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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 »

        What to Do if Sued by National Collegiate Student Loan Trust for Not Paying Private Student Loans

        Student Loans Concept

        Question. What are my options if I have been sued by National Collegiate Student Loan Trust? Answer. Getting served with a lawsuit isn’t an enjoyable experience. If you aren’t familiar with the legal process, it can leave you confused, anxious and overwhelmed. I have spoken with a fair number of people that have been sued after they stopped paying their ... 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 »

              WARNINGS About Credit Counseling Programs and Long Term Debt Repayment Plans

              Adult Ed - Questions

              In my first article in this series I outlined many benefits you get from working with a credit counseling agency. But there are also drawbacks to enrolling in a DMP (debt management plan) in order to get credit card payment relief. And the concerns are not minor, which is why the word WARNING is capitalized. As with any of the ... 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 »

                  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 »

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