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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 »

    M&T Bank Accused of Discriminating Against Black, Latino and Asian Homebuyers

    Bank

    by Nikole Hannah-Jones ProPublica, Feb. 9, 2015, 11:06 a.m. One of the nation’s largest banks discriminates against black, Latino and Asian homebuyers by offering lesser qualified white borrowers higher loan amounts and using hidden racial criteria in one of its loan programs, according to a lawsuit filed this week in federal court in Manhattan. The suit also accuses the bank ... Read More »

      The Most Frightening Personal Finance Data You Will Ever Read

      Cosplayers at San Diego Comic Con 2009

      Forget about worry if a credit card or debit card is right for you. Or even if you should buy or lease your next car. Figures about people headed for retirement have my heart pounding in my chest. It’s the most frightening information you will read and hopefully it will help some people to get scared straight and fix this ... Read More »

        $40K in Navient Student Loans Waived in This Bankruptcy

        Bankrupt

        Here is another in my ongoing look at student loans eliminated in bankruptcy. 14-50101 Broshears The debtor who filed bankruptcy in this case was a State employee who was making about $30,000 a year. The debtor had both federal and private student loans. The private student loan balance was $55,920 that required a payment of about $459 a month. Navient ... Read More »

          Mortgage Relief Marketers & Danielson Law Group Settle With FTC

          ftc

          A group of Utah-based defendants claiming to be legal experts in loan modifications have settled Federal Trade Commission charges that they broke the law by conning consumers into paying hefty fees for worthless mortgage relief services. The five proposed orders settling the FTC’s charges ban the defendants, led by Philip J. Danielson and his company, Danielson Law Group, from offering ... 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 »

                  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 »

                    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 »

                            Debt and the Theory of Dissaving. Why You Need to Take Action.

                            dissaving1

                            Being in debt causes us to become paralyzed with uncertainty and that leads to inaction. I want to talk about why if you wait too long to take actin it can be a very expensive mistake. And while I did previously write Get Out of Debt Fast, But Don’t Run, you should not just stand still as well. When people ... Read More »

                              Car Title Lenders Deceived Consumers Says FTC

                              ftc

                              The Federal Trade Commission has taken action for the first time against two car title lenders, reaching settlements that will require them to stop their use of deceptive advertising to market title loans. A car title loan is typically a high cost, short-term loan, secured with the consumer’s car title. In administrative complaints issued against two title lenders, First American ... Read More »

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