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Home > Author Archives: Steve Rhode (page 5)

Author Archives: Steve Rhode

Why Income Based Student Loan Payments Can Be a Terrible Trap

danger

What Student Loan Assistance Companies Are Not Telling You With the surge in companies that are selling student loan assistance programs it seems their product is most commonly just filling out paperwork to enroll people in income driven repayment programs for federal student loans. It’s an easy sale, “We Can Lower Your Payment,” is a powerful message that resonates with ... Read More »

    Settlement Corporation of America on CT Radar

    money down the drain

    The State of Connecticut Department of Banking has just announced a new enforcement action against The Purewal Law Group, Legal Network of America, and Settlement Corporation of America. According to the information provided, the parties named “shall immediately cease and desist from engaging or offering to engage in debt negotiation in Connecticut without a license, in violation of Section 36a-671(b) ... Read More »

      FTC Goes After Debt Relief Companies Who Deal With Payday Loans

      ftc

      On February 18, 2015 the Federal Trade Commission filed suit against PSC Administrative, Coastal Acquisitions, Infinity Client Solutions, Infinity Collect, Jared Irby, and Richard Hughes for violations of the Telemarketing Sales Rule. The FTC alleges the Defendants solicited consumers with debt relief services, who owed payday loans. “Defendants have induced consumers to enroll in their program by claiming that they ... Read More »

        Are My Student Loans Going to Destroy My Life?

        upset young man

        “Dear Steve, I was injured at work really bad. (Neck/Back/Shoulder) I missed 2 years of work. I lost everything I owned: House, my business. my boat,motorcycle, work trucks, and property. Everything was gone.It all went to pay bills and just to eat as I had a family of 4. At almost 40 years old i had to retrain, the injuries ... Read More »

          I Went Back to College Late in Life But I Still Have the Debt

          man - elderly

          “Dear Steve, At the age of 40 I got a AA degree with Federal Student Loans. I do not work in my field of study. I am now 55 and I did miss a few payments after wife got sick and lost job and that chewed up our savings. I have been paying steady for the last 4 years and ... Read More »

            My Tax Refund Was Intercepted Because of Delinquent Student Loans

            tax

            “Dear Steve, I have a federal student loan that I haven’t been paying on. My 2014 tax refund has been garnished. Is there any way to get this reversed. If I set up a payment schedule with the US Department of Education C/o Great Lakes Higher Education Guarantee Corp? Thanks, Roger” The Answer Dear Roger, If your tax refund was ... Read More »

              Student Loan Statute of Limitations is Perplexing

              law books

              “Dear Steve, My fiancée has over $60k in private student loans. The original amount borrowed was $35k she is a teacher and always thought the student loan forgiveness program would apply and we discovered it doesn’t We have calculated that she cant afford to pay the minimum payments and reduce the balance. Her last payment was May 2014, I read ... Read More »

                These Student Loan Facts Make Me Want to Vomit

                sad-woman

                The Federal Reserve Bank of New York just published information that makes me concerned for the financial future of consumers who fall into the student loan trap. Despite what people feel or say, there are still affordable ways to get a college education without going $175,000 in debt for a graphic arts bachelors degree. The value of a good community ... Read More »

                  Consumer Financial Problems Not Limited to America

                  malay

                  I spotted a recent article out of Singapore where the Association of Muslim Professionals (AMP) had expressed a concern over the level of indebtedness local households of Malays were facing. If you extracted the local references out of the article it sounds just like the problems faced by people in Iowa or Texas. “While household balance sheets remain generally healthy, ... Read More »

                    Debt Management Credit Counseling Publishes Debt Consolidation Video

                    confused man

                    Last week Debt Management Credit Counseling sent out the press release below. Two things struck me as a bit odd about it so I emailed the company to ask for clarification. As of yet I’ve not heard back from them so I’ll just publish the release and my observations and if they ever respond, I’ll update the post with their ... Read More »

                      I’m Being Sued Over My Private Student Loans in Florida

                      law books

                      “Dear Steve, I graduated college in 2006 with an incredible private student loan debt. After working for over a year with the company I simply could not afford their ridiculous payments, I tried everything I could. In the end the loans went into default and I’m sure were sold several times over since. I have always kept up my federal ... Read More »

                        Department of Ed FFEL Joint Consolidation Rules Arbitrary & Punitive

                        stressed woman

                        Not that long ago I wrote an article, “This is One Way to Get FFEL Spousal Consolidation Loans Forgiven” in which a reader was looking for a way to deal with her previous FFEL spousal joint consolidation loan with her ex-husband. She wanted to move forward in a positive way in dealing with her student loan debt that was originally ... Read More »

                          CFPB Raging Pissed Off at Morgan Drexen

                          tug of war

                          A reader send in some documents they said I would be interested in seeing. It relates to the 2013 Consumer Financial Protection Bureau (CFPB) lawsuit against Morgan Drexen that is still ongoing. My first thought was a disbelief this case was not further ahead. Then I read the document publicly filed in the case by the former Morgan Drexen co-founder, ... Read More »

                            Phony Debt Relief Scam Operated From Jamaica

                            jamaica

                            Two new defendants have been named in a Federal Trade Commission case against a phony debt relief and credit repair scheme that allegedly deceived consumers about non-existent federal programs to pay off their bills and fix poor credit. – Source The case was originally brought in August 2014 against the unnamed operators of the scam, which operated under the names ... Read More »

                              I Make Near Minimum Wage With $200K in Student Loan Debt

                              Woman in home office with computer and paperwork frowning

                              “Dear Steve, I am 28yrs old with one child. I currently owe Sallie Mae over $100,000 in student loans. I also have several other student loans with Department of Education and Citibank. My total debt is close to $200,000. I was 18 when I started getting private loans from Sallie Mae. I didn’t know exactly what I was doing or ... Read More »

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