Debt Settlement Services

News & Analysis as of

CFPB files supplemental amicus brief in Third Circuit FDCPA case to address Spokeo

The CFPB has filed a supplemental amicus brief with the U.S. Court of Appeals for the Third Circuit in Bock v. Pressler & Pressler, LLP, the case in which the district court ruled that a debt collection law firm violated the...more

CFPB Jan. 2016 complaint report highlights “other financial services complaints,” complaints from NY State/NY metro area consumers

The CFPB has issued its January 2016 complaint report which highlights “other financial service” complaints and complaints from consumers in New York State and the New York metro area. In addition to the major complaint...more

Why You Should Enter into a Payment Plan with a Junk Debt Buyer [Video]

Many times junk debt buyers like Midland Funding, Portfolio Recovery Associates, and CACH, LLC will sue people and immediately seek out of settlement of the debt. When people can't pay a large lump sum they will set up long...more

3 Proven Strategies to Get the Lowest Debt Settlement Possible [Video]

Many people dealing with serious debt problems choose to settle their debts for an amount less than what is owed. In this video I discuss three strategies on how you can get the lowest settlement possible and still deal...more

3 Ways to Use Your Tax Refund to Solve Your Debt Problem

It is the time of year when people are gearing up to get their taxes filed. Many will get a nice tax refund check and while what I am about to propose may be some of the least fun things you can do with a tax refund check,...more

CFPB announces consent order relating to alleged debt relief scam

The CFPB has announced that it has entered into a proposed consent order with Premier Consulting Group LLC and a related law firm to settle claims that the defendants charged consumers upfront fees in violation of the...more

Debt Free in 2015 – Now is the Time to Prepare

We are a month away from the new year, but now is the time to start putting together your game plan to get out of debt in 2015. Debt is often accumulated over several years (and sometimes decades) and it will take some...more

CFPB’s first criminal referral ends in 9-year sentence

The CFPB’s first publicly announced criminal referral has resulted in a nine-year sentence for the principal of a debt settlement company, who pled guilty to several of the charges. The referral, which was made to the U.S....more

Is the RQFII Program En route to Australia?

Bank of China's Renminbi Settlement Service in Sydney - In late July this year, the Bank of China unveiled its Chinese Renminbi (RMB) Settlement Service in Sydney. The Settlement Service utilises the Australian Stock...more

4 Keys to Successful Debt Settlement

Whether you are facing past due credit cards, medical bills, or are dealing with a debt collection lawsuit, debt settlement maybe a viable option for eliminating your debt problems. However, debt settlement doesn’t work in...more

CFPB settles enforcement action against another debt settlement payment processor

The latest chapter in the CFPB’s “comprehensive effort to address consumer harm and to root out unlawful practices across the debt settlement industry” is a settlement announced yesterday with Global Client Solutions, “a...more

CFPB Complaints Database Expands to Include Prepaid Cards and Nonbank Products

On July 21, 2014, the Consumer Financial Protection Bureau (“CFPB”) announced that it has further expanded its Consumer Complaint Database (“Database”) to include additional types of financial products. Specifically, the CFPB...more

CFPB now taking complaints on prepaid cards, debt settlement services and more

Although we thought an announcement that the CFPB had begun taking complaints about new products would be made at its field hearing on consumer complaints last week, that announcement was made today. The CFPB announced that...more

Former Colorado regulator and consumer advocate Laura Udis to join CFPB as manager for payday lending program

We have learned that, starting Monday, Laura Udis will join the CFPB as the Payday and Small Dollar Lending Program Manager in Research, Markets and Regulations. Ms. Udis comes to the CFPB from the Consumer Federation of...more

CFPB Shows It’s a Tough New Cop on the Beat With Case Against Payment Processor

On October 3, 2013, the Consumer Financial Protection Bureau announced it had filed a complaint in federal district court in Washington state against a leading debt-settlement payment processor, Meracord LLC, and its CEO. ...more

CFPB Brings Action For Processing Illegal Debt-Settlement Fees

The Consumer Financial Protection Bureau, or CFPB, announced an enforcement action against Meracord LLC, a leading debt-settlement payment processor, for allegedly helping others to collect millions of dollars in illegal...more

CFPB brings enforcement action against debt settlement payment processor

In the latest chapter of its “comprehensive effort to prevent consumer harm in the debt-settlement industry,” the CFPB has announced the settlement of an enforcement action brought against “a leading debt-settlement payment...more

FTC Signals Interest in Enforcement of Deceptive Advertising Laws Against Payment Processors

Ignorance of the law is no excuse; nor is (willful) ignorance of a business partner’s illegal activities. That’s a lesson to be learned from a recent amended complaint filed by the FTC which named a payment processor...more

CFPB Files Enforcement Action Against Debt Services Company

The CFPB recently filed an enforcement complaint and stipulated judgment against a Florida-based debt services company, which represents the first of its kind alleging that the company is liable under Dodd Frank and the...more

CFPB announces criminal referral relating to alleged debt-relief scam

At a press conference yesterday in New York City, Director Cordray announced that the CFPB had made a criminal referral to the United States Attorney for the Southern District of New York arising out of the CFPB’s...more

Decisions, Decisions. Bankruptcy or Debt Settlement?

If you have read my blog at all you have likely read my mantra that “no body wants to file for bankruptcy”. Sometimes it is just flat out necessary. But how do you know if bankruptcy is the right choice?...more

Debt settlement for you? Be very afraid.

Are you struggling with debt and considering a "debt settlement" company? In 2011, the New York City Department of Consumer Affairs called debt settlement “the single greatest consumer fraud of the year.” The Better Business...more

FTC Continues To Target Debt Collectors and Debt Relief Companies

The Federal Trade Commission’s continuing focus on the debt collection and debt relief industries was clearly demonstrated by several recently announced lawsuits and settlements....more

Debt Recovery & Collection: USA

Originally published in Lawyer-Monthly.com - Legal Focus, November 2012. Looking further into the issues surrounding debt recovery and collection, Lawyer Monthly turns its attention towards the US and speaks to Laura...more

CFPB denies another motion to modify or set aside CID

The CFPB has refused to modify or set aside a civil investigative demand (CID) issued to Next Generation in connection with an investigation of the company’s debt settlement services business....more

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