Debt Settlement & Debt Negotiation Scams: The CFPB Catches Another One

Debt Settlement Frauds by Consumer Rights Lawyer John T LongoI have never seen a client benefit from hiring a company to negotiate with their creditors to settle their debts.

Companies that promise to settle your debts for pennies on the dollar, or promise to negotiate your debts way down, are usually scams or a complete waste of your money. Their entire industry is overrun with scam artists and crooks preying on people overwhelmed by debt. The latest evidence of that is yesterday’s announcement that the federal Consumer Financial Protection Bureau is forcing one player in the field to cough up $7 million dollars in fines and refunds. (Global Client Solutions whose two principals are/were Robert Merrick and Michael Hendrix.) Before that, the CFBP obtained a $1 million+ judgment against another company, Meracord, formerly NoteWorld Servicing Center.

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If debt is crushing you, or if you’ve been sued by a debt collector:



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