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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.

My Network Technology Degree is Worthless But I Owe Sallie Mae. – Omar

Adult Ed - Questions

“Dear Steve, Immigrated from Africa in the year 2000 with a big dream of making money in Network Technology. I went to computer school that lured me in taking a sallie Mae loan for MS NT 4.0. And $10,000 for an Operating system that turned out be a scam , not been used in the workplace (old). Two months in ... Read More »

I Signed for My Ex-Husband’s Student Loans and They Want Me to Pay. – Maureen

robbery

“Dear Steve, My now ex husband went to college and accrued quite a bit of student debt. At this point, it is closing in on 130k. At some point, he consolidated the loans, and added me to the paperwork. I agreed, because he said that I had to. I did not know there were options. When we divorced, he agreed, ... Read More »

I Included My Private Student Loans in Bankruptcy But They Were Not Eliminated. – Time

bankruptcy-1

“Dear Steve, I filed bankruptcy in Colorado in in 2010. Student Loans Finance corporation is still harassing me to pay back a private loan. The federal portion of the loan was paid back. They are saying that private student loans are not dischargeable. That is not what I was told. I did not use an attorney when I filed bankruptcy. ... Read More »

Will We Ever Get Out of Sallie Mae Loan Hell? – Chris

punched-in-face

“Dear Steve, I’m a mechanical engineer of 8yrs, went to private engineering school, had to borrow full tuition/room/board for 4yrs. Racked up about $160k in PRIVATE loans (dad made too much to qualify for any federal $). Married my wife and fellow classmate in 2010. She also racked up about $140k, *mostly* private, but some federal loans. Predatory lending was ... Read More »

Debt Relief Mortgage Modification Guys Headed to Jail

mans hands behind bars in jail or prison

The Office of the Special Inspector General for the Troubled Asset Relief Program has announced two Florida men were convicted of defrauding homeowners in Massachusetts and elsewhere in a home loan modification scam. Christopher S. Godfrey, 44, of Delray Beach, Fla., and Dennis Fischer, 42, of Highland Beach, Fla., were convicted of conspiracy, wire fraud, mail fraud, and misuse of ... Read More »

Debt Collection Complaints Latest Data

angry caller narrow

A big hat tip to the folks at Collections & Credit Risk for posting a breakdown of the CFPB October data on debt collection complaints. According to the October data the debt collection complaints fell out like this: 485 (40.9%) continued attempts to collect debt not owed 244 (20.6%) communication tactics 233 (19.6%) disclosure verification of debt 82 (6.9%) false ... Read More »

New Opportunities for Debt Relief Under Community Development Services

Happy people celebrating with money raining

The Office of the Comptroller of the Currency, Treasury (OCC), Board of Governors of the Federal Reserve System (Board) and Federal Deposit Insurance Corporation (FDIC) have issued a notice that may be an opportunity for debt relief companies. Under the Community Reinvestment Act (CRA) banks are encouraged to participate in community development services. The community development services assist the banks ... Read More »

Connecticut Announces New Wave of Debt Relief Company Actions

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The State of Connecticut is very active when it comes to going after debt relief companies. I publish these actions as a warning to other debt relief companies so they can learn from the issues others have faced and avoid them. In particular it appears the State Department of Banking is taking action against attorneys who are not licensed in ... Read More »

FTC Cracks Down on Yellow Page Scam

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At the Federal Trade Commission’s request, a federal judge has temporarily halted, and frozen the assets of, a Montreal operation that bilked more than $14 million from small businesses and churches in the United States for unwanted listings in online business directories. The FTC seeks to permanently stop the illegal practices and make the defendants return victims’ money – the ... Read More »

I Co-Signed for My Daughters Student Loan and Now a Lawyer Has It. – Marie

help woman

“Dear Steve, I co-signed for a Parent Plus loan for my daughter a few years back. Roughly $45,000 now. She wasn’t able to keep up with the payments and didn’t really know how to handle the situation so now it’s in the hands of an attorney’s office. I don’t have $45,000 laying around that I can just pay it off, ... Read More »

My Girlfriend is in a Situation With Her Sallie Mae Student Loans. – Justin

caution

“Dear Steve, My girlfriend is in a bit of a situation. She went to school, took out about 40k worth of student loans, which are now with fees and interest at around $80k. Sallie Mae (through MRS) is offering to set up a payment plan to take the three loans to 0.001% and stretch the payments of ~$400 a month ... Read More »

I Defaulted on my Federal Student Loans and Now They’ve Doubled

Money and book

“Dear Steve, I wet to a tech school right out of high school and accrued 3100 in fed student loans. I defaulted after being denied financial hardship deferment. It has been 6 years, I am now back in school and looking to receive pel grant. The amount owed on my account is now 6300, double what I took out. I ... Read More »

Golden Financial Services and Paul Paquin Attack Get Out of Debt Guy Steve Rhode

questions narrow

A reader brought to my attention a post by Golden Financial Services titled Steve Rhode – Scam, Complaint, Illegal, Fraud or Applause. – Source It did make me laugh since some in the debt relief industry criticize me for my post title asking consumers for feedback on companies yet Paul elected to use a similar format. Nice touch. The post ... Read More »

FTC Settles Payment Processing Issues for Google Money Tree Scam

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The Federal Trade Commission is continuing its crackdown on payment processing operations that enable scam artists to charge consumer accounts despite signs of ongoing fraud and unauthorized transactions. Today, the Commission announced a proposed settlement resolving allegations that a payment processor, Process America Inc., and its owners, Kim Ricketts, Keith Phillips and Craig Rickard, used unfair tactics to open and ... Read More »

CFPB to Begin Accepting Debt Relief Complaints. Game Changer.

news-hot

A source from the CFPB has reveled that the CFPB will begin to accept complaints from consumers in 2014, and most likely by summer 2014. This means debt relief companies will most likely be in the same boat as other entities the CFPB supervises when it comes to identifying what specific company is generating complaints. Consumer complaints filed will most ... Read More »

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