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Friday, July 22, 2011

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Ivan Sanchez

Hi,

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California Lemon Law

Yes we had about this news. This is really very sad news. In an economy battered by high unemployment, consumers awash in debt are paying increasing attention to debt consolidation companies promising easy debt relief. Consumer advocates warn that debt consolidation company promises are often too good to be true. I hope that the clients start pouring in, knowing that these attorneys will know how to fight the system.

Steve Rhode

I've now been to three meetings at the CFPB on this topic and they appear to be taking their role as a beat on the cop for all debt relief services seriously. Not only do they have their eye on debt settlement but abuses in the nonprofit credit counseling world as well.

This recent article by iWatch, which I assisted with, was actually not about debt settlement in general but the alleged abuses of one company, Morgan Drexen, ( http://getoutofdebt.org/tag/morgan-drexen ) which claims they are providing back office services to attorneys that claim they are exempt from consumer protection regulations to protect people from advanced fees for services they never receive. These attorney "loophole" models are under fire as regulators try to close the deceptive and abusive practices they continue to engage in.

The vast majority of the debt settlement industry was effectively cleaned up with the FTC Telemarketing Sales Rule addition made last year. Since then a majority of companies have gone out of business leaving performance based companies who are really trying.

The irony is the attorney backed debt settlement companies continue to engage in the same business practices that the FTC TSR eliminated. Right now in the debt settlement world it is the attorneys consumers need to fear and that's not the way it should be.

As an example, look at the stories about this firm http://getoutofdebt.org/tag/legal-helpers-debt-resolution

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