Nationwide Asset Services in Bankruptcy to Sell Client Accounts

A tipster (send in your tips here) sent me the following message: NAS has recently declared bankruptcy and has been ordered to sell their accounts. They don’t tell their customers, but any that are not sold by the deadline will be s.o.l. They tried to sell them to their other company, FCS, but are not … Read more

Nationwide Asset Services – Let’s Play “Do They Comply”

For those professional readers of the site in the debt relief industry, “Do They Comply” is an old game we’ve played in the past. In this case a debt relief reader wanted me to post information about Nationwide Asset Services to get feedback and opinions from others if this debt relief company was playing by … Read more

Credit Solutions and Florida. Two Sides of The Same Story

Here is a great example of two sides of the same event. First from the Florida Attorney General, and then from Credit Solutions. Which side do you think was victorious? Florida Attorney General Press Release Attorney General Obtains Injunction Against Debt Settlement Company ~ Credit Solutions’ unfair fees prohibited by temporary injunction ~ TALLAHASSEE, FL … Read more

Attorney General Obtains Injunction Against Credit Solutions of America

Attorney General Bill McCollum today August 20, 2010 that his office has obtained a temporary injunction against Texas-based Credit Solutions of America, Inc., and Credit Solutions of America, LLC. Hillsborough County Circuit Judge Sam Pendino ruled that these companies are prohibited from charging Florida residents an unfair up-front fee for purported debt settlement services. The … Read more

American Coalition of Companies Organized to Reduce Debt – ACCORD

ACCORD is another debt settlement trade association that states they are “a not-for-profit organization that was established to promote advocacy of consumer oriented debt settlement programs to professionals, legislators, regulatory agencies and consumers.” – Source As of today, they list their members as: – Source DebtSmith Hastings, MN Financial Consulting Services Phoenix, AZ Advantage Debt … Read more

The Elusive USOBA Membership List Made Public

Below you will find a document that was given to me by a USOBA member with a soul. They sent it to me at click here. I’ve actually had this for some time and I was giving the United States Organization of Bankruptcy Alternatives (USOBA) multiple chances to release to me a current membership list. … Read more

Regulation of Debt Settlement Companies Looming

This is a guest post by Kenneth Long, President of Fiscal Progress. If you would like to submit a guest post for publication, just send me an email to [email protected] Steve On September 25, 2008 the Federal Trade Commission (FTC) held a public workshop to explore the for-profit debt settlement industry. Panelists representing debt settlement … Read more

SwiftRock Financial Services and Clear Your Debt Slammed in Texas Article

Out of Austin, Texas today comes the following warning to consumers. Two Austin debt-settlement firms have been sued by the Illinois attorney general, which alleges that they use deceptive marketing practices, charge excessive fees and do little to help consumers get out of their financial trouble. The Better Business Bureau of Central Texas has given … Read more

Credit Solutions of America and American Debt Arbitration, Debt Settlement Companies, Are Sued by State of Florida

Florida Attorney General Bill McCollum today announced his office has filed two lawsuits on behalf of Florida consumers against five debt settlement-related companies. According to the Attorney General’s lawsuits, the businesses promised consumers they could pay off their debts for a fraction of the amount owed, but instead collected large up-front fees and left customers … Read more

New York Attorney General Wins $200,000 Penalty Against Debt Settlement Company

Attorney General Andrew M. Cuomo today announced that his office has won a lawsuit against a national debt settlement company, barring the company from doing business in New York state unless it posts a $500,000 performance bond to protect consumers. The decision also levies nearly $200,000 in penalties against the company for defrauding thousands of … Read more

Debt Settlement Company Success Rate Made Public – Sucks

Nationwide Asset Services, a company under investigation by the New York Attorney General, has disclosed that while Nationwide Asset Services promised consumers debt reductions of between 25 to 45 percent, in fact only 64 customers out of 1,981 actually completed the debt settlement plan. This means that 97% of people that enrolled in the debt … Read more

New York Attorney General Sues Two Debt Settlement Firms for Deceiving and Harming Consumers

Attorney General Andrew M. Cuomo today announced a new development in his nationwide investigation into the debt settlement industry, filing suit against two debt settlement companies for fraudulent business practices and false advertising. Cuomo filed suit against CSA-Credit Solutions of America, Inc. (“CSA”), based in Richardson, Texas, which is one of the largest debt settlement … Read more