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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.

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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 »

2013 Holiday Spending Set to Change Debt Relief Industry

Searching-right

In the debt relief industry the post-holiday period was always the busiest as those pesky holiday bills rolled in and people realized they overspent. The past recent years have been tough for debt relief companies since tough economic times had erased the big post-holiday debt relief peak we all used to know. New data is out that shows what we ... Read More »

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