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Home > Author Archives: Steve Rhode (page 2)

Author Archives: Steve Rhode

Will I Be Stopped at the Border for My Old Student Loans?

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Question: Dear Steve, I live in France. I have lived in France for over 20 years. Last year I did my first income tax return for the United States using the amnesty program. This year I had a tax refund of $1000.94 well I have a student loan debt I knew I would not get the thousand dollars and I ... Read More »

    Door Slams Hard on Morgan Drexen Debt Settlement Company

    M.D. Anderson's Houston Main Building is imploded Sunday, Jan. 8, 2012, in Houston. Opened in 1952 the 20-story building was the regional headquarters for Prudential Insurance Company. Prudential sold the building in 1975. ( Nick de la Torre / Houston Chronicle )

    Surely a bunch of people at Morgan Drexen are blaming the U.S. Government and Consumer Financial Protection Bureau (CFPB) today for the utter demise of Walter Ledda’s creation, Morgan Drexen, on Friday. An insider told me over the weekend, “Just letting you know the court ordered Morgan Drexen’s trustee to seize operations immediately. Morgan Drexen was shut down today at ... Read More »

      Can I Punt This Student Loan Back to My Ex-Wife? – Gene

      certificate_of_deposit

      Question: Dear Steve, My parents are signer and co-signer for a huge private student loan over $100,000 which was used to cover expenses for my ex-wife over 10 years ago. We since divorced and as part of our divorce agreement, we divided liabilities on her student debt and removed her name from some of the loans (the loan company then ... Read More »

        Oh China, You So Funny. This is Going to Hurt.

        1280px-Chinesische-mauer

        According to Shanghai Daily, consumer debt is rolling out to middle and low-income earners in China and in my opinion this will just leave innocent people slaughtered by easy credit. Imagine living in a country where easy credit has never been available and then having your first taste of it. It will be like doing meth for the first time ... Read More »

          UK Kicks U.S. Ass When it Comes to Debt Relief Options

          Click on image to see larger view.

          Not all that long ago I actually moved to the UK to study the benefits of debt relief options there. There are familiar U.S. based creditors in the UK but they handle debt relief entirely differently. While the U.S. struggled with disreputable debt settlement providers, the UK required debt relief providers to actually hold a debt relief license and be ... Read More »

            Kickstarter Project Creator Nailed for Fraud

            best_free_personal_financial_planning_software

            In its first case involving crowdfunding, the Federal Trade Commission has taken legal action against the deceptive tactics of a project creator who raised money from consumers to produce a board game through a Kickstarter campaign, but instead used most of the funds on himself. The defendant has agreed to a settlement that prohibits him from deceptive representations related to ... Read More »

              Debt Relief Owners and Salespeople Headed to Jail for Fraud

              mans hands behind bars in jail or prison

              On June 9, 2015, a federal jury convicted three California residents who worked at a Rancho Cucamonga, Calif., business that offered bogus loan modification programs to thousands of financially distressed homeowners who lost more than $7 million when they paid for services, including loan modifications, that were never provided. The three Southland, Calif., residents were associated with a telemarketing operation ... Read More »

                You Sure Sound Like You Have Financial PTSD

                Sometimes the financial recovery from a natural disaster can seem impossible.

                Question: Dear Steve, I want to avoid filing bankruptcy! My current financial situation is so stressful that I am constantly dealing with severe anxiety, nausea and extreme highs and lows. There is no doubt it is hurting my ability in my sales career which then effects my compensation since I am a commission-only sales rep. I have multiple student loans. ... Read More »

                  How to Ditch Your Corinthian College Student Loan Debt

                  happy woman in wheelchair outdoors beach showing victory sign

                  Yesterday, the U.S. Department of Education announced new steps to protect students from abusive for-profit colleges, as well as a new debt relief process for students at Corinthian Colleges – which operated schools under the names Everest, Heald, and Wyotech. Information for borrowers is available at the Federal Student Aid (FSA) website, at our new toll-free number for Corinthian students ... Read More »

                    Retention Law Center Runs Into Issues

                    Bitch Slap

                    The Connecticut Department of Banking has just published a consent order with Michael Mazal, Esq and Retention Law Center. The consent order says, “Mazal is an individual, who at all time relevant hereto, was the sole-proprietor of Retention Law Center, a purported California company, with an office at 16808 Armstrong Avenue, Suite 180, Irvine, California.” It additionally says Retention Law ... Read More »

                      Why Do I Keep Getting Calls From Student Loan Assistance Companies?

                      burning_through_paycheck

                      Question: Dear Steve, I recently started comparing my student loan debt to the Picture of Dorian Gray. I was young and naive and wanted what I thought all people valued, an education. So I sold my soul to get what I wanted, blind to the implications that selling your soul can do to your mind and physical body. The only ... Read More »

                        Why Your Student Loan Debt Might be Bogus and Uncollectable

                        best_free_personal_financial_planning_software

                        Over the past decade we’ve seen a number of scandals floating around debt ownership and robosigning. That’s the process where creditors swear they are the real owners of a particular debt but can’t actually produce the proof when pushed to. And sense most consumers fold up into a ball and mostly never fight back when they are sued over old ... Read More »

                          Deceptive Mailer Spoofs Department of Treasury for Debt Relief

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                          An amazing reader sent in a new debt relief mailer through my I Buy Junk Mail program. This one is rather alarming. I doubt the average person would see through what I think is a smoke screen to understand what just landed in their mailbox. From outside appearances the letter looks like some sort of legal documentation, maybe governmental with ... Read More »

                            The Government Did a Bank Levy for My Mother-In-Laws Parent Plus Loan

                            The actual granular data presents a surprising reality.

                            Question: Dear Steve, Thirteen years ago my mother in law took out a Parent Plus loan via Wells Fargo for my wife to go to college around age 19. Last year she stopped making payments due to situations we are unaware of. A representative from WF called and left my wife a voicemail last week about debt collection and with ... Read More »

                              The New American Dream Is A Better Reality

                              change your mind

                              A new study of what “the American dream” means in 2015 has concluded… Americans have moved away from a belief system dominated by financial achievements and have moved toward a desire for a healthy mental and physical life. For financial experts like myself, that might seem like dour news. It’s not. I’m ecstatic about the findings in this report, called ... Read More »

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