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FTC Stops Bogus Credit Card Telemarketer from Peddling Worthless Cards to Rebuild Credit

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At the request of the Federal Trade Commission, a federal judge has temporarily halted a telemarketing operation that allegedly sold bogus credit cards and took money from consumers’ bank accounts without their consent. The court ordered the defendants’ assets frozen and appointed a receiver to control the business, pending resolution of the case. As part of the FTC’s ongoing crackdown ... Read More »

    Fannie Mae and Freddie Mac Just Won’t Help Homeowners. Here’s Why.

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    by Cora Currier ProPublica Earlier this week, ProPublica and NPR detailed how Freddie Mac placed bets against homeowners that paid off if borrowers were unable to refinance their mortgage loans. The story highlighted the conflicted role of the behemoth and now government-controlled Freddie Mac and Fannie Mae: They are at once supposed to maximize their profits and thus pay back ... Read More »

      Unsecured Debt Consolidation and Personal Loans Being Handed Out at Record Rates

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      For those with reasonably good to great credit the idea that the bank is the only place to obtain a debt consolidation loan are just incorrect. For quite some time now I’ve been going on and on about peer-to-peer lending networks like Lending Club connects people who want an unsecured debt consolidation loan with small investors that help to ... Read More »

        Student Loan Forgiveness or Discharge Can Create a Huge Tax Bill. Watch Out!

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        If you are one of the lucky few who have qualified for a discharge or cancellation of your student loan debt, you may be shocked to learn the debt may not be over with just yet. A reader brought to my attention that the forgiveness of student loan debt, even under a disability discharge, can result in the issuance of ... Read More »

          Robo-Signing Fraud Hits Credit Card Companies. Makes Lawsuits Problematic.


          Photo Credit: Sebastianlund In the last year there has been quite a lot of news about the mortgage industry using a technique called robo-signing. This is where a person is supposed to review documents to proceed against a homeowner and foreclose on their home but in fact never examines the information to see if it is accurate. Rather than check ... Read More »

            Can I Get Out of Debt Being Bipolar, Suicidal, Mentally Ill and on Disability? – David

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            I have a mental illness. I had mental illness all my life. In fact, in 2008 I wrote a suicide email and emailed it to local news station. In 2009, I was diagnosed with bipolar personality disorder and ADHD. In 2010, I borrowed a lot of money to remodel the house. The first mortgage on mom’s house was paid off.I ... Read More »

              Moneymaker Payday Lender Scam Halted by FTC to Stop Sales of Worthless Programs

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              The Federal Trade Commission has stopped an operation that targeted payday loan seekers and charged them for worthless programs without their consent. A settlement order, reached as part of the FTC’s ongoing efforts to stamp out online fraud, requires the defendants to pay more than $9.9 million and bans them from marketing negative-option programs, which charge recurring fees until a ... Read More »

                Bankruptcy Attorney, Madison, WI

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                Head downtown in Madison WI and like any major city in the United States you will find Bankruptcy Attorney offices all over the place. Even more so in recent years, they seem to be everywhere. However, the new year has brought some good news for residents of Madison but perhaps some worrisome news for the Bankruptcy Attorneys in the state ... Read More »

                  Non-Profit Debt Relief Agency Pre-Qualification Notice Document NPDRA2011

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                  I’ve been tipped that people are getting a new debt relief mailer I’ve not seen. The tipster (send in your tips here) said: I just received a “non-profit debt relief agency pre-qualification notice document NPDRA2011″ with my name and an estimate of my debt on it. It looks like a check or a tax document and appears to be from ... Read More »

                    I Want to Fucking Kill Myself Over My Debt. – Lance

                    Radisson Plaza Hotel at Kalamazoo Center

                    Steve, I don’t even know who you are. A person to tell my darkest thoughts. Thoughts I won’t even tell the people closest to me. I have a lot of debt. $20,000 easily in college loans. I owe $250 to my bank, $1,078 in an early access loan at my bank, about six pay day loans that I can’t pay ... Read More »

                      Can I Settle Credit Card Debts for Less Because Banks Cannot Prove What I Owe Them?


                      The following is an excerpt of a question from a CRN educational subscriber that was sent to his CRN specialist and forwarded to me for my take on the issues raised. I think it is a compelling topic so I am sharing the questions and concerns and the response I gave. Question: “What is Consumer Recovery Networks take on increasingly ... Read More »

                        Attorney Model Debt Settlement Employee Speaks Out On How It Really Works


                        My name is [redacted], and I worked for a debt settlement company in California known as [redacted] in 2010 and 2011. I was hired as a sales consultant, but was later moved into the negotiations department after most of our sales force was laid off as a resulting slowdown in our business due to the after effects of new government ... Read More »

                          Interest Rates on Federal Student Loans to Double

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                          Photo Credit: Bark Interest rates on federal student loans will double unless Congress takes action by this summer to keep the low rates in place. Currently federal student loans pay 3.4% interest but that rate is set to expire this summer. So unless Congress takes action to keep the rates low they will revert back to the old rate of ... Read More »

                            What You Need to Know About Time Barred Debt the Statute of Limitations and Debt Collection


                            Photo Credit: Filin Ilia The Federal Trade Commission has released new information to help you better understand the issues surrounding Time Barred debt and debt expired under the Statute of Limitations. If you would like to learn more about specific state regulations you can use the free compliance module here. Understanding Your Rights When It Comes to Old Debts If ... Read More »

                              FTC and DOJ Announce Asset Acceptance Settlement Which They Want to Be Framework for Debt Collection Industry

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                              David Vladeck director of the FTC’s Bureau of Consumer Protection and DOJ Assistant Attorney Tony West today conducted a conference call I attended to provide additional information regarding an announced settlement with collection company Asset Acceptance. In the settlement Asset Acceptance agreed to pay the second largest fine ever against a collection company for alleged violations. Asset Acceptance is one ... Read More »

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