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Tag Archives: debt settlement regulation

It’s a Game Changer – Initial Review of New Rules for Debt Relief Services, Advertisers, Marketers, and Providers

New TSR Debt Relief Rules

This assessment of the new debt relief industry rules from the Federal Trade Commission comes from my friends at the Venable law firm and is worth reading for their assessment. Read More »

    CRL Makes an Excellent Case for a Debt Settlement Fee Ban. CNI Doesn’t.

    CNI

    A flurry of letters have been flying into the FTC to attempt to influence them to allow debt settlement companies to collected fees before debts are settled. Here are two of the most interesting exchanges. The first comes from Century Negotiations, Inc. It happens to be the company of the TASC Executive Director Dave Leuthold who is the CEO for ... Read More »

      You Can Be Instantly Sued When Your Debt Settlement Company Contacts the Debt Collector

      Ready to Collapse

      NCO Group, a huge debt collection company recently provided an opinion about debt settlement services. Of primary interest to me was the statement from NCO that they are under instructions from their creditor clients that when a consumer tells NCO they have signed-up with a debt settlement company that NCO should refer the consumer account to the legal department for ... Read More »

        Debt Settlement Does Not Need to Be Closed Down. It Needs to Be Cleaned Up. – Podcast

        Dinosaur

        I had a very interesting conversation with a debt settlement insider that mentioned how many debt settlement companies he talks to that hate me for what I write. Yea, I’m not losing sleep over that. I made the following podcast of this article so you could enjoy it with background music. Debt Settlement Does Not Need to Be Closed Down. ... Read More »

          41 Attorneys General Say to FTC, Ban Debt Settlement Advance Fees Damnit

          NCRA

          Here is a letter that was sent to the FTC from the National Association of Attorneys General in support of banning advance fees for debt settlement programs. Read More »

            Consumer Groups Make the Case to Not Exempt Debt Settlement Attorney Model From Regulation

            Americans for Financial Reform

            This letter was sent in by a loyal tipster (send in your tips here), thank you. Read More »

              NAACP and AFL-CIO Tell FTC, Advance Fee Debt Settlement Must Be Banned

              Ready to Collapse

              I’ll just let the letter below speak for itself on the issue of banning advance fee debt settlement by the Federal Trade Commission. Read More »

                TASC and USOBA Slammed Again by Attorney Generals’ Office to FTC

                Ready to Collapse

                This record of a conference call was just recently placed on the public record. That call occurred on June 30, 2010. On Monday, June 28,2010, representatives from the Attorney General offces of Ilinois, North Carolina, and Texas participated in a telephone conference with FTC Commissioner Rosch, his attorney advisor, and FTC staff members to discuss the proposed debt relief amendments ... Read More »

                  Debt Settlement Company Emerge America Says Upfront Debt Settlement Fees Need to Go Away

                  I’m always surprised how often people tell me or comment that debt settlement companies can’t survive without charging all their fees upfront. I say it can be done when consumers actually pay for performance, meaning, pay the debt settlement company when the debt is actually settled. Even the debt settlement trade associations say banning upfront fees is bad. But the ... Read More »

                    New Indiana Law Goes Into Effect July 1, 2010 and Impacts Debt Settlement

                    Ready to Collapse

                    It’s really not all that tough to comply but debt settlement and other credit repair and debt relief companies will need to register and obtain the bond before doing business in Indiana. Here is a link to the latest version of the law so helpfully provided by Pamela Fratini, Esq. in her letter to me. Below you will find the ... Read More »

                      Texas Attorney General Office Speaks Up to FTC to Please Ban Advance Fees

                      Ready to Collapse

                      In a recent article I covered how debt settlement trade associations had returned to the FTC to make their pitch that banning advance fees for debt settlement services was a rotten idea. You can read that article here. A couple of weeks after the trade associations had slogged up to the FTC offices, and after the consumer groups had made ... Read More »

                        Damon & Steve Talk About Debt Settlement Bullshit – Get Out of Debt Podcast

                        Ready to Collapse

                        Here is the latest Get Out of Debt show podcast. Today Damon Day and I got together and picked a topic in the debt relief world and discussed it at length to give you insight into the inside information on this topic. We hope to do this on a regular basis to share with you what we know to help ... Read More »

                          Debt Settlement Companies Put Consumers in a Deep Debt Hole. “They Are a Ponzi Scheme.”

                          Ready to Collapse

                          Peter Goodman from the New York Times had a piece published recently, excerpts below. It slayed the debt settlement industry as opportunists and harmful for consumers at large. Those that feel they offer a legitimate and fair debt settlement service are not going to like the long article much. But then again, the good guys are not the problem with ... Read More »

                            The Latest Delivery of TASC and USOBA Debt Settlement Horseshit to the FTC.

                            horseshit

                            There were some recent interesting meetings over at the Federal Trade Commission. These involved the proposed telemarketing sales rules the Federal Trade Commission is going to put forward. The first meeting was with representatives of The Association of Settlement Companies (TASC) and the United States Bankruptcy Alternatives (USOBA) in attendance. At the June 3, 2010 meetings from TASC were: Andrew ... Read More »

                              The Easiest and Most Obvious Way to Fix the Debt Settlement Industry and Prevent Regulation

                              Ready to Collapse

                              With all the pushing and pulling from the debt settlement industry, TASC, and USOBA over their enthusiastic laments about the debt settlement industry does not need regulation or advance fee bans, one critical point is lost on all, this is an absolutely easy problem to fix. The Current Problem: Consumers languish for years in debt settlement programs while they attempt ... Read More »

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