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. FTC Issues Final Rules for Debt Relief Services: Landmark Changes for Service Providers, Advertisers and Marketers of Debt Relief Services On July 29, 2010 at …
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 …
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 …
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 …
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. Federal Trade Commission Office of the Secretary Room H-135 (Annex T) 600 Pennsylvania Avenue, NW Washington, DC 20580 Re: Telemarketing Sales Rule – Debt Relief Amendments Matter No. …
This letter was sent in by a loyal tipster (send in your tips here), thank you. Oppose the House Offer on H.R. 4173 to Exempt Attorneys Engaged in Unfair, Deceptive or Abusive Consumer Financial Practices June 22, 2010 House-Senate Conferees, H.R. 4173 Washington, DC 20510 Dear Senator or Representative: Americans for Financial Reform and the …
I’ll just let the letter below speak for itself on the issue of banning advance fee debt settlement by the Federal Trade Commission. American Federation of Labor-Congress of Industrial Organizations (AFL-CIO) Leadership Conference on Civil and Human Rights (LCCHR) National Association for the Advancement of Colored People (NAACP) National Council of La Raza (NCLR) National …
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 …
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 …
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. …