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Home > Author Archives: Steve Rhode (page 27)

Author Archives: Steve Rhode

What Happens to My Cosigner if I Stop Paying My Student Loans

NCLC Report

“Dear Steve, Over $200,000 in private student loan debt with a cosigner. If I choose to stop paying my private student loans, will I be held responsible or will the companies go after my cosigner? Lulu” Dear Lulu, Nothing good is going to result. The lender will most likely pursue you and/or the cosigner for payment. The defaulted payment history ... Read More »

    Stafford and William D. Ford Loans Discharged in Bankruptcy

    Woman in safari hat looking through binoculars

    As part of my ongoing look at student loans and bankruptcy, today I’m reviewing a case where both a Federal Stafford Loan and a Federal William D. Ford Direct Loan were completely discharged in a chapter 7 bankruptcy. 14-40052 Branneky According to court documents, the Plaintiff filed a voluntary petition for relief under Chapter 7 of the U. S. Bankruptcy ... Read More »

      Can I Really Discharge My Student Loan Cosigner Liability in Bankruptcy?

      Mature woman confused

      “Dear Steve, I am currently filing for Chapter 7 bankruptcy in TX. A large amount of my debt comes from being a co-signer on multiple private student loans for my son. He graduated Dec 2008 with a finance degree as the economy was headed down. He was not able to get a job for more than 1 year. He worked ... Read More »

        Verve Credit Card, Cerulen Credit Card, and Matrix Credit Card Users to Get Millions

        You will help protect people when you sell me your junk mail.

        Today, the Consumer Financial Protection Bureau (CFPB) ordered Continental Finance Company LLC, a subprime credit card company based in Delaware, to refund an estimated $2.7 million to approximately 98,000 consumers who were charged illegal credit card fees. The agency found that the company’s “fee-harvester” subprime credit cards misrepresented certain fees and hit consumers with illegal charges. The order also requires ... Read More »

          My Crowdfunding Donations to Help a Sick Friend Are 1099-K Taxable Income?

          Portrait Of Shocked Woman Looking At Camera Isolated On White Ba

          “Dear Steve, My friend’s mother was diagnosed with cancer and died within a few short months. As the end was nearing I started a GoFundMe page for my friend (age 24) who was to become the sole guardian of her TRIPLET siblings. Due to an amazing community effort, $36,000 was raised. All said it was a miracle…except when the 1099k ... Read More »

            I’m Willing to Radically Change My Finances to Payoff My Student Loans

            Drowning swimmer

            “Dear Steve, Where to start? I’m a 28 year old married male and am a manager for a private equity portfolio company. My financial stats are as follows: Gross Household Income: $180,000 Private student loan debt (Husband only): $155,000 Public student loan debt (combined): $52,000 Mortgage Debt: $240,000 We currently own our house which is all in (including utilities) approximately ... Read More »

              Payday Lenders Might Face Federal Rules to Protect Borrowers

              Abstract Image of Business People Walking on the Street

              The New York Times is reporting the Consumer Financial Protection Bureau (CFPB) may take action this year to rein in the abuses in the payday loan industry. Research by the CFPB has shown more than 80 percent of payday loans are rolled over or followed by another loan within 14 days; half of all payday loans are in a sequence ... Read More »

                I Don’t Want to Pay My Parent PLUS Loan Anymore

                Winter Latice and Pergola

                “Dear Steve, I helped my daughter with a parent plus loan for her last semester which was $6000.00 and I have been paying on it for quite some time. Then she went back her second year and she filled out a 2nd parent plus loan so her payments was 50.00 per month she quit paying now for the past 4 ... Read More »

                  U.S. Canadian Telemarketing Scheme That Hurt Seniors – Shuttered & Settled

                  Senior couple at home focusing on angry man

                  Two defendants who participated in an alleged multi-million dollar telemarketing fraud that targeted U.S. seniors and withdrew money from their accounts without authorization have agreed to settle Federal Trade Commission charges. The settlement orders bar them from using remotely created checks drawn on consumers’ bank accounts, require them to obtain consumers’ consent before debiting their accounts, and prohibit them from ... Read More »

                    FTC Warns Marketers About Their Shitty Bags

                    Big Scam Dog

                    Staff of the Federal Trade Commission has sent letters warning 20 manufacturers and marketers of dog waste bags that their “biodegradable,” “compostable,” and other environmental claims may be deceptive. The letters, which the staff sent after examining the companies’ environmental, or “green,” claims on their websites and in other media, provide examples of potentially deceptive statements regarding the bags’ biodegradability ... Read More »

                      CFPB & Dept of Ed Forgive $480 Million in Student Loans

                      Clapping Business People

                      Today, the Consumer Financial Protection Bureau (CFPB) and the U.S. Department of Education announced more than $480 million in forgiveness for borrowers who took out Corinthian College’s high-cost private student loans. ECMC Group, the new owner of a number of Corinthian schools, will not operate a private student loan program for seven years and agreed to a series of new ... Read More »

                        Croatia Just Did a Mass Bankruptcy for Its Poorest Citizens

                        Happy Croatians

                        I have to give a big hat tip to Croatia for trying a new approach to help its poorest citizens find a way out from under unmanageable debt. The program, called “Fresh Start,” eliminates the debts of about 60,000 Croatians who have less than 35,000 kuna ($5,100), and monthly income less than 1,250 kuna ($138). According to the Washington Post, ... Read More »

                          I Paid Off an Old Debt But Can’t Get a Mortgage

                          break free from prison pressure or quit job running away towards

                          “Dear Steve, I made a move to another state for a new job in early 2007. By the end of summer in 2008 I was laid off from my job. I received unemployment pay but I was out of work for more than a year and a half. At the time I was laid off I had some credit card ... Read More »

                            My Nephew Stole My Identity

                            ID Theft or Stolen Identity

                            “Dear Steve, I am 56 years old and i had perfect credit in 2008 and then a nephew moved in with me. I thought the kid was working when in reality he was stealing and opening credit cards in my name. I was working 70 hr workweeks and he had full access to everything in the house (files) etc. He ... Read More »

                              My Father Stole My Student Loan Money

                              stressed man

                              “Dear Steve, My Dad took out a PLUS loan for me because I had reached the maximum loan allowance from my college as a “dependent” student, even though my parents did not support me in any way. He chose the maximum loan amount $18k (YIKES) and ended up using $3k to lease a new fancy car that he couldn’t afford. ... Read More »

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