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Home > Author Archives: Steve Rhode (page 2)

Author Archives: Steve Rhode

Morgan Drexen Kicked in the Nuts Some More by Court

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Well if you are going to get bad news you might as well get it all at once. On the heals of a judgment against Morgan Drexen, an asset freeze, and filing bankruptcy, Morgan Drexen also lost an appeal to have the Consumer Financial Protection Bureau declared to be unconstitutional. I’m not sure what made me curious about what Morgan ... Read More »

    CFPB Lines Up Crosshairs on Walter Ledda

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    The Consumer Financial Protection Bureau (CFPB) is not holding back after their recent victory with a default judgment and asset freeze against Morgan Drexen. Now they are going after Walter Ledda personally to recover money. After reporting the recent bankruptcy filing of Morgan Drexen the CFPB filed this long discourse why Walter Ledda should be made to pay for the ... Read More »

      Student Loan Assistance Companies Bitch Slapped by Attorney General

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      If anyone in the debt relief industry didn’t see this coming, they are stone-cold blind. Student loan assistance has become the next wave of profitable debt relief services to sell with horrible advice. In an atmosphere that is ripe for picking off consumers for these services, the companies know better and should have learned lessons from the problematic debt settlement ... Read More »

        Debt Settlement Giant – Morgan Drexen – Ironically Files for Bankruptcy

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        Things have taken a substantial turn for the worse for California based debt settlement wannabe giant, Morgan Drexen. On April 21, 2015 the court awarded a default judgment in favor of the Consumer Financial Protection Bureau. More on that here. Then on April 30, 2015 the court found there was substantial danger and “good cause to believe that immediate and ... Read More »

          Did This Court Action Just Kill Morgan Drexen?

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          Thanks to a comment from a reader I discovered on April 21, 2015 the court ruled against Morgan Drexen in it’s suit by the Consumer Financial Protection Bureau. Let is suffice to say Morgan Drexen is none too pleased. It’s opposition document filed is short and sweet. April 30, 2015 – Morgan Drexen files for bankruptcy protection. Click here for ... Read More »

            Nonprofit Credit Counselors Charged With Laundering Drug Money Get Prison

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            In 2013 the U.S. Government brought charges against individuals associated with a credit counseling operation. At that time the U.S. District Attorney of Kansas said, “Two people have been charged with laundering cash from marijuana trafficking through a non-profit credit counseling agency in Kansas City, U.S. Attorney Barry Grissom said today. Mendy Read-Forbes, 37, Platte City, Mo., and Laura Shoop, ... Read More »

              Your Advice to the Medicaid Mother and Her Daughter Was Terrible

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              Question: Dear Steve, Just read your article on HuffPost. I would never take advice from you or at least advice you gave this girl. As you said, BA cannot attach SS benefits/Medicaid. If mother has no other assets & gets no other income, she needs to write to BA & let them know she cannot repay this debt, for reasons ... Read More »

                NC Senator Michael Lee Article Ruffled Some Debt Collection Feathers

                Photo Credit: ElfDomx

                Yesterday I published this article about proposed changes to pursing debtors in North Carolina over purchased debt. That would have been the story, done and dusted. But today I awoke to find InsideARM, an accounts receivable trade publication leveled some objections at my opinion piece. InsideARM said, “Rhode calls Lee’s bill, “idiotic,” and “ill-advised, ill-conceived and unwarranted.” Other than potentially ... Read More »

                  My Mother is on Medicaid and Bank of America is Owed Money

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                  Question: Dear Steve, Hi – I have a question – my mother is in a nursing home, Medicaid pays for the home – she must turn over her social security and small pension to them each month. She has no money – she has a credit card from Bank of America with $3500-$4000 on it – she is the only ... Read More »

                    NC Senator Michael Lee of Wilmington Might Be a Debt Collection Idiot

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                    North Carolina is trying to pass legislation which will roll back protections for consumers who have bad debt purchased by debt buyers. Senator Michael Lee from Wilmington, North Carolina is the sponsor of S.B. 511, titled Proof Required for Debt/Fees, which efforts to rollback the requirement the bad debt buyer must have detailed information about where and when the debt ... Read More »

                      Less Demand for Debt Relief Help in 2015

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                      The latest bankruptcy filing statistics are out from the United States Courts and add support for a continued softness in the demand for debt relief help. Bankruptcy filings fell 12 percent when compared to the same period last year and the downward trend continues. In March, 2015 Chapter 7 bankruptcies accounted for 64 percent of filings while Chapter 13 filings ... Read More »

                        Did World Law Debt and Orion Processing Really File Bankruptcy?

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                        Under the heading of ironic debt relief outcomes, one of the major debt settlement players, World Law Debt and Orion Processing, recently filed a Chapter 11 bankruptcy proceeding. I guess their debt issues were beyond settling. This matter came to light when a reader asked me to look at a notice they received in the mail. According to court documents, ... Read More »

                          My Islamic Faith Prevents Me From Paying Interest on My Student Loans

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                          Question: Dear Steve, I had two citi-student loans and at some point in time within the last 5 years they went to Navient (Sallie Mae) I recently called to ask if I could get a lower pay-off amount as the original loans were 32K and now they are up to about 64K because of deferment and interest. They said no ... Read More »

                            Can We Settle a Debt With a Collector to Get College Transcript?

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                            Question: Dear Steve, My husband and I just met his adult daughter 2 years ago. He had signed away his parental rights when she was an infant 30 years ago. We have learned that she has student debt and want to pay it. The first debt is with the college she attended in Birmingham and is the one we’re focused ... Read More »

                              Smart Money Management New Name for Merged Companies

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                              The Blade is reporting two Ohio based debt relief companies have merged. “Toledo-based Comexx Smart Money and Sylvania-based Debt Tech Financial Solutions are now one company that will be called Smart Money Management LLC. The new company has 12 employees. “Today, Smart Money Management is better able to address an individual or family’s total financial disposition as the addition of ... Read More »

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