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Debt Relief Industry

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 »

    Morgan Drexen Not Telling The Whole Story on Fees? The Most Bizarre PR Encounter I’ve Ever Had.

    What began as a simple story about a Morgan Drexen press release last week has turned into so much more. Last Friday I wrote “Is Debt Settlement Company Morgan Drexen a Flip-Flopper?” where I talked about their seemingly sudden switch from opposing the Federal Trade Commission effort to roll out new rules that regulate debt settlement companies, to applauding them. ... Read More »

      Debt Settlement Not Singled Out for Advance Fee Regulation. MARS Hit as Well.

      Here is a very interesting letter from the National Association of Attorneys General regarding new proposed rules by the FTC for mortgage assistance relief services (MARS). The loan modification industry has be filled with deception and abuse and many consumers have lost thousands when law groups promised results but did not deliver. Two recent failures come to mind, Liberty Law ... Read More »

        United Law Group Files Bankruptcy. Lawyer Surrenders License. Hands Company to New Lawyer.

        In what is the prelude to a sad series of debt relief companies that will probably fail soon, United Law Group, a debt relief law firm out of California, has filed a Chapter 11 bankruptcy. I don’t hold out much hope they will survive so I’m going to declare them headed towards the dead pile. On June 30, 2010, United ... Read More »

          Global Client Solutions, ONB Bank and Trust, and GHS Debt Solutions Hit With Class Action Suit

          This suit was filed on August 3, 2010 in Missouri. The Plantiff is Myra Perkins and other class participants v. Global Client Solutions, ONB Bank and Trust, GHS Solutions, and GHS Debt Solutions. The suit states: This action is brought by Plantiff on behalf of herself and a proposed class of Missouri residents who paid defendants to act as debt ... Read More »

            Is Debt Settlement Company Morgan Drexen a Flip-Flopper?

            Thanks to a great tipster (send in your tips here) I learned today that Morgan Drexen sent out a press release that was unbelievable. Debt settlement company Morgan Drexen was against nearly everything the FTC was working on in the proposed telemarketing sales rules. Even the Federal trade Commission says so in their final document. “One industry member [Morgan Drexen] ... Read More »

              Debt Settlement Frederick Law Group, Attorney Disbarred, Jailed, and Now Broke

              Ready to Collapse

              Former Maryland attorney Richard Brennan, doing business as the Frederick Law Group and The Law Office of Richard A Brennan, has just been hit with a $2.7 million dollar judgment in an attempt to collect money due clients of his debt settlement law firm. Brennan has been disbarred, jailed and is now without a job, all as a result of ... Read More »

                Norton & Associates, New Debt Settlement Law Firm, Pitched as a Legal Alternative to the Advance Fee Ban

                Norton & Associates

                An interesting email went out yesterday introducing yet another entrant into the arena, a law firm, to sell debt relief services for/with. The subject line of the email read “A Legal Alternative to the Advance Fee Ban.” When I inquired with the law firm representative for clarification and additional information for this story I was advised to “cease and desist” ... Read More »

                  Howard Dvorkin, Consolidated Credit Counseling Services on New Debt Settlement Rules

                  This morning Howard Dvorkin, the president of Consolidated Credit Counseling Services, a Florida based credit counseling non-profit company, and I talked about the new debt settlement rules and other things. Here are some of the topics we chatted about. Attorneys getting into debt settlement right now. Credit Advocates, a Florida debt settlement company, regarding this article. Does credit counseling want ... Read More »

                    Mailer From Lender Results in Referral to Debt Settlement Company Legal Helpers Debt Resolution

                    Thanks to an awesome tip, I received a mailer that is being sent out. This one was received by a Pennsylvania resident. The mailer was sent out using a West Palm Beach, Florida mailing permit but it appears to come from a company called NFM, Inc. NFM was identified as NFM Lending. Apparently their name used to be National Fidelity ... Read More »

                      The Oliver Law Group, Another Law Firm Pitching 18% Fee for Debt Settlement. But This Time With a Loan.

                      Oliver Law Group Mailer

                      So yesterday I wrote about a law firm that wants to charge consumers 18% fees and the sales pitch was non-lawyer debt settlement companies are horrible so you need to go with a law firm instead. Today, Stan, a tipster (send in your tips here), from California, sent me a copy of a letter they received about yet another law ... Read More »

                        New Debt Settlement Law Signed Today in Illinois. Caps Fees.

                        Illinois Governor Pat Quinn today signed a bill into law that establishes stringent guidelines and enhances consumer protections for Illinois families seeking help to pay overdue bills. The Debt Settlement Consumer Protection Act also creates a fund to pay restitution to consumers who have lost money through a debt settlement provider. “Too many people have been taken advantage of by ... Read More »

                          Representative for Debt Settlement Law Firm Tells Me New FTC Rules Don’t Apply to Them

                          Ready to Collapse

                          I was working on another story but I had to share this little nugget with you. Apparently the debt settlement law firm sales representative believes the new FTC Telemarketing Sales Rules apply to debt settlement companies but says they don’t apply to law firms. It was an interesting approach that the representative was telling me if I went with a ... Read More »

                            USOBA Responds to New FTC Rules. What the Hell is Wrong With USOBA?

                            Yesterday I wrote about a statement that The Association of Settlement Companies (USOBA) made about the new consumer protection rules passed by the Federal Trade Commission covering debt settlement companies. Now today the other trade association, United States Organizations for Bankruptcy Alternatives sends out their press release on the new rules. First off, I was crying with laughter when I ... Read More »

                              ABC Debt Relief, The Debt Answer, Lloyd Ward & Associates, and Lloyd Regner Sued By Employees

                              aaaDebtRelief.com

                              A recent legal case has brought some very interesting information to light from inside a debt settlement company and the alleged attorney debt settlement firm. On July 8, 2010, employee, Chris Onorato, filed a lawsuit against ABC Debt Relief, The Debt Answer, Lloyd Ward, PC. Lloyd Ward & Associates, and Lloyd Regner (3:10-cv-0132). The allegations made are: Plaintiff is employed ... Read More »

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