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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.

CFPB Gives Borrowers With Troubled Mortgages a Guide

Real Estate Concept

The Consumer Financial Protection Bureau (CFPB) has issued a comprehensive guide to help troubled mortgage borrowers. The 104 page guide gives step-by-step directions on what you should expect from your mortgage company if you are struggling. You can read the guide here. The guide also clearly lays out the responsibilities of borrowers as well and is one of the more ... Read More »

Ferry & Nichols Said Barclay’s Bank Sued Me. – Amanda

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“Dear Steve, I just received a letter in the mail from Ferry & Nicholas, Inc., which reads almost identical to the letter from them posted on your website. They indicated Barclay’s Bank has filed a claim against me and the Sherrif will serve me soon. They also stated the creditor may attach my checking account. They provided me a case ... Read More »

Bill Would Make Employment Credit Checks Illegal

welcome

United States Senator Elizabeth Warren (D-Mass.) today introduced the Equal Employment for All Act with Senators Richard Blumenthal (D-Conn.), Sherrod Brown (D-Ohio), Patrick Leahy (D-Vt.), Edward J. Markey (D-Mass.), Jeanne Shaheen (D-N.H.), and Sheldon Whitehouse (D-R.I.). The legislation would prohibit employers from requiring potential employees to disclose their credit history as part of the job application process. It was previously ... Read More »

Auto Loans to Become Growing Problem in 2014

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TransUnion is out with their projections on the performance of auto loans for 2014. Their best guesstimate is the number of people 60 days or more behind is set to rise as more sub-prime borrowers are extended credit to buy increasingly expensive cars. “While we expect auto loan delinquencies to rise in 2014, they will remain well below levels observed ... Read More »

NC Files Suit Against CashCall and Western Sky Financial to Stop Payday Loans

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Yesterday the Consumer Financial Protection Bureau announced taking action against an online payday loan enterprise that attempted to use Indian Tribal lenders to skirt laws on these types of loans. You can read all about that here. The State of North Carolina, in an effort to try and protect its citizens, also filed suit against CashCall and Western Sky Financial. ... Read More »

Lloyd Ward Loses on Appeal. KS Judgment to be Enforced in TX.

begging

First a personal message to Lloyd Ward. Lloyd, I don’t stalk you, care about you, think about you, or follow you. The only reason I’m writing this story is because people keep sending stuff to me that relates to your past debt settlement activities. I don’t even publish all the stuff people send me. And we now resume our regular ... Read More »

CFPB Sues CashCall for Illegal Loan Servicing

punched-in-face

The Consumer Financial Protection Bureau action taken today against an online lender and Indian Tribe lender may just be the first big step to eradicating these loophole loans which charge consumers more than they should pay. In some cases the loans are voided and consumers do not need to repay anything. Today the Consumer Financial Protection Bureau (CFPB) took its ... Read More »

Advantage Credit Counseling Service Makes Perplexing Statement

puzzled looking little boy looking to the left

Advantage Credit Counseling Service has a “white paper” out that purports to reveal what a certified credit counseling agency can do for you. Credit counselors have good programs that are best suited to people who are behind on their bills but can afford at least the regular monthly payment plus continue to save both for retirement and emergencies. What struck ... Read More »

Get Your Blockbuster Statement Before They Close

blockbuster

If you had an open Blockbuster video account in the last few years you need to go to your local Blockbuster store right away before they close for good and ask for a printout of your account showing no money owed. In the last year or two Hollywood Video closed and tens of thousands of consumers who rented at those ... Read More »

Credit Answers Settles With Colorado

law books

With receipt of $225,000, the state has resolved a case in which 615 Coloradans were financially harmed by a Texas-based debt-settlement company that was operating illegally in Colorado. The Consumer Protection Section of the Attorney General’s Office has entered a stipulation and final agency order with the now defunct CreditAnswers and its Chief Executive Officer William Loughborough (D.O.B. 11/02/62). “When ... Read More »

Ex-Girlfriend Drove Credit Into Shit Hole. – Victoria

Blonde Tank Top

“Dear Steve, My boyfriend is currently in the national guard, but he is home now, I have been dating him for a year and a half. Before I met him, he was stationed in Afghanistan for 13 months (around 2009-2010), while dating another girl. While he was overseas, the girlfriend he had at the time used all his military money ... Read More »

My Graduate School Pursued Me for Payments in Bankruptcy

angry woman

“Dear Steve, I went through bankruptcy and my school filed an Adversarial Proceeding against me I attended a graduate school that is not a Title IV school. However, they were engaged in a number of exploitative and unethical practices. I declared bankruptcy with no problems and my lawyer thought they wouldn’t pursue going after me because they are not a ... Read More »

FTC Nails American Mortgage Consulting Group and The Debt School

Bitch Slap

The defendants in two separate alleged scams have settled charges with the Federal Trade Commission and will be banned from providing mortgage- and debt-relief services. The cases are part of the FTC’s continuing crackdown on scams targeting consumers in financial distress, including debt relief and credit repair scams, and mortgage relief scams. American Mortgage Consulting Group; Home Guardian Management Solutions: ... Read More »

2014 Projections Show a Bad Year for Debt Relief Companies

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TransUnion is out with data on 2014 delinquency projections. They are showing both flat delinquencies in mortgage and credit card areas. This is bad news for debt relief companies who are looking for increased demand of the services they offer. Not only is the projected trend to remain flat but at historically low levels. The national mortgage loan delinquency rate ... Read More »

I’m Disabled, Filed Bankruptcy, But Still Owe on Student Loans

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“Dear Steve, I was hit by a drunk driver, suffering several acute compression fractures in my neck and back, ribs, discs, etc…and was wheel chair bound. Fortunately, I recovered well, and am more functional than any of treating physicians expected. I was attending the University of Davis, California at the time ( 1991 ) when accident happened. When I was ... Read More »

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