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Author Archives: Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

The Beginning of the End for the Attorney Loophole?

gears

A sidebar in a recent article by Jenna Greene identified an important fact that should not be lost of attorneys who feel the “attorney loophole” for debt relief services is getting thinner and thinner. According to Greene, the Consumer Financial Protection Bureau (CFPB) has been going after entities like banks and some debt relief companies. But take a guess what ... Read More »

Sallie Mae Student Loans are Going to Make My Daughter Sterile

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“Dear Steve, I am a Nurse Practitioner who is vey very concerned about my daughters mental health -as a result of her student loans….We had NO IDEA -what a nightmare this would become:-(. She has had at least 2 jobs since she was 11 yrs old…Harding working is an understatement !! She is so depressed and dejected over her inability ... Read More »

CFPB Pulls Back Curtain on Debt Collection and New Rules

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The Consumer Financial Protection Bureau (CFPB) has put out a new document with an extensive amount of information that paints the debt collection industry in a new light. One fact I found exceedingly interesting is the percentages of debts the debt collection industry handles, “medical and other health-related debts (36%), credit card debts (20%), telecom debts (13%), and student loan ... Read More »

Want to See Why Debt Relief is Dying Right Now?

Car Student Loans Oct

For years now I’ve been warning debt relief companies to expect less demand for services until consumers began to load up on credit again. The pipeline of unsecured debt being issued is really dry and the vast majority of consumers who needed help have already worked their way through the pipeline. But this information out today in Zero Hedge will ... Read More »

I Am a Lawyer With Sallie Mae Loan Debt. Help! – Scott

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“Dear Steve, Public interest lawyer 250k in student debt 6k in credit card debt 8k in private credit loan from sallie mae I have a Sallie Mae loan through their private credit department. I used this loan for living expenses while I took the New York bar exam this past summer. Is this the type of loan that you wrote ... Read More »

The Stress From Sallie Mae is Abusive. – Sue

college-class

“Dear Steve, My 28 year old daughter Laurie has incurred over 160,000 in student loans with Sallie Mae. They are relentless and even at times harassing her for payment. They are wanting over 900.00 per month which she is not able to do at her job as a vet tech making 15.00 an hour. She tried moving out for the ... Read More »

Misleading Student Loan Mailer to Watch Out For From Student Loan Servicing Center

Student Loan Servicing Center Mailer

A consumer just submitted a complaint about Student Loan Servicing Center and included a mailer they received. I wanted to review the mailer for you and show you all the items that raised my concern. It’s worth discussing these items so you can be more aware of what marketing messages you may receive so you can evaluate them. If you ... Read More »

Disturbing Student Loan Client Services Mailer to Watch Out For

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A reader has just sent in a mailer they received from an entity called Student Loan Client Services. Talk about a generic name. The mailer, which appears to pretend to be an official government mailer, and was sent from postal permit 1297 in Sacramento, California. The reader sent in the new debt relief mailer through my I Buy Junk Mail ... Read More »

EFA Processing Signs Consent Order

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The State of Connecticut has just entered into a consent order with EFA Processing and Ken Talbert over debt relief help offered to State residents. According to , EFA Processing “voluntarily agrees to consent to the entry of the Consent and Agreement described below without admitting or denying any allegation or any claim contained in the Order and Notice and ... Read More »

Tell Me About US Student Loan Services

begging

A new debt relief company selling student loan debt help has come across my desk. I’d love to hear from you if you’ve used their service or have been through the sales presentation. The company is US Student Loan Services and is on the web at usstudentloanconsolidation.org. When new companies like this appear I’m really interested in your feedback on ... Read More »

Why Debt Relief Help is Broken in America

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Being in debt is a terrible situation. You are at your lowest moment in life or darn near close to it. On top of that you may be experiencing the common side effects problem debt brings like depression, hopelessness, feelings of failure, or marital strife. The one point most can agree on is being in debt is not a happy ... Read More »

Loan Modification Debt Company Owner Sentenced to Prison

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Ian Kideys, 40, of La Jolla, California was sentenced to five years in club fed for his role in K2 Capital Management, U.S. Mortgage Bailout, and iLoanAudit. Shocker, a loan modification company owner found guilty of fraud. According to prosecutors, “US Mortgage Bailout obtained some mortgage relief for its customers through fraudulent representations to lenders, but otherwise simply collected money ... Read More »

CFPB Publishes Advice if You’ve Given Someone Power of Attorney Over Your Money Matters

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The Consumer Financial Protection Bureau (CFPB) has recently published guidance that appears to have a direct connection to debt relief companies that manage the finances of others using a Power of Attorney (POA). I frequently see these types of relationship between consumers and debt relief companies, like settlement companies, and now more student loan assistance organizations. While the guidance in ... Read More »

Big Changes Coming for Those Struggling with Federal Student Loans

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Let’s get the bad news out of the way, none of this good news in this article applies to private student loans. When it comes to private student loans my advice remains the same as it has been, avoid them like the plague. But for federal student loan holders as of July 1, 2014 a big change is being made ... Read More »

I’m a Kindergarten Teacher With $100K in Student Loans

College Tuition Expenses

“Dear Steve, I went to a private, out if state, christian college and I am not a kindergarten teacher. I currently have over $100,000 in both federal and private loans all from Salliemae. I’ve been looking for the past 3 years (since I started paying my loans off) for a way to fix this problem. I’m paying over a $1,000 ... Read More »

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