Is Debt Settlement Legit?

Titan Consulting

Multiple state and federal agencies strictly regulate the debt settlement industry. All types of debt relief programs come with negative consequences, including non-profit credit counseling and bankruptcy, and will directly or indirectly negatively impact your credit score.

Bill Introduced in Ohio to Legalize Debt Settlement

Account Recovery

A bill has been re-introduced in the Ohio legislature that would allow debt settlement companies to operate in the state, but the prospects for passage this time around might be different following a state Supreme Court ruling that was issued earlier in the year.

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Mass. AG Levies $1M Fine Against Debt Settlement Company

Account Recovery

AG Levies $1M Fine Against Debt Settlement Company appeared first on AccountsRecovery.net. Compliance Debt Settlement DMB Financial Enforcement Action Massachusetts Maura Healey

DFPI Issues Draft Rules to License Four New Types of Industries, Including Debt Settlement Providers

Account Recovery

Comments on the proposed rulemaking are due by December 20 and … The post DFPI Issues Draft Rules to License Four New Types of Industries, Including Debt Settlement Providers appeared first on AccountsRecovery.net.

Debt Settlement Firm to Repay Consumers $5.4M Under Agreement With CFPB

Account Recovery

Compliance Consumer Financial Protection Act Debt Settlement DMB Financial Enforcement Action Telemarketing Sales Rule

Minnesota AG Fines, Bans Student Loan Debt Settlement Company

Account Recovery

The Attorney General of Minnesota has obtained a settlement with a student loan debt relief company that illegally collected fees from individuals and misrepresented its services that will see the company pay the state more than $11,000 and cease operations in the state.

Do You Need a Debt Settlement Lawyer?

Luftman, Heck & Associates.

An experienced debt settlement lawyer at Luftman, Heck & Associates helps you explore your options. Our Cleveland bankruptcy attorneys analyze your situation to determine the best solution to get you out of debt and into financial freedom.

6 Tips for Debt Settlement before you go Legal

Debt Recoveries

I know debt collection can be an uncomfortable process, even for large businesses. These tips are designed to help you understand the options you have for debt collection, before you go down the legal path. Don’t wait to take action on a debt. Hey, Adam Stewart here.

Everything There Is to Know about Debt Settlement

Credit Corp

Does settling a debt hurt credit? There are situations in which settlement will affect your score less than the available alternatives. How does debt settlement affect your credit? For what amount of time will the history of a settlement decision follow you?

North Carolina AG Permanently Enjoins Debt Settlement Business

Collection Industry News

On May 26, 2022, the North Carolina Attorney General (NC AG) announced that it obtained a default judgment against a California-based debt settlement business, and its proprietor. The lawsuit, filed on June 25, 2021 in the North Carolina Superior Court for Wake County, alleged that the entity violated North Carolina’s Debt Adjusting Act, N.C. The post North Carolina AG Permanently Enjoins Debt Settlement Business appeared first on Collection Industry News.

Debt Settlement Firm to Pay $1.4M in Fines and Redress in Agreement with CFPB

Account Recovery

The Consumer Financial Protection Bureau yesterday announced an enforcement action against a debt settlement company that has ties to the very creditors it was trying to help consumers get out of debt from, fining the company $750,000 and ordering it to repay $646,000 back to its customers.

The Three Costs of a Debt Settlement Agreement

Direct Recovery

Working out a deal to settle a delinquent debt for a percentage of the balanced owed is one of the most commonly recommended tactics for anyone starting out on the road to getting out of debt and improving their personal financial situation.

Daily Digest – September 1. Appeals Court Reverses Ruling For Plaintiff; Mass. AG Fines Debt Settlement Co. $1M

Account Recovery

AG Fines Debt Settlement Co. $1M

Daily Digest – May 18. SDNY Judge Dismisses FDCPA Case; Debt Settlement Firm to Repay Consumers $5.4M

Account Recovery

SDNY Judge Dismisses FDCPA Case; Debt Settlement Firm to Repay Consumers $5.4M

Daily Digest – July 20. FDCPA Class Action Filed Against Law Firm, Debt Buyer; Bill Introduced in Ohio to Legalize Debt Settlement

Account Recovery

FDCPA Class Action Filed Against Law Firm, Debt Buyer; Bill Introduced in Ohio to Legalize Debt Settlement appeared first on AccountsRecovery.net.

CFPB And FTC Continue To Take Action Against Debt Settlement Companies

Collection Industry News

According to the complaint, the defendants, a student loan debt relief business and a general debt-settlement company, along with their owner and CEO charged illegal upfront fees and deceived customers into paying for debt relief services in violation of the Consumer Financial Protection Act (CFPA) and Telemarking Sales Rule (TSR). The CFPB alleges that defendants wrongfully charged more than 9,000 consumers with federal student-loan debt a total of approximately $10.5

Debt Settlement Offer Without Interest Notice Upheld as Lawful

Collection Industry News

Settlement offer didn’t note interest would accrue. A debt collector’s offer to settle an outstanding debt didn’t need to inform the consumer that their balance could increase due to interest and fees, because it didn’t make the letter misleading under federal law, the Second Circuit said Friday. Cristian Cortez incurred credit card debt which was placed with Forster & Garbus LLP for collection. Source: site. Debtor wouldn’t reasonably be misled.

Daily Digest – December 2. Judge Denies MTD in FDCPA Case Over Reference to Creditor; CFPB Sues Debt Settlement Company

Account Recovery

Judge Denies MTD in FDCPA Case Over Reference to Creditor; CFPB Sues Debt Settlement Company appeared first on AccountsRecovery.net.

CFPB Takes Action Against Debt-Settlement Company for Charging Consumers Unlawful Fees

Consumer Finance

The Consumer Financial Protection Bureau (CFPB) requested today that a federal district court enter a final judgment and order that, if entered by the court, would require DMB Financial, LLC to pay consumers at least $5.4

Bankruptcy: Chapter 7 vs. Chapter 13

Better Credit Blog

Bankruptcy Code outlining different ways of settling your debts. Ad If you owe over $15,000 in debt, a Debt Relief Program may be able to help get you back on your feet more quickly. Select your state to begin applying for a debt relief program. Debt Settlement.

Minnesota AG Settles with Student Loan Debt Relief Company

Account Recovery

… The post Minnesota AG Settles with Student Loan Debt Relief Company appeared first on AccountsRecovery.net. Compliance Student Loans Debt Relief Debt Settlement Keith Ellison Minnesota

CFPB Takes Action Against A Debt Settlement Firm For Directing Consumers To High-Cost Loans

Collection Industry News

On April 13, the CFPB entered into a preliminary settlement with an online debt-settlement company for allegedly violating the CFPA’s prohibition on abusive acts or practices and failing to clearly and conspicuously disclose total cost under the Telemarketing Sales Rule. The CFPB alleges that the company regularly prioritized creditors with which it had undisclosed relationships in settlements of consumers’ debts. Source: site.

Can I Settle My Credit Card Debt Myself?

Titan Consulting

Financial hardship could make it possible to negotiate debt balances and pay less than the full amount owed. Bankruptcy can wipe out unsecured bills, leaving creditors with no way to recover the debt. When Should You Consider a Debt Settlement Program ? Key Takeaways.

Consumer Financial Protection Bureau Sues Debt Settlement Company FDATR, Inc., and Owners Dean Tucci and Kenneth Wayne Halverson

Consumer Finance

On November 20, 2020, the Consumer Financial Protection Bureau filed a lawsuit against FDATR, Inc., and its owners, Dean Tucci and Kenneth Wayne Halverson. Press release Enforcement

CFPB Obtains Ban Against Debt Relief CEO Daniel Crenshaw

Consumer Finance

Today, the Consumer Financial Protection Bureau (CFPB) filed a proposed order to resolve its allegations that Performance SLC, a student loan debt relief business, and Performance Settlement, a general debt-settlement company, along with their owner and CEO, Daniel Crenshaw, engaged in wrongful fee-charging practices and deceptive telemarketing.

CFPB Takes Action Against SettleIt, Inc. for Steering Consumers into High-Cost Loans

Consumer Finance

The Consumer Financial Protection Bureau (CFPB) took action today against an online debt-settlement company for taking advantage of consumers, failing to disclose its relationship to certain creditors, and steering consumers into high-cost loans offered by affiliated lenders.

National Debt Relief Review

Better Credit Blog

Can reduce your debt by 30% on average. Rated the best debt relief company on Trustpilot. A Guide to Debt Settlement Services. If you’re on the brink of bankruptcy, a final option before filing is to try the services of a debt settlement firm. Business debt.

Consumer Financial Protection Bureau Sues DMB Financial, LLC for Allegedly Violating the Telemarketing Sales Rule and Consumer Financial Protection Act

Consumer Finance

On December 1, 2020, the Consumer Financial Protection Bureau filed a lawsuit against DMB Financial, LLC alleging violations of the Telemarketing Sales Rule and the Consumer Financial Protection Act of 2010 in connection with its debt-settlement and debt-relief services.

CFPB Files Suit Against Debt Relief Company and its Owners

Account Recovery

A copy of the complaint, filed in the District Court for … The post CFPB Files Suit Against Debt Relief Company and its Owners appeared first on AccountsRecovery.net.

Seven Ways to Get Out of Debt in 2022

Better Credit Blog

If you’re wondering how to get out of debt, you’re not alone. In 2021, the national household debt balance reached $14.96 Since more Americans are under pressure to resolve their debt, we’ve outlined several strategies that reduce or eliminate this financial liability.

What is Commercial Debt?

Debt RR

To get you acclimated to this topic, commercial debt is any debt owed by a business or commercial venture. This debt is used exclusively for business expenses, asset acquisition, and improvements and is ever-present toward the start of most businesses. Commercial debt can accrue to a considerable sum, and if you are in such a situation, you are liable to pay off all the debts. The post What is Commercial Debt? appeared first on Debt Recovery Resources

CFPB Obtains $5.4 Million from Debt-Relief Service that Allegedly Charged Illegal Fees

Troutman Sanders

On May 17, the Consumer Financial Protection Bureau (CFPB) announced a settlement with DMB Financial LLC, a Massachusetts-based debt-settlement company.

Need Debt Relief? Here Are Your Options

Debt Guru

When your voicemail is filled with messages from collection agencies and stacks of bills arrive in your mailbox that you have no chance of paying, it’s time for some serious debt relief help. So, when should you seriously consider debt relief? Debt Settlement. Debt Help

Tips For Credit Card Debt Relief

Sawin & Shea

Credit card debt can be debilitating. When your bills are more than you can handle and you are struggling to get by, debt relief options can help. However, it’s important to understand that there are various forms of debt relief, and they are not all right for everyone.

What is Debt Consolidation and How Does it Work?

Better Credit Blog

Debt consolidation is when you bundle several debts together into one larger sum and then make a single monthly repayment instead of multiple smaller ones. Consolidating debts with different interest rates and repayment schedules can make it easier to manage your finances.