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Home > Author Archives: Steve Rhode (page 39)

Author Archives: Steve Rhode

Loan Modification Debt Company Owner Sentenced to Prison

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Ian Kideys, 40, of La Jolla, California was sentenced to five years in club fed for his role in K2 Capital Management, U.S. Mortgage Bailout, and iLoanAudit. Shocker, a loan modification company owner found guilty of fraud. According to prosecutors, “US Mortgage Bailout obtained some mortgage relief for its customers through fraudulent representations to lenders, but otherwise simply collected money ... Read More »

    CFPB Publishes Advice if You’ve Given Someone Power of Attorney Over Your Money Matters

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    The Consumer Financial Protection Bureau (CFPB) has recently published guidance that appears to have a direct connection to debt relief companies that manage the finances of others using a Power of Attorney (POA). I frequently see these types of relationship between consumers and debt relief companies, like settlement companies, and now more student loan assistance organizations. While the guidance in ... Read More »

      Big Changes Coming for Those Struggling with Federal Student Loans

      student loan default

      Let’s get the bad news out of the way, none of this good news in this article applies to private student loans. When it comes to private student loans my advice remains the same as it has been, avoid them like the plague. But for federal student loan holders as of July 1, 2014 a big change is being made ... Read More »

        I’m a Kindergarten Teacher With $100K in Student Loans

        College Tuition Expenses

        “Dear Steve, I went to a private, out if state, christian college and I am not a kindergarten teacher. I currently have over $100,000 in both federal and private loans all from Salliemae. I’ve been looking for the past 3 years (since I started paying my loans off) for a way to fix this problem. I’m paying over a $1,000 ... Read More »

          Reader Want to Know if Performance Settlement Recruitment / Sales Claims are True

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          A reader and tipster (send in your tips here) in the debt settlement industry sent us an email they recently received from Performance Settlement, an AFCC member. The email made some recruiting performance claims that should be a snap for Performance Settlement to respond to and verify. This issue isn’t so much a consumer issue foremost but an issue to ... Read More »

            Debt Relief Company Officers to Face More Personal Liability From CFPB

            stressed man

            Indications out of the CFPB are that the agency plans to go after individuals in enforcement actions and not just companies. “In a speech last week to the Reuters Washington Summit, Director Cordray is reported to have indicated that the CFPB is committed to pursuing individuals, and not just companies, when exercising its enforcement authority.” The same report stated that ... Read More »

              Bankruptcy Filings Plummet in Three Years

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              As further evidence about the decreased demand for debt relief help, the United States Courts have just released the latest statistics which revel the number of non-business bankruptcy filings. According to the year end September 30th data the number of consumer bankruptcies fell 31 percent from the same period in 2010. Current filings, for the last twelve months, were 1,072,807 ... Read More »

                AFSLR Growing. Adds American Student Loan Consolidators.

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                The trade group, Association for Student Loan Relief (AFSLR) has added a new member according to the group. American Student Loan Consolidators has been recently added as a member. – Source It appears American Student Loan Consolidators is an outgrowth of Upbin’s formerly religious debt management activities as Christian Credit Counseling Center. According to CorporationWiki, “Daniel Upbin is the Managing ... Read More »

                  My Addictions Have Left Me Broke and Hopeless. – Jane

                  Drowning swimmer

                  “Dear Steve, I don’t know where to start. I am an alcoholic and a drug addict. I got sober when I was 25 years of age. I had no education or skills. I went on welfare. I went to college after that and obtained a professional degree and license. I also met my husband and had two sons. I had ... Read More »

                    Fake Payday Loan Collectors Halted by Court

                    ftc

                    At the request of the Federal Trade Commission, a U.S. district court has halted an operation based in Atlanta and Cleveland that allegedly used deceptive and threatening tactics to collect phantom payday loan “debts” that consumers either did not owe, or did not owe to the defendants. The court order freezes the defendants’ assets to preserve the possibility of providing ... Read More »

                      Mortgage Counseling Center of America Asked to Get the F Out of Connecticut

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                      The State of Connecticut has taken action against yet another debt relief company, this time asking Mortgage Counseling Center of America to take a hike or get a license. Mortgage Counseling Center of America also goes by the name Mortgage Counseling Center and operates with Edward Albert Bauman, Jr. The State says the company is located at 23785 El Toro ... Read More »

                        The National Consumer Hardship Program Mailer

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                        Well it looks like possibly misleading debt reduction mailers are still being sent out by that old postal permit 1297 in Sacramento, California. This one is for something that looks like a government check when you glance at it from the outside. The mailer is really for something called The National Consumer Hardship Program. And the fake check even goes ... Read More »

                          United Tax Group Raises Questions by Reader

                          Mature woman confused

                          A reader wrote me and was curious why United Tag Group was advertising they are an A rated accredited member of the BBB. So I had to go check. And sure enough, the link the reader gave me, unitedtaxgroup.net does show the company claiming to have that rating. It also claims they are a member of the National Association of ... Read More »

                            Why is Daniel Ruggiero Associated With Credence Law Group?

                            help woman

                            “Dear Steve, I’ve been helping a relative that has been scammed into a mortgage modification by Credence Law Group. While doing some research on how to assist them I came across a website. I noticed something interesting… one of the letters they received from Credence was signed by Daniel Goldsmith Ruggiero. When I googled his name, I notice that he ... Read More »

                              Morgan Drexen Hits Speed Bump in Suit Against the CFPB

                              head hanging

                              Previously the somewhat debt settlement, social media, call center, software developing, reputation defending company Morgan Drexen in California sued the CFPB and challenged its constitutionality. I’ve written about that here, here, and here. On October 17th the United States District Court for the District of Columbia issued an opinion in the case. In the 29 page opinion, Judge Kollar-Kotelly had ... Read More »

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