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Debt Relief Industry

Offshore Debt Settlement, Morgan Drexen, Badges, Elizabeth Warren, Bed Intruder, CROA, and More – Podcast

Here is this weeks podcast where Damon Day and I talk about a number of debt industry issues including: Debt settlement companies settling up offshore enterprises to sell services back to U.S. residents. The odd statements made in the recent Morgan Drexen press release. You can watch video from the release here. What is the Financial & International Independent News ... Read More »

    New Mailer Promoting Attorney Model Debt Settlement for FTC TSR

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    Thanks to a tipster (send in your tips here), here is the latest email that is being sent around promoting an attorney model to deal with the FTC TSR rules. It is not clear from the mailer if this is simply an advertisement to help debt settlement companies comply with the new rules or providing a solution they think will ... Read More »

      Is TASC the New Sheriff in Debt Settlement?

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      Recently Dave Leuthold, the executive director of TASC, and I have been communicating about the news that TASC has come out, be it a bit begrudgingly, in support of the new Federal Trade Commission telemarketing sales rules (TSR) that regulate the debt relief and debt settlement industry and protect consumers. The full rules going into effect on October 27, 2010. ... Read More »

        USA Debt Settlement Gets My Thumbs Down

        USA Debt Settlement

        I saw an advertisement for USA Debt Settlement that was pitching non-profit debt settlement. The telephone number they list on their site, (888) 495-2054, comes back to the Certified Financial Protection Group, the loan modification company that took a powder and left their clients high and dry when they changed their name to U.S. Financial Advantage. This USA Debt Settlement ... Read More »

          Bankruptcy Lawyer Still Guilty of Stupid Stuff

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          Thomas O’Connel Holstein provided bankruptcy services at his law firm, known as Lawline. In September 2005, he signed a consent petition with the Illinois Attorney Registration and Disciplinary Commission in which he acknowledged professional misconduct and agreed to an eighteen-month suspension of his law license, effective October 17, 2005. Despite the agreement and impending suspension, Holstein continued to accept clients ... Read More »

            Debt Settlement Companies Setting Up Offshore Better Watch Out Says the OFT

            Today I had the pleasure of interviewing Nigel Cates, the Deputy Director of the Credit Group with the Office of Fair Trading (OFT) in England. The issue at hand was one that had been raised previously here. The allegations going around was that a law firm/marketing company was trying to recruit affiliates and possibly lawyers to join them in the ... Read More »

              Idaho Bars Three From Mortgage Loan Modification Business

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              The owners of a North Idaho mortgage modification company are prohibited from engaging in loan modification activities with Idaho consumers, Attorney General Lawrence Wasden said today. Randy Allen, Clint Paulsen, and Travis Smith, who operated HomeModifier in Post Falls, signed a consent judgment that prevents them from opening a new mortgage modification business in Idaho. HomeModifer and its owners also ... Read More »

                Attorney Assisted Debt Resolution Program Said to Be Different Than Debt Settlement. How Can That Be?

                In the video below put out by Morgan Drexen today and distributed with their press release (source), Walter Ledda, CEO says attorney assisted debt resolution is an alternative to debt settlement. Is it somehow magically different? [flashvideo file=/wp-content/uploads/MorganDrexen.flv /] At 0:37 and you will hear Ledda make comments to advise consumers to avoid bankruptcy. “Bankruptcy is the last resort for ... Read More »

                  Debt Settlement Companies Caught Violating New FTC Rules Better Prepare to Pay Really Big Fines

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                  To be honest I really had not thought about how much the fines per violation were going to be for companies that were found to be not in compliance with the new Federal Trade Commission telemarketing sales rules covering debt relief organizations. I mean how much could they really be? Well, thanks to the FTC for clarifying the fines for ... Read More »

                    Debt Settlement Attorney Firm Recruits Employees Saying New Laws Don’t Apply to Them

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                    The following email exchange was sent to me from a guy that saw an advertisement for a debt settlement job. I think you will either start laughing at the section I bolded or slap your head in disgust. I’ve changed the names of the people in the email and I’m not going to tell you the name of the company. ... Read More »

                      Are Global Client Solutions and NoteWorld Going to Start Dropping Debt Settlement Companies?

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                      As I write this article there are only 40 days till the first part of the new Federal Trade Commission telemarketing sales rules (FTC TSR) kick in on September 27, 2010 regarding truth in advertising and good faith estimates. With all of the debt settlement entities that third-party escrow companies Global Client Solutions and NoteWorld provide services for, how in ... Read More »

                        Debt Settlement President Speaks Out for Debt Settlement Companies to Comply With FTC TSR

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                        I’m publishing this opinion editorial piece from Scott Johnson at U.S. Debt Resolve for you to read. For years, the debt settlement industry has ignored state laws, regulators opinions, and consumer’s best interest; as a result failed to support fair regulation. This might be the most outrageous time, as efforts are currently being put forth, not for compliance, but “the ... Read More »

                          American Loan Assistance, Aria & Associates Inc. in a Bit of Arkansas Trouble

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                          From ArkansasBusiness.com: Arkansas Securities Commissioner Heath Abshure on Monday issued a cease-and-desist order against a California company that failed to deliver on a mortgage modification after being paid $1,800 by a Springdale resident. The order says Aria & Associates Inc. of Irvine, Calif., which does business as American Loan Assistance, has never been licensed to offer mortgage services in Arkansas, ... Read More »

                            TASC Folds, Accepts New FTC Rules and Leaves USOBA Swinging

                            In one of the more commendable moves that The Association of Settlement Companies has undertaken they have issued the press release below publicly stating they will abide by the new FTC rules. Guys, you did the right thing. It was the only move to make. Except for the last minute whinging in the release, you took it like a man. ... Read More »

                              New Jersey Attorney Admonished for Debt Settlement Activity

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                              Here are some more attorneys, this time in New Jersey, that were disbarred, suspended, or admonished in work that was either specifically related to debt settlement work or activities that could be related to debt settlement. – Source Barry J. Beran – Admonished on November 25, 2009 (Unreported) for failing to advise client, for whom he was unable to successfully ... Read More »

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