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Morgan Drexen Loses Big in Wisconsin

oops

Multiple media outlets are reporting the debt settlement company Morgan Drexen has lost a Wisconsin appeals court ruling and is ordered to refund $4.2 million in settlement fees. A state appeals court says a hearing examiner properly ordered a debt settlement company to give up $4.2 million in fees and pay nearly $2 million in forfeitures because it was operating ... Read More »

    Life Financial Planning Sends Out Alarming Sales Pitch. Similar to Lord Heal Our Land.

    Life Financial Planning Pitch

    An amazing reader sent in a new debt relief mailer through my I Buy Junk Mail program. The offer sent out by a company identified as Life Financial planning, 575 Menlo Drive #1, Rocklin, California 95765 seems to be misleading on so many levels. I would urge anyone who receives a similar offer to conduct their own due diligence. While ... Read More »

      What Broadway Says About Money Through Show Tunes – Audio

      2015-02-23-KidsHappyMoney-thumb

      Money, credit, and debt issues filter through our lives in so many ways. In this look at money through Broadway tunes, we get a closer look at what casual society has to say about being rich, poor, broke, happy, sad, and the morality of money. This program runs about an hour but it’s worth setting aside the time to listen ... Read More »

        Will Settling a Private Student Loan Wreck My Credit?

        Debt Settlement Advice

        A reader recently wrote in, concerned about whether an old unpaid student loan could be reported to the credit reporting agencies: I was recently contacted about an old school loan. It is either close or very close to the statue of limitation and has never showed up on my credit report. I thought maybe the school charged it off years ... Read More »

          Should I Continue with My Debt Management Plan?

          Adult Ed - Questions

          Q. I have been in a debt management plan for a year now. The payments are over $1,400 per month and I am having difficulty making these payments. Should I try to continue with my Debt Management Plan? A. In a Debt Management Plan (DMP), you make monthly deposits with the company that arranges this plan for you. The company ... Read More »

            United States of Debt – Audio

            debt

            Upon entering the Eastside Arts Alliance in East Oakland, it’s clear that this a special kind of conference. On the welcome table is a stack of name tag stickers, the kind that usually read “Hello, My Name Is…” But these stickers read: “Hello, My DEBT Is…” These badges are stuck onto the shirts of many of the 70-some people here, ... Read More »

              FTC Goes After Vehicle Loan Debt Relief Assistance Services

              ftc

              The Federal Trade Commission recently filed a sealed complaint against Regency Financial Services, Ivan Levy; AKA Fidelity Holdings, Levy Fidelity Holdings, Ivan Levy Regency Holdings, BJI Enterprises. The FTC alleges the following in the complaint: “Since at least 2009, Regency, acting primarily through co-defendant Ivan Levy, has perpetrated a vehicle loan assistance relief services scam. Regency preys on consumers who ... Read More »

                7 Student Loan Terms to Know to Save the Most Money

                confused

                While applying for and receiving student loans is easier than in years past, many students sign up for heavy debt burdens without familiarizing themselves with important loan terms. Without knowing basic terminology, students are unable to competitively shop for loans, and choose the one that works best for them. Here are a few key terms to know: Principal – The ... Read More »

                  Weekly Syndicated Get Out of Debt Column February 6, 2015

                  End of stress.

                  Money, Credit and Debt Advice – Get Out of Debt Guy Question: My Student Loans Leave Me Hopeless Dear Steve, I can’t believe how much student loan debt I have. It feels like I can barely get by each month and there is no way for me to ever get out from under these loans. I have both federal and ... Read More »

                    Potential Good News for Debt Relief Companies. Balances Increasing.

                    Credit Card Delinquency Rates

                    For debt relief companies who have been suffering from a lack of consumer demand, there is news out today that indicates demand might be increasing in the near-term. TransUnion says “total outstanding credit card balances increased 5% on a yearly basis. The increase indicates record growth, the highest yearly growth observed since 2008.” If this trend continues then in a ... Read More »

                      5 Year Club Fed Stretch for Mortgage Relief Promoter

                      mans hands behind bars in jail or prison

                      WASHINGTON, DC – Christy Romero, Special Inspector General for the Troubled Asset Relief Program (SIGTARP); Benjamin B. Wagner, United States Attorney for the Eastern District of California; and Kamala D. Harris, Attorney General for the State of California today announced that Ray Jan Kornfeld, 59, of Las Vegas, Nev., was sentenced on February 19, 2015, to five years in federal ... Read More »

                        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 »

                          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 »

                            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 »

                              Student Loan Default Rates Really Suck

                              student loan default rates

                              Today, the New York Fed released the Quarterly Report on Household Debt and Credit for the fourth quarter of 2014. The report is based on data from the New York Fed’s Consumer Credit Panel, a nationally representative sample drawn from anonymized Equifax credit data. Overall, aggregate balances increased by $117 billion, or 1.0 percent, boosted by increases in all credit ... Read More »

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