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Debt Relief Scammer Denny Lake Folds to the FTC

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The following legal action by a debt relief industry entity, should serve as a good example of the tie that binds both affiliates and marketers and the company who is providing the service. Denny Lake, the final individual defendant in a mortgage modification scam aimed at financially strapped homeowners, will be banned from selling debt relief and mortgage-related products and ... Read More »

I Just Received a Mail Piece Regarding Student Loan Relief…Is It Legitimate?

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A hat tip to the Association for Student Loan Relief for sending in this guest post. Introduction The student loan burden currently facing our country is much larger than most people realize. As of July 1, 2015 there were approximately 37.1 million Americans with outstanding student loans with an aggregate face value of around $1.1 trillion. Of those it is ... Read More »

Nasty Letter Fools People With Student Loan Debt

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A very kind reader sent me the following letter they received and they wanted to know if the government was really going after them. After all, they didn’t have any past due student loan debt. The mailer below raises a number of issues. Probably the most important is the appearance can easily confuse people this is official communications from the ... Read More »

CT Goes After Bobby Blackmon and Financial Help Services

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It appears the ever vigilant and on-the-ball Connecticut Department of Banking was searching for Bobby Blackmon and Financial Help Services, Inc. The State says, “on November 23, 2015, the Order and Notice was sent by certified mail, return receipt requested, to Respondent (Certified Mail Nos. 70143490000235259701 and 70143490000235259718), and to its registered agents Business Filings Incorp (Certified Mail No. 70143490000235259725), ... Read More »

What Caused the Student Loan Debt Problem?

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By Mark Tetzlaff, JD, MBA, MAR Everyone agrees that student loan debt is spiraling out of control. Analysts cite many reasons, but offer few remedies. In my view, the reason for no offers of plausible solutions is that experts have failed to pinpoint the primary cause—Congress passing the Higher Education Amendments of 1992 (HEA-92) and its resultant effects that make ... Read More »

Even More Sophisticated Students Claim They’ve Been Scammed by Colleges

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I’ve been drolling on about schools misleading students or at least not telling them the full story about the value of their degree before enrolling them and taking their money. And I still say students with federal student loans who have been misled by their schools to enroll, have a way to deal with discharging their loans. Read “Door Prepares ... Read More »

New Car Prices and Payments Set Records

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Experian Automotive announced that the average amount financed and the average monthly payment for a new vehicle continued to climb, breaking the previous records on file. According to its latest State of the Automotive Finance Market report, the average amount financed for a new vehicle in Q4 2015 was $29,551, up $1,170 from Q4 last year, and the average monthly ... Read More »

Monopoly Ditching Fake Money for Fake Credit Cards

Bob Sullivan just published a great piece on the elimination of paper money from the game Monopoly. But is that really the worst thing to happen? Sullivan says, “In other words, there is little evidence that Monopoly, the game, was doing a bang-up job of teaching kids how to handle money.” He’s right. I can’t imagine the number of hours ... Read More »

Why REPAYE is Such a Horrible Student Loan Repayment Option

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The Department of Education recently launched the much awaited new federal student loan income based repayment option REPAYE (Revised Pay As You Earn). They should have named it WTF. While the program gives some consumers additional options, it is a complete miss for those wanting to get beneficial relief, especially if they are married or ever plan to get married. ... Read More »

Schools That Deny Students Rights Should Not Receive Federal Funding

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The U.S. Department of Education should deny Title IV funding to for-profit and other schools that require students to sign away their legal rights and submit to binding arbitration in future disputes with their schools, Public Citizen said today in a petition (PDF). Forced arbitration clauses are detrimental to students and hamper efforts by government watchdogs to uncover wrongdoing at ... Read More »

FTC Brings Action Against Debt Relief Operation that Targeted Financially Distressed Homeowners and Student Loan Borrowers

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The Federal Trade Commission has charged a debt relief operation with falsely representing to financially distressed homeowners and student loan borrowers that it would help get their mortgages and student loans modified. At the FTC’s request, a federal court has temporarily halted the operation. The agency seeks to permanently stop the alleged illegal practices and obtain refunds for affected consumers. ... Read More »

The Graying of American Debt

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The U.S. population is aging and so are its debts. In this post, we use the New York Fed Consumer Credit Panel, which is based on Equifax credit data, to look at how debt is changing as baby boomers reach retirement age and millennials find their footing. We find that aggregate debt balances held by younger borrowers have declined modestly ... Read More »

CFPB Orders Citibank to Provide Relief to Consumers for Illegal Debt Sales and Collection Practices

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WASHINGTON, D.C. – The Consumer Financial Protection Bureau yesterday took two separate actions against Citibank for illegal debt sales and debt collection practices. In the first action, the CFPB ordered Citibank to provide nearly $5 million in consumer relief and pay a $3 million penalty for selling credit card debt with inflated interest rates and for failing to forward consumer ... Read More »

Seila Law – Williamson & Howard – Debt Settlement Strangers?

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The court battles drag on in the ex-Morgan Drexen case that subsequently involved successor law firms and attorneys. Specifically, Vincent Howard, Howard Law, Lawrence Williamson, Williamson & Howard, and the Williamson Law Firm are still battling the Consumer Financial Protection Bureau (CFPB). The CFPB thinks these people should be held in contempt and pay monetary sanctions for some ongoing issues. ... Read More »

Kayne West “Wake Up” Says Bankruptcy Attorney

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By Chad Van Horn Open Letter to Kanye Mr. West, I am very saddened to learn that you are $53 million dollars in personal debt, but I believe I can help you get back on firm financial footing once again. I am an established lawyer in Fort Lauderdale, FL who helps people who for whatever reason find themselves financially overextended. ... Read More »

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