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Debt Settlement News
The Effect Of The Business Cycle On The Resolution Costs Of Failed Banks
Banks play an important role that both affects and is affected by changes in the economic environment. Starting with Bernanke (1983), there has been a great deal of work on the economic impact of bank closures. This credit channel literature examines the effect of banks exacerbating an economic downturn by contracting credit at the same time that the economy in general is contracting.
Large and Small Companies Exhibit Diverging Bankruptcy Trends
Publicly traded companies filed for bankruptcy at a record pace in 2001. This trend reflects a more challenging economic environment but nevertheless stands in contrast to overall business bankruptcy trends. Profits at large companies have declined while leverage has increased, and losses from large credits have risen at insured institutions.
Over $700,000 Recovered for South Carolina Consumers from Debt Settlement Company
Columbia, SC - In a settlement reached, a Texas company has voluntarily agreed to give partial to full refunds for 448 customers in South Carolina who entered into a contract with the company after December 1, 2005.
Attorney General McGraw Reaches Settlement with Four Debt Relief Companies for 366 Consumers
Attorney General Darrell McGraw announced settlement agreements with four debt relief companies that brought to an end their controversial practice of "debt settlement" services in West Virginia. The companies, Debt Relief of America, L.P., of Dallas, Texas; Fidelity Debt Consultants, Inc.
FTC Charges Marketers of ‘Debt Meltdown Program’ with Allegedly Failing to Deliver Debt Reduction
The Federal Trade Commission charged four companies and their principals, Miriam and Robert Lovinger, with deceptively marketing a “debt settlement” operation that allegedly failed to provide services it claimed would reduce consumers’ debt, resulting in even more debt for many consumers. The FTC has requested an expedited hearing for a temporary restraining order.
Gov. Blagojevich Signs Law Banning Harassment by Debt Collectors
SPRINGFIELD – Governor Rod R. Blagojevich signed a new law to help protect Illinoisans from harassment and inappropriate calls from debt collectors.
Attorney General Settles with Debt Purchaser, Excalibur I, Resulting in $3 Million in Canceled
Attorney General Darrell McGraw recently entered into a settlement agreement with Excalibur I, LLC, a debt purchaser based in Lake Success, New York, that resulted in the cancellation of more than $3 million in debt allegedly owed by 861 West Virginia consumers. Excalibur also agreed to dismiss 119 collection lawsuits that it had filed against West Virginia consumers and to release any cou
President Bush passed the Mortgage Forgiveness Debt Relief Act of 2007
Today, President Bush signed the Mortgage Forgiveness Debt Relief Act of 2007, which will help Americans avoid foreclosure by protecting families from higher taxes when they refinance their home mortgages. This Act will create a three-year window for homeowners to refinance their mortgage and pay no taxes on any debt forgiveness that they receive. Under current law, if the value of your
Department Of Finance Settles With a Dallas, Texas Based Debt Settlement Company
Gavin Gee, director of the Idaho Department of Finance, announced a settlement today in which Dallas, Texas-based Credit Solutions of America, Inc. (CSA) will pay $588,000 in restitution to Idaho consumers over the next six months for unlicensed credit counseling.
Court Enters Final Order in FTC Action Against Florida Debt Collectors
A federal court has entered a final order against a Florida debt collection agency, its principals, and its attorney, settling a Federal Trade Commission action that alleged that the defendants violated the FTC Act and the Fair Debt Collection Practices Act (FDCPA) while collecting consumers’ debts.
Debt Reduction Companies Settle with FTC
Two debt reduction companies and their principals have agreed to settle Federal Trade Commission charges alleging that they violated federal law by falsely claiming that they could reduce consumers’ credit card interest rates or the amount of their credit card debt.
Defendants in Debt Collection Scheme Aimed At Hispanics Agree to Settle FTC
Two defendants have agreed to settle Federal Trade Commission charges for allegedly victimizing Spanish-speaking consumers nationwide by posing as debt collectors seeking money the consumers did not owe. They and the corporate defendants they controlled have been barred from further violations of federal law involving debt collection.