Debt Settlement Services

News & Analysis as of

CFPB Sues World Law Group Over Illegal Fees and False Promises in Debt-Relief Scheme

On September 15, the CFPB announced a preliminary injunction obtained against World Law Group and its senior leaders for allegedly running a debt-relief scheme that charged consumers costly and illegal upfront fees. According...more

Ninth Circuit Rules Against Title Insurer in Long-Running RESPA Litigation

On August 24, the Ninth Circuit held that a title insurer’s equity investments in title agencies in exchange for agreements that the agencies would refer customers to the insurer violated the anti-kickback provisions of the...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 Fines Debt-Settlement Firm

On December 4, the CFPB fined a New Jersey-based debt-settlement service provider $69,075 in civil monetary penalties for alleged violations of the FTC’s Telemarketing Sales Rule (TSR). The CFPB alleged that the firm charged...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 Enforcement Action Targets Debt-Settlement Payment Processor For Aiding Collection Of Upfront Fees

On August 25, the CFPB announced a consent order with an Oklahoma-based debt-settlement payment processor for allegedly helping other companies collect unlawful upfront fees from consumers. The CFPB specifically alleged that...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 Expands Complaint Collection To Include Prepaid Cards, Additional Nonbank Products And Services

On July 21, the CFPB announced that it is now accepting consumer complaints regarding (i) prepaid products, including gift cards, benefit cards, and general purpose reloadable cards; (ii) credit repair services and debt...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

Pennsylvania Provides For Licensing, Regulation Of Debt Settlement Providers

On July 9, Pennsylvania Governor Tom Corbett signed SB 622, which directs the Department of Banking and Securities to establish licensing requirements, including fees, for providers of debt settlement services. Such a license...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

Debt Settlement Firm Pleads Guilty In CFPB’s First Criminal Referral

On April 8 the U.S. Attorney for the Southern District of New York announced that a debt settlement company and its owner pled guilty to fraud charges, resolving the first criminal case referred to the DOJ by the CFPB. The...more

CFPB Suit Against Debt Settlement Firm Will Proceed

On January 10, a federal judge denied a debt settlement company’s motion to dismiss a CFPB enforcement action pending in the Central District of California, in which the company challenged the constitutionality of the CFPB’s...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 Enforcement Action Targets Debt Settlement Payment Processing

On October 3, the CFPB announced an enforcement action against a leading debt-settlement payment processor and its President/CEO for allegedly assisting clients in the debt-settlement industry charge and collect millions of...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

CFPB Announces Suit Against Debt Settlement Firm

On August 20, the CFPB announced an enforcement action against a debt settlement company for violations of the Telemarketing Sales Rule and the Dodd-Frank Act. The complaint alleges that the company disguised illegal upfront...more

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