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Consumer Groups Speak Out for Debt Settlement Regulations

Here is a press release that was sent out yesterday by the National Consumer Law Center, Maryland Consumer Rights Coalition, National Consumer League, Consumer Action, Consumers Union and the Consumer Federation of America. It appears to ask Congress to get moving on passing the Debt Settlement Consumer Protection Act of 2010. Consumers Need Relief from … Read more

Bogus Department of Consumer Debt Mailer Really Clear Debt Solution and Legal Helpers Debt Resolution

The BBB recently released a copy of a couple of official looking debt settlement mailers labeled the U.S. Debt Reduction Initiative that appears to come from a government agency, Department of Consumer Debt. It’s all a lie. Click on image for larger view Click on image for larger view Click on image for larger view … Read more

Debt Settlement Consumer Protection Act S.3264 Oh So Not Dead

On the phone today and had some very enlightening conversations with inside sources on the Hill who must not have received the memo that S.3264 the Schumer-McCaskil Debt Settlement Protection Act is dead and forgotten, killed by TASC and USOBA lobbying. Members on the Hill are preparing to continue pushing S.3264 and are very confident … Read more

Debt Settlement Attorney Model Looks Dead

May 12, 2009 It appears that the latest version of the Debt Settlement Consumer Protection Act kills the attorney model people are running to adopt in order to avoid the regulation. While the new bill increases the performance fee earned after a successful settlement to 10% it define a debt settlement service as: “(i) offering … Read more

Debt Settlement Consumer Protection Act Attached as Amendment. Fee Increased. Attorney Model Killed.

The Debt Settlement Consumer Protection Act has been attached as an amendment for vote with the Restoring American Financial Stability Act of 2010. It is S.AMDT.3960 and based on support of the Restoring American Financial Stability Act of 2010 the amendment will probably be approved. Text of amendment with change to settlement fee being 10% … Read more

Text of the Debt Settlement Consumer Protection Act of 2010

Here is what I believe to be the final the text of the Debt Settlement Consumer Protection Act bill as presented. Of course this will be the starting point and who knows what it will look like before passage. A BILL To amend the Consumer Credit Protection Act to provide for regulation of debt settlement … Read more

The Debt Settlement Consumer Protection Act of 2010

As I said, a bill would be coming to control debt settlement companies and here it is. Of particular interest are the consumer groups that are part of the release. Consumers Union National Foundation for Credit Counseling Consumer Federation of America National Consumer Law Center Things are heating up in Debt Settlement. Illustration Credit: Steve … Read more