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Home > Author Archives: Steve Rhode (page 3)

Author Archives: Steve Rhode

Why Defaulting on Private Student Loans is Not as Crazy or Irresponsible as it Sounds

detective

Not long ago I answered a reader question and suggested they consider stopping payment on their cosigned private student loan in the face of no other better solution. You can see that reader Q&A here. In response to that post I received some feedback which is not unusual from people who don’t understand the complexity of the student loan crisis ... Read More »

    University of Phoenix Pushes Back Against FTC Investigative Demand

    ftc

    Court documents filed today certainly leave the impression University of Phoenix is dragging their feet in complying with a Federal Trade Commission investigation. In July of 2015 the FTC issued Civil investigative Demand requests to the University of Phoenix, requiring them to “produce material relevant to the Commission’s investigation, including information and documents relating to complaints, marketing and recruiting, student ... Read More »

      We Are in Our 70s, in Debt, and Out of Money. What Can We Do? – Gwen

      Performance transparency seems to be hidden or missing.

      Question: Dear Steve, My husband and I are both in our 70’s. He’s 79 soon to be 80 and I’m 76 soon to be 77. We have gotten ourselves into a lot of debt. ($50,000) We started our retirement with a total of $400,000. Through bad advice and my husband not paying any attention what to was happening with his ... Read More »

        Newly Blended Trade Association Moves Forward in Debt Relief Industry

        chef

        It’s always nice to see groups in the debt relief industry come together for the greater good. Effective in the early hours of 2016, two trade groups, mostly representing credit counseling organizations, decided to merge to become something bigger and better. The Association of Credit Counseling Professionals, Inc., known as ACCPros, and the Financial Counseling Association of America, formerly the ... Read More »

          Persels and Associates Closed and I’m Being Chased for a Debt They Settled

          little child crying with tears rolling down her cheek
** Note: Slight blurriness, best at smaller sizes

          Question: Dear Steve, About 4 yrs ago, my husband and I were completely in credit card debt. We went through Persels and associates. I know what you’re thinking, NO DEBT CONSOLIDATION LOL! Anyway we were well on our way to being debt free. This past June, we paid off our last creditor. It felt so good! Well, I am now ... Read More »

            I Graduated From College With So Much Debt, There is No Hope

            changes

            Question: Dear Steve, I am over $150,000 in debt from students loans, approximately 100k is from private student loans, 4 separate loans, while the remainder is various federal loans. I am 24 years old and got this debt from undergraduate education where I got a sociology degree and now at my first job make less than 35k/year before taxes. In ... Read More »

              I Stopped Paying My Daughter’s Cosigned Navient Student Loan. – Rosie

              caution

              Question: Dear Steve, Hi Steve, I co-signed my daughter’s student loans which she and her husband stopped paying because Navient was asking for $1,100 a month (he lost the overtime advantage he was using to pay back the student loans) and all I could help towards that was $200. My daughter directed me to your site and we decided to ... Read More »

                Will I Need My IRS ITIN to Get Married?

                irsverify

                Question: Dear Steve, I have an ITIN number I got it on 2006 I have not used it for my taxes since then but I have the original paper. How can I know how much I owe, where do I have to go, how can I use it? I am going to get married and I will need this for ... Read More »

                  Student Loan Consolidator No Longer Considers FICO

                  Moving up and the power of success with a growing tree in the shape of wings that has emerged out and has taken flight upward to opportunity as a business concept of the evolution of successful leadership and strategic planning.

                  following a successful pilot program that began in the fall of 2015, leading online lender SoFi announced that it no longer factors FICO scores into its loan qualification process. Instead, the company considers three criteria — employment history, track record of meeting financial obligations and monthly cash flow minus expenses — to determine if an applicant is qualified for its ... Read More »

                    My Bank Won’t Work With Me So I Can Pay My Debt

                    Inside view of an antique combination lock of bank Mandiri in Jakarta, Indonesia

                    Question: Dear Steve, The bank called me and told me that I must pay 12600 first before I can apply for account restructuring with an interest rate of 1%. I was not able to pay it as of now because I am jobless. What should I do or how should I respond to the threats of a law firm that ... Read More »

                      Working as a Barista After College Is Not as Common as You Might Think

                      Screen Shot 2016-01-11 at 3.16.26 PM

                      By Jaison R. Abel and Richard Deitz The image of a newly minted college graduate working behind the counter of a hip coffee shop has become a hallmark of the plight of recent college graduates following the Great Recession. Recurring news stories about young college graduates stuck in low-skilled jobs make it easy to see why many college students may ... Read More »

                        Why is My Son’s WyoTech Navient Student Loan Being Reported as a Federal Loan? – Ava

                        Whiteboard

                        Question: Dear Steve, My son had a Sallie Mae student loan…it was sold to Navient which turned it into a private loan or so they tell me. We have tried the loan forgiveness or reduction twice with no results because it’s a private loan. The lender as so stated on his account site says “Navient Federal Loan Trust” How can ... Read More »

                          World Law / Orion Processing Kiss Off Case Update

                          Source

                          In doing some work on case updates I noticed this lawsuit filed by the Consumer Financial Protection Bureau has a couple of recent updates. First off it looks like Family Capital Investment & Management, World Law Debt Services, and World Law Processing never responded to suit and a default judgment was entered against them on 12-21-2015. – Source Secondly, Defendants ... Read More »

                            Debt Relief Telemarkters Added to Suit by FTC and Florida

                            tax_scams

                            The Federal Trade Commission and the State of Florida have charged a payment processing business with credit card laundering and illegally assisting and facilitating a nationwide debt relief telemarketing scheme that allegedly bilked millions of dollars from consumers. When scammers cannot gain or maintain access to the credit card networks through legitimate means, they frequently turn to illegal credit card ... Read More »

                              I Thought My Art Institute Student Loans Were Eliminated in My Bankruptcy? – Stephanie

                              Where does it hurt nurse question

                              Question: Dear Steve, I went to the Art Institute of California for video production. I graduated in December of 2009. Due to life I had not been able to pay my loans. The went from being 54,000 when I graduated to over a 120,000 last year. Most of the loans were private and I got them discharged in bankruptcy at ... Read More »

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