Student Loan Assistance Companies Bitch Slapped by Attorney General

If anyone in the debt relief industry didn’t see this coming, they are stone-cold blind. Student loan assistance has become the next wave of profitable debt relief services to sell with horrible advice. In an atmosphere that is ripe for picking off consumers for these services, the companies know better and should have learned lessons … Read more

Legal Helpers Debt Resolution Sues Lisa Madigan, Attorney General of Illinois

On November 8, 2011 Legal Helpers Debt Resolution aka Macey, Aleman, Hyslip & Searns filed suit against Lisa magian, Attorney General of Illinois and Bret Adams, Secretary of the Illinois Department of Financial & Professional Regulation. The case was filed by James Abbott of Litchfield Cavo LLP and Richard Epstein and Rebecca Bratter of Greenspoon … Read more

It’s Been A Year Since The TSR – What’s Changed With Debt Settlement?

A year ago this month the Federal Trade Commission (FTC) barred debt settlement companies that used telemarketing from accepting up-front fees. Although it’s been an entire year since this change we are still see companies trying sneak in those up-front fees with businesses trying to exploit loopholes. The whole purpose of the Telemarketing Sales Ruling … Read more

65 Percent of People That Enroll in Debt Settlement Programs Bail Before Creditors Contacted

An interesting article out of illinois, Our Opinion: Put curbs on debt settlement companies, contains a very interesting quote from the Attorney General of Illinois, Lisa Madigan. “What we have learned is that 65 percent of people who initially enroll with debt settlement companies drop out before any communication (with creditors) has been made. Before … Read more

Debt Settlement Legislation to Prohibit Up-Front or Monthly Fees and Cap Fees at 5%

Illinois Attorney General Lisa Madigan is backing legislation to ban debt-settlement companies from charging upfront or monthly fees and that caps payments to firms promising to reduce credit card debt. The legislation would cap fees at 5 percent of the savings resulting from settling a debt, rather than a percentage of debt enrolled. It also … Read more