Posted on
August 4, 2009
at
4:59 am
Hi I came across an article about Atty. Gen. Andrew Cuomo and 14 debt settlement companies that he has subpoenaed...how did it affect the debt settlement industry?
Posted on
August 4, 2009
at
5:03 am
Oh you meant Nationwide Asset Services Inc. in Phoenix and Credit Solutions of America Inc.in Richardson, Texas...they are two of the biggest operators I've read.As for its affect on the industry as a whole, I think most of the legitimate debt settlement companies would welcome an investigation as well as any introduction of tougher regulations. This is bound to happen as the industry is just about 5 years old.
Posted on
August 4, 2009
at
5:05 am
The other debt settlement companies that Andrew Cuomo has sent subpoenas too are: American Debt Foundation Inc., American Financial Service, Consumer Debt Solutions, Credit Answers L.L.C., Debt Remedy Solutions L.L.C., Debt Settlement America, Debt Settlement USA, Debtmerica Relief, DMB Financial L.L.C., Freedom Debt Relief, New Era Debt Solutions, New Horizons Debt Relief Inc., Preferred Financial Services Inc., U.S. Financial Management Inc. (operating as My Debt Negotiation) and Allegro Law.I think that those companies that have good ratings/reputation with the BBB and TASC are not at all worried about this inquiry. I think it's business as usual for them.
Posted on
August 4, 2009
at
4:34 pm
In regards to Andrew Cuomo and debt settlement- the majority of his issues are in regards to debt settlement companies who use deceptive marketing and those who fail to follow through on their promises of actually settling their clients' accounts.
Posted on
August 6, 2009
at
12:55 am
but isn't really debt settlement illegal?? i cannot blame mr. cuomo for doing such.
Posted on
August 6, 2009
at
2:49 am
Crocus, that's not necessarily true. There are debt settlement companies that are not necessarily after your money all the time. In fact these same companies are also members of the BBB, and are regulated by umbrella companies to deliver high-quality services in the industry.
Posted on
August 14, 2009
at
2:45 am
Aside from the Andrew Cuomo and debt settlement thing, I have a question How do I know if a debt settlement company is legal or not, according to govt standards???
Posted on
August 17, 2009
at
4:31 am
A debt settlement company's legitimacy can be checked via the Better Business Bureau or BBB (www.bbb.org) and if they are a member of the state Chamber of commerce and the US Chamber of Commerce. Aside from that, other accepted regulatory bodies are:TASC www.tascsite.orgUSOBA www.usoba.orgIAPDA www.iapda.orgOutside of Andrew Cuomo and the government..I'm not sure how the legality of a debt settlement company can be verified..
Posted on
August 17, 2009
at
4:35 am
Mhmm sounds like, if Andrew Cuomo approves of a debt settlement company, or has cleared it...then it's considered legal? That's dangerous...
