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Debt Relief Industry

Elizabeth Warren Needs To Be Named Director of the Consumer Financial Protection Bureau

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I’ve known Elizabeth Warren for years and I’m proud to say she’s one of those people I can reach quickly if I need to. Hopefully once the selection process for the Consumer Financial Protection Bureau is over we’ll have a time to get together and interview her for the site. Hopefully the selection process is drawing closer to advancing quickly. ... Read More »

    Misleading Debt Relief Marketing Still Exists. What Do You Think of This?

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    This morning I was online and I saw an ad that looked like it was offering some sort of government backed or sanctioned debt relief solution. The ad lead to another page, and another, and another. Here is what I saw. Do you think this type of advertising, that appears to be one thing, like news or government supported is ... Read More »

      Class Action Suit by Debt Settlement Employees Started at Credit Solutions of America

      Recently I’ve written about class action lawsuits by debt settlement company employees against their employers for wage issues. The following companies, SO FAR, have been involved in this; ABC Debt Relief, The Debt Answer, Lloyd Ward & Associates, Debt RX USA, Silverleaf Debt Solutions. From what I have been able to find it looks like the beginning of this trend ... Read More »

        A COMPLIANT DEBT SETTLEMENT MODEL THAT CAN KEEP YOU IN BUSINESS

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        I was not going to publish this email but now that I’ve received it from four different people I’m going to post a redacted version of it. This must have been sent to a large audience since so many are sending it to me. More attorney model silliness — FTC Final Rule. A COMPLIANT DEBT SETTLEMENT MODEL THAT CAN KEEP ... Read More »

          Another Debt Settlement Company Sued for Failing to Pay Proper Wages. Debt RX USA, Silverleaf Debt Solutions

          In what seems like a recent trend, yet another couple of debt settlement companies have been hit with a lawsuit for allegedly failing to pay proper wages to employees. The other recent case was against ABC Debt Relief, The Debt Answer and Lloyd Ward & Associates, a law firm. In this case, Randy Abbe filed suit against Debt RX USA ... Read More »

            Global Client Solutions to be Called to Testify Before the Senate Commerce Committee

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            In what could be a first step towards a mortal wound for Global Client Solutions and similar companies like NoteWorld, Senator McCaskill has said that Global Client Solutions will be called to testify before a Senate Committee. This is especially telling since Global Client Solutions, through its partner, Rocky Mountain Bank, has been advised to know their debt settlement customers ... Read More »

              I Am Going to be Dead Right on This. Fighting the FTC Rules Will Sink the Debt Settlement Industry.

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              Shenanigans and actions of the debt settlement industry members and their trade associations will do more to further limit the activities of the debt settlement industry. Rather than embrace the FTC rules and come out in support of fair and reasonable directives from the Federal Trade Commission to protect consumers from debt relief, debt settlement, and debt negotiation companies, groups ... Read More »

                Financial Freedom of America Named in Senate Testimony Today

                As part of the testimony of the Senate hearing today on Protecting Consumers from Deceptive Debt Settlement Schemes a consumer provided testimony that named Financial Freedom of America, a USOBA member. It appears the company may have since changed their name, the FinancialFreedomOfAmerica.com website now brings up Financial Freedom Processing. What Financial Freedom Tells Consumers We advocate fairness for every ... Read More »

                  FTC Testifies About Ongoing Efforts to Protect Consumers from Deceptive Debt Relief Scams

                  The Federal Trade Commission today told the U.S. Senate Committee on Commerce, Science, and Transportation that the FTC has made it a top priority to protect financially distressed American consumers from deceptive debt relief schemes. With Americans continuing to feel the effects of the economic downturn, the FTC has stepped up efforts to stop fraudulent financial schemes that exploit consumers, ... Read More »

                    Rumor – Debt Settlement Companies Plan to Beat the FTC Rules With UK Law Firm

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                    This is a rumor and not confirmed but I thought it was worth discussing. The scuttlebutt is that a number of debt settlement companies and marketers plan to get around the FTC telemarketing sales rules on debt settlement and debt relief services by forming an offshore law firm in London and making the member companies part of the firm in ... Read More »

                      Debt Management Plan With United Financial Systems Runs Off the Rails

                      United Financial Systems

                      Out of The Morning Call comes the story, Debt management firm mismanages debt, in which United Financial Systems of Margate, Florida is thrown under the bus for collecting money from a consumer and not sending it to her creditor. Oops! Greene said United Financial Systems withdrew money from her account as scheduled, but failed to make three payments to Chase ... Read More »

                        The Debt Settlement Good Faith Estimate Guide for the Confused Consumer

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                        As of September 27, 2010, debt settlement and debt relief companies are going to have to provide data to consumers when enrolling new clients or when promoting results. These facts are are part of the “Good Faith Estimate” and will help consumers to select the company they wish to work with. The Federal Trade Commission says that they have determined ... Read More »

                          Is This the Right Time For TASC and USOBA Members to Vote With Their Dues?

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                          My friend and fellow debt coach, Damon Day, had a recent article that raises a very good question. In the article he said: TASC and USOBA are funded directly through debt settlement company membership dues. Settlement companies that are members of these associations often pay thousands of dollars a month and that money is used directly by TASC and USOBA ... Read More »

                            Mike Croxson from CareOne and I Talk About The New FTC Rules, Attorney Model Debt Settlement and the Lack of Clarity in Credit Counseling

                            Mike Croxson, the president of CareOne, a provider of debt settlement and debt management plans, and I chat about current events in the debt relief world. Some of the issues Mike and I talk about: Where are the loopholes from the Federal Trade Commission telemarketing sales rules. What is the endgame to chasing loopholes. The access to attorneys for debt ... Read More »

                              Apparently The FTC is Not Concerned for Consumers Suffering a Crisis of Debt

                              Given the questionable legal basis supporting the FTC’s attempt to amend the TSR, and the interest the debt-settlement industry is receiving from Congress and various state legislatures, it appears that the FTC’s aggressive attack on the settlement industry is motivated by political pressure exerted by special interest groups opposing the industry, rather than a genuine concern for consumers suffering a ... Read More »

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