Vision Credit Education, Inc.

It may sound like a broken record but another large debt settlement company has been seized following an investigation into company practices. Allegro Law LLC and Allegro Financial Services LLC have been shuttered by regulators with the assets coming under seizure by the court. Read the rest of this entry »

West Virginia Attorney General Darrell McGraw has filed suit against Capital One Bank for what he calls “unconscionable conduct in connection with their credit card lending and collection practices.” In particular, it seems that customers were extended offers of what they thought were new credit card accounts if they agreed to transfer old collection debt previously charged off by Capital One. The amount of new credit was reportedly only $1. Read the rest of this entry »

Hess Kennedy served as a reminder that debt settlement companies hold very large amounts of their customers’ cash. It also showed us that sometimes that cash is siphoned off or spent by company executives rather than being used for promised settlements. In the end, customers received only a 25% refund of their deposits after a court appointed receiver shut down the company. Read the rest of this entry »

Bank of America, Capital One and Discover have each pledged to avoid interest rate hikes ahead of the Credit CARD Act. Citibank however has begun raising interest rates on many of its cardholders effective December 20, 2009. Read the rest of this entry »

With a signature from Governor Bev Purdue, North Carolina effectively banned all collection attempts on old debts. This change is a part of the Consumer Economic Protection Act of 2009. Read the rest of this entry »