iPayDebt Financial Services is listed by the IRS as a charity and I have attached their last public tax return here. The tipster (send ... Read More »

          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.

                            Kagan Fees

                            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 »

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