Regulation / Legislation

An Interesting Lawsuit Over the Statute of Limitations and Credit Reports

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A consumer, Larson, filed a lawsuit against Nationwide Credit and Collection. I scan through a lot of consumer actions every day, but this one caught my eye. It is a good example of why consumers need to be educated and smarter than some debt collectors to recognize problems. In this case, it is alleged that … Read more

I Tried to do the Right Thing With My Private Loans and Was Sued Instead

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Question: Dear Steve, I went to a for-profit school, over 10 years ago and in the process took out private loans. Since then, I have been contacted by a debt collector who I wasn’t aware I did not have to pay (the debt was over 10 years old and was beyond the statute of limitations). … Read more

Can I Get the Loan Lawsuit Against Me Reversed Because I Was Never Served?

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Question: Dear Steve, Had a company that I took out a loan for (Kabbage). That company went under. I never paid back the loan. I recently (last year but found out 2 months ago) that I was sued. I never received anything stating that I was getting sued. I recently revived a letter from this … Read more

California Stands Up for Consumers – Again

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Criticize California all you want but recent changes in California law actually does something people across the country think is common sense and needed. A bill in California legislature, (AB 1526) awaiting the signature of Governor Brown would go into effect on January 1, 2019. This new law will protect consumers from the collection of … Read more

I Got Sued Over An Old Debt and Lost on My Statute of Limitations Argument

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Question: Dear Steve, I live in Ct. I opened a credit card account here. I had a medical emergency and defaulted on the loan. The last payment received was on 10/05/11. The loan was charged off by the Banking Entity Headquartered in Delaware and purchased on by a Debt Buyer/collection agency headquartered in NY. The … Read more

Public Service Loan Forgiveness Program Teters With Unmitigated Disaster

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The Department of Education since 2007 has promoted the Public Service Loan Forgiveness Program. I’d certainly mentioned it a lot here and here. A very interesting lawsuit was filed by the American Bar Association in December 2016. The issue raised isn’t an Obama or Trump administration thing but the view of the Department of Education … Read more

When the Statute of Limitation is Shorter Than You Think Will Surprise You

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Question: Dear Steve, Not a question, just a fyi about Ohio Supreme Court case from 2016, Taylor v. First Resolution Investment Corporation. SLIP OPINION NO. 2016-OHIO-3444. This case has 5 important components for CC holders in Ohio: 1. The SOL of CC debt is NOT reset when a debtor makes an agreement to restart or … Read more

SCR 146 New State Debt Settlement Legislation Update

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The following legislation has been introduced in the state below. Please click the link for more information. SCR 146 Louisiana Requests the Senate Committee on Commerce, Consumer Protection, and International Affairs and the House Committee on Commerce to study the regulation of debt settlement services. Click here for more information.

SB 1193 New State Debt Settlement Legislation Update

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The following legislation has been introduced in the state below. Please click the link for more information. SB 1193 Pennsylvania An Act providing for the licensure of persons providing debt settlement services, for powers and duties of the Department of Banking and for enforcement; imposing civil penalties; and repealing in part the Debt Management Services … Read more