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Lawsuit Against College is a Bombshell of Deception

time bomb

Both for-profit and non-profit colleges and universities are going to come under much more scrutiny very quickly as more people awaken to the reality they were lied to and deceived by schools to get them to go deep in debt. Want to know more, see Millions of Federal Student Loans Lining Up to Be Eliminated and Borrowers Repaid. I’ve been ... Read More »

    Horrible Debt Relief Marketing Letter Spoofs IRS

    Deceptive Debt Relief Letter

    A very kind reader sent in this letter to me. In my opinion it has to be one of the most deceptive looking debt relief marketing mailers I’ve seen in a while. The letter does not come from the Internal Revenue Service or the Department of the Treasury. It is a lead generation letter that is designed to get consumers ... Read More »

      Former Morgan Drexen Exec & Owner Shares Lessons Learned

      future

      I owe a tremendous debt of gratitude to Rita Augusta, a former owner and executive with Morgan Drexen, the debt settlement company who went on to be shutdown by the Consumer Financial Protection Bureau. Rita not only was brave enough to share the valuable advice below about lessons learned for consumers, but she also assisted the CFPB in their case. ... Read More »

        Door Prepares to Slam for Student Loan Forgiveness Due to Fraud

        And this picture is in honor of your husband.

        Back in October of 2014 I wrote a story titled Millions of Federal Student Loans Lining Up to Be Eliminated and Borrowers Repaid. At the time I wrote that article some people said I was crazy. After all, how could people actually have their federal student loans forgiven because they were defrauded. Well the simple answer is because it is ... Read More »

          Lifesaving Flights Can Come With Life-Changing Bills

          ambulance

          Butte is an old mining town, tucked away in the southwest corner of Montana with a population of about 34,000. Locals enjoy many things you can’t find elsewhere — campgrounds a quick drive from downtown and gorgeous mountain ranges nearby. But in Butte, as in much of rural America, advanced medical care is absent. People in Butte who experience serious ... Read More »

            Why Defaulting on Private Student Loans is Not as Crazy or Irresponsible as it Sounds

            detective

            Not long ago I answered a reader question and suggested they consider stopping payment on their cosigned private student loan in the face of no other better solution. You can see that reader Q&A here. In response to that post I received some feedback which is not unusual from people who don’t understand the complexity of the student loan crisis ... Read More »

              University of Phoenix Pushes Back Against FTC Investigative Demand

              ftc

              Court documents filed today certainly leave the impression University of Phoenix is dragging their feet in complying with a Federal Trade Commission investigation. In July of 2015 the FTC issued Civil investigative Demand requests to the University of Phoenix, requiring them to “produce material relevant to the Commission’s investigation, including information and documents relating to complaints, marketing and recruiting, student ... Read More »

                Newly Blended Trade Association Moves Forward in Debt Relief Industry

                chef

                It’s always nice to see groups in the debt relief industry come together for the greater good. Effective in the early hours of 2016, two trade groups, mostly representing credit counseling organizations, decided to merge to become something bigger and better. The Association of Credit Counseling Professionals, Inc., known as ACCPros, and the Financial Counseling Association of America, formerly the ... Read More »

                  Student Loan Consolidator No Longer Considers FICO

                  Moving up and the power of success with a growing tree in the shape of wings that has emerged out and has taken flight upward to opportunity as a business concept of the evolution of successful leadership and strategic planning.

                  following a successful pilot program that began in the fall of 2015, leading online lender SoFi announced that it no longer factors FICO scores into its loan qualification process. Instead, the company considers three criteria — employment history, track record of meeting financial obligations and monthly cash flow minus expenses — to determine if an applicant is qualified for its ... Read More »

                    Working as a Barista After College Is Not as Common as You Might Think

                    Screen Shot 2016-01-11 at 3.16.26 PM

                    By Jaison R. Abel and Richard Deitz The image of a newly minted college graduate working behind the counter of a hip coffee shop has become a hallmark of the plight of recent college graduates following the Great Recession. Recurring news stories about young college graduates stuck in low-skilled jobs make it easy to see why many college students may ... Read More »

                      World Law / Orion Processing Kiss Off Case Update

                      Source

                      In doing some work on case updates I noticed this lawsuit filed by the Consumer Financial Protection Bureau has a couple of recent updates. First off it looks like Family Capital Investment & Management, World Law Debt Services, and World Law Processing never responded to suit and a default judgment was entered against them on 12-21-2015. – Source Secondly, Defendants ... Read More »

                        Debt Relief Telemarkters Added to Suit by FTC and Florida

                        tax_scams

                        The Federal Trade Commission and the State of Florida have charged a payment processing business with credit card laundering and illegally assisting and facilitating a nationwide debt relief telemarketing scheme that allegedly bilked millions of dollars from consumers. When scammers cannot gain or maintain access to the credit card networks through legitimate means, they frequently turn to illegal credit card ... Read More »

                          New York Opens Program to Pay Student Loans, Sort Of

                          footstep

                          The State of New York has opened up a new student loan assistance program, “Get On Your Feet,” which I’m absolutely positive was created in an effort to help some people who are struggling with student loan payments. But as I sit here studying the initiative I’m left with a furrowed brow. I can see some getting the benefit of ... Read More »

                            Why REPAYE Stinks as a New Student Loan Repayment Program

                            Oops! What Is It?

                            By Bob Preston The President and the United States Department of Education has just unwrapped a gift for every college student who ever took out loans to get an education – But beware! Sometimes the gift wrapping is much more attractive than the present. This one should be opened with extreme care, or as I will suggest, left under the ... Read More »

                              Beware of These Business Credit Traps

                              business and office, stress, problem, crisis concept - stressed buisnessman or teacher having headache

                              An entrepreneur had spent $80,000 buying a corporation that he was assured came with access to $250,000 in credit lines. He got the corporation, all right, but the promised credit lines never materialized, and he had to start from scratch. Oops. That story was shared with my friend Gerri Detweiler by small business attorney Garrett Sutton, one of a handful ... Read More »

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