Credit and Debt Blog

Allegro Law LLC and Allegro Financial Services LLC have been shut down permanently as a result of a lawsuit filed by the Alabama Attorney General seven months prior. According to the office of Troy King, Allegro is one of the “largest debt settlement schemes in the country.”

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After reading such harsh criticism from Andrew Cuomo, the Attorney General for the State of New York, I decided that I wanted to examine the debt settlement industry to see how accurate his reference of “rogue industry” really was. My findings suggest that clients who sign with debt settlement companies never check to see how [...]

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On Thursday May 7, 2009 New York Attorney General Andrew Cuomo issued subpoenas to 14 debt settlement companies and a law firm. Cuomo is part of a multistate effort to regulate debt settlement companies, which Cuomo says are “offering consumers false hope, charging tremendous fees and leaving them in a worse financial situation.”

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On April 30, the Internal Revenue Service announced that taxpayers who had their stimulus payments deposited into any account that has favorable tax treatment may withdraw the funds without penalty. Announcement 2008-68 by the IRS details the special allowance that the IRS has made regarding stimulus direct deposits.

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Recently released minutes of the Federal Reserve Board meeting reveal that the Fed is increasingly worried that the already beginning recession may be much worse than initially feared.

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HUD Secretary Alphonso Jackson rendered his resignation on Monday. The official date for his departure will be April 18 according to his statement. The reason for his resignation is listed as personal. Jackson is currently being investigated by the Federal Bureau of Investigation over possible ethical concerns.

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White House spokeswoman Dana Perino announced that President Bush will visit a nonprofit credit counseling organization in Freehold, NJ. Originally known as Garden State Credit Counseling, Novadebt has provided credit and housing counseling services nationally as well as in New Jersey.

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In February, the Arkansas state Supreme Court declared that payday lending fees are indeed interest, and are thus subject to the state interest rate limit of 17%. Now Attorney General Dustin McDaniel is ready to enforce it.

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The Internal Revenue Service has announced that stimulus payments will be mailed based on the last two digits of your social security number. They have released this schedule so that you may anticipate your stimulus payment.

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After years of haggling by both sides, the Maryland state Senate voted to eliminate the nonprofit requirement for credit counseling organizations. If approved by the House of Delegates, it will open the gates for companies looking to profit at the expense of Maryland debtors.

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