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What You Assume But Don’t Really Know About Payday Loans

Market Research Business Percentage Research Marketing Strategy Concept

By Robert DeYoung, Ronald J. Mann, Donald P. Morgan, and MichaelR. Strain Except for the ten to twelve million people who use them every year, just about everybody hates payday loans. Their detractors include many law professors, consumer advocates, members of the clergy, journalists, policymakers, and even the President! But is all the enmity justified? We show that many elements ... Read More »

    Another Debt Relief Mailer to Watch For

    scam copy

    An amazing reader, Jessica, sent in a new debt relief mailer through my I Buy Junk Mail program. These mailers promising all sorts of relief that try to appear as some sort of official notification are still going out to consumers. The mailers are problematic in my opinion because they state benefits without much information to fill people in about ... Read More »

      Despicable Debt Relief Mailer Spoofs IRS

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      A kind reader just sent in the following mailer which seems problematic on two fronts. The first is the use of the consumer credit reporting data to send the mailer. Others are being sued over such actions. See this article. The second big problem is the letter appears to want to spoof an official government letter to look like it ... Read More »

        Morgan Drexen Take Over Attorneys Held in Contempt by Court

        Where does it hurt nurse question

        What began in 2013 as an issue between the Consumer Financial Protection Bureau (CFPB) and the debt settlement company Morgan Drexen has now turned into a widening action that has resulted in several attorneys being found to be in contempt of court and facing a $10,000 per day fine if they don’t return client money. Sooner rather than later. On ... Read More »

          Orion Processing Says CFPB was Wrong to Seize Business

          Businessman trying to solve a maze questions

          Debt relief company Orion Processing has filed court documents alleging the Consumer Financial Protection bureau had no authority to seize their business and shutdown Orion and effectively, World Law. For the background on this story, click here. Orion Processing, Derin Scott, and David Klein say, “Sometime before August 20, 2015, Counter-Defendant decided to bring this action under seal in this ... Read More »

            TransUnion Releases Yet Another Credit Scoring Number – CreditVision

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            TransUnion (NYSE: TRU) released today CreditVision®, the first credit score in market to combine both trended credit bureau data and alternative data sources — creating a more precise picture of consumer risk and their ability to manage financial commitments. CreditVision Link allows lenders to score up to approximately 95% of the U.S. adult population. The combination of the data within ... Read More »

              University of Phoenix Shot Down by Department of Defense

              The Department of Defense is telling the University of Phoenix they suck and get the hell off our bases. According to the Wall Street Journal the University of Phoenix will no longer be eligible for DoD tuition assistance as well. “Sen. Durbin said that he will be calling on the Department of Education and the Department of Veterans Affairs to ... Read More »

                Nationwide Debt Direct Hit With Marking Suit

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                Nationwide Debt Direct recently had a state lawsuit moved to federal court and it’s interesting because it’s yet another example of a suit brought over marketing. This case was filed by Brian Garvine ([email protected]) and Robert Parker ([email protected]), both Ohio attorneys. The suit alleges Nationwide Debt Direct “unlawfully obtained Plaintiffs consumer reports and used them illegally to obtain information for ... Read More »

                  Why There is Nothing Inherently Wrong with Debt Settlement

                  Inspirational motivational quote. If you see fraud and do not say fraud you are a fraud. Simple trendy design.

                  A recent article out of India about a business that entered a debt settlement agreement reminded me that I’ve wanted to write this article for some time. Over the past five or so years, debt settlement has developed a nasty reputation as a scam. Unfortunately it is the debt relief bad apples that the industry did not try to stop ... Read More »

                    Dump of Debt Relief Offers Raises More Concerns Than Answers

                    Important Notice

                    As part of my I Buy Junk Mail program, Eve sent in a number of recent debt relief mailers that landed in her mail box. Imagine how the average person would be able to decipher the claims made or even begin to understand what company would be able to offer the debt service or solution. As you can see in ... Read More »

                      Debt Relief Companies and Individuals – Banned

                      Shirtless young man outdoor doing silly face

                      The Federal Trade commission is reporting more actions against debt relief providers that allegedly misled consumers about their services. While this is about a debt settlement company, all consumers should walk away with the fact they have a responsibility to know who they are doing business with. Buying defective debt relief help is no more egregious than buying a defective ... Read More »

                        CFPB Concerned About Widespread Servicing Failures Reported by Student Loan Borrowers

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                        CFPB and U.S. Departments of Education and Treasury Issue Framework for Servicing Reforms, Bureau Prioritizes Stamping Out Illegal Actions WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) released a report outlining widespread servicing failures reported by both federal and private student loan borrowers. Consumers describe companies using a wide range of sloppy, patchwork practices that can create obstacles ... Read More »

                          Millions of Federal Student Loans Lining Up to Be Eliminated and Borrowers Repaid

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                          As a consumer debt expert for decades I’ve developed a pretty good sense of reading the tea leaves of debt. Sometimes this means making some sense out of puzzle pieces well in advance of assembly. I’m getting that same strong sense that student loan debtors are on the verge of a bold new ability to discharge massive amounts of federal ... Read More »

                            Budgeting for Travel as Part of Your Retirement Planning

                            retirement

                            For years, you dreamed of traveling after you retired. Now the time is near and you’re ready to pack your bags, but you wonder how much it will cost and how you’ll budget for the trips you’re planning. To help us answer that question, we contacted Donna L. Hull. Since 2008, she’s traveled and blogged about it at My Itchy ... Read More »

                              More California Mortgage Modification Scammers Head to Jail

                              Dead man walking - Sad prisoner with handcuffs in prison with orange clothes

                              Four people who worked at a Rancho Cucamonga business that offered bogus loan modification programs to thousands of financially distressed homeowners – victims who lost more than $7 million when they paid for services that were never provided – were sentenced today to federal prison, with one of the leaders of the scheme being ordered to spend 20 years in ... Read More »

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