The ZipDebt Blog
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On July 29th, 2010, the Federal Trade Commission (FTC) announced new regulations for the debt settlement industry. For background, please see the following ZipDebt blog posts: (Click to continue reading this post…)

Over the past several months, there has been a steadily increasing chorus of criticism directed at the third-party debt settlement industry – criticism by state Attorneys General, Federal Trade Commissioners, financial reporters, bloggers, consumer groups, the Better Business Bureau, and individual consumers. It’s been open season on debt settlement in the media, and the theme is always (Click to continue reading this post…)

One of the program improvements I’ve had in mind for quite some time is a secure area of the ZipDebt website where active clients can log in to check on recent settlement trends per creditor. I could not put this type of detailed information in the audio training course itself, since settlement policies change too frequently – the information would be out-of-date shortly after publication. So I’ve (Click to continue reading this post…)

For many years, I’ve been the “Lone Ranger” here at ZipDebt, fielding virtually all inquiries from prospective clients by myself. Although I do greatly enjoy speaking with people and providing the consultations, I finally got so busy that I needed some help. Finding someone who could handle the assignment and meet my high standards was no easy matter! So it is with great pleasure that I introduce Ms. Delpha Renard to ZipDebt fans and clients. (Click to continue reading this post…)

In recent blog posts, I’ve written about the massive problems faced by the debt settlement industry, with various state Attorneys General and the Federal Trade Commission moving toward new rules and regulations that would severely impact debt settlement firms at large. Now, after new developments that occurred in April and May, it may be fair to ask the question, “Will debt settlement still exist in 2011?” (Click to continue reading this post…)

In the days before debt settlement became so widely known by consumers as a bankruptcy alternative, it was often difficult for me to convince prospective clients that a bank would willingly forgive 50% or more of the principal balance on a credit card account. Consumer skepticism was very real in those days, since debt settlement was not very well known yet as a strategy. Nowadays (Click to continue reading this post…)

Regular readers of The ZipDebt Blog already know that I strongly advise consumers to steer clear of third-party debt settlement firms. These companies charge an outrageous 15% or more of the total enrolled debt, even before any meaningful work is performed. They deliberately mislead people on how the process really works, and they do not provide the services advertised. Such companies also (Click to continue reading this post…)

Do you remember what it was like back in October 2008? That’s when the financial crisis rocked the world and we all collectively held our breaths and waited to see if the entire banking sector would collapse. From my own perspective, it had pretty much been “business as usual” in the world of debt settlement up to that point. And then the whole world froze for about two weeks. I had just started (Click to continue reading this post…)

Pretend for a moment that you are the CEO of a debt settlement company, or a company that is in the business of generating “leads” for the settlement industry. You know that a regulatory freight train (called the Federal Trade Commission) is headed your way, and that within a matter of months the entire industry may be effectively run out of Dodge. (See my blog post on recent FTC scrutiny of the industry.) You also know that regulators are watching very carefully during this period (Click to continue reading this post…)

Please note that ZipDebt will be closed Thursday, December 24th, through Sunday, December 27th. We will return to regular hours as of 9am Pacific Time, Monday, December 28th. Email queries (or phone messages) received after 4pm PT on 12/23 will be answered after we return on the 28th.

For the following week, we will be open regular hours (9am-5pm PT) Monday, December 28th, through Wednesday, December 30th, closing early (3pm PT) on December 31st, closed January 1st through the 3rd, and returning again to regular hours on Monday, January 4th, 2010.

To our clients and colleagues, happy holidays to all and best wishes for a prosperous 2010!