I know that the actions of Tobias Boyland are not funny, but I just could not help myself when looking at the irony of this case. Collection agencies tend to bend or break the law on a daily basis. This case however deserved a second look. Continue reading
Debt
Credit Bureau Collection Services Fined for Violating Federal Laws
Credit Bureau Collection Services and its officers, Brian Striker and Larry Ebert, have been charged with violating consumer protection laws through illegal debt collection tactics. As a result, the company will pay a $1.1 million civil fine to the Federal Trade Commission. Continue reading
Allegro Law Seized by Regulators
The Alabama Attorney General working with the Alabama Securities Commission has shut down what was one of the leading debt settlement providers in the nation. Allegro Law LLC and Allegro Financial Services LLC have been closed, with their assets seized by the court. Continue reading
Review of Briesch Debt Settlement Study
Dr. Richard A. Briesch, PhD authored a study into debt relief programs titled Economic Factors and the Debt Management Industry on August 6, 2009. His conclusion was only a vague assertion that debt settlement provided greater consumer welfare than debt management plans. However many of his findings contradict those of regulators and consumer protection advocates. This review of his white paper shows the source of this misinformation, an incomplete set of client data. The result is a cleverly crafted white paper that appears to provide academic support for debt settlement companies and the plans they administer.
Debt settlement companies have been very quick to refer prospective clients to this study, since it appears to provide academic support for their activities. See how the following review of Briesch’s study yielded a much bleaker picture about the state of debt settlement companies.
Download the Review of Briesch Debt Settlement Study: Economic Factors and the Debt Management Industry.
Minnesota Sues 6 Debt Settlement Companies
Attorney General Lori Swanson has filed lawsuits against 6 debt settlement firms for operating illegally in Minnesota. Not only were the firms operating without a license, they were also severely overcharging the very clients that went to them seeking help from their debt. Continue reading
Credit CARD Act of 2009 provisions are more consumer friendly
The Credit CARD Act of 2009 was a game changer for how credit card companies managed risk and earned profits. Many of the anti-consumer practices that were criticized by congressional leaders have been curbed through this law. Here are the key provisions for most consumers. Continue reading
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