Question: Dear Steve, I have three credit card accounts, all with Citibank. Two of them are closed. The one open account has a credit limit of $1700. I am just $140 below the limit on it. The other two are at about 40% or less. I am getting dinged on my FICO score as they … Read more
Today, the Consumer Financial Protection Bureau (CFPB) finalized an enforcement action against debt-relief payment-processors RAM Payment and Account Management Systems (AMS), as well as AMS’s co-founders, Gregory Winters and Stephen Chaya, for collecting debt-relief fees from consumers, lying to consumers about when the fees would be paid to debt-relief companies, and sending illegal advance fees … Read more
Today, my concern for your finances is over credit card balances and interest rates rising. People are not prepared for what is coming, and I want you to be ready. You can subscribe to my podcast on any of these sites below.
Question: Dear Steve, I received a call from Resolvo, who put our debt into a computer with a soft pull. The debt is 18,702.16 and was set up for $594.19 for 16 months. The individual we spoke with was at 213-652-3812 x124. She mentioned they were rated A+ with the Better Business Bureau. Please help, … Read more
Over on the Debt Free Dudes podcast, Damon Day and I talk about the confusion, complexities, and misinformation about the announcements that Navient forgiveness of student loans. There are so many important details the headlines can’t give you. Debtors will be confused and may wind up angry if they think some or all of their … Read more
Question: Dear Steve, My son’s student loans are now due through Sallie Mae (not federally funded). Seven loans totaling just under $40,000.00. The interest rate for each loan varies from 7.25% to 9.625%. We are looking to consolidate into one loan with one monthly payment. We have received a lot of mail offers and wonder … Read more
I received a tip from a reader that said “Sean Robert[s] as CEO doing mortgage loans again FYI.” They said the company was: Premier Financial Marketing LLC Entity: Limited Liability Company (LLC) Industry: Mortgage and Nonmortgage Loan Brokers Location: Irvine, CA Premier Financial Marketing LLC 18500 Von Karman Ave Ste 350 Irvine, CA 92612 Business … Read more
Company Illegally Charged Consumers for Credit Advice, Filed False ID Theft Reports and Pitched Them on Fake Business Opportunity At the request of the Federal Trade Commission, a federal court has temporarily halted a bogus credit repair scheme known as The Credit Game for promoting a series of lies and deceptions. The FTC alleged the … Read more
The Federal Trade Commission is returning more than $149 million to AdvoCare distributors who lost money as a result of the AdvoCare pyramid scheme. The FTC sued AdvoCare in 2019, alleging that the multi-level marketing company operated an illegal pyramid scheme that deceived consumers into believing they could earn significant income as “distributors” of its … Read more
A recent study of college students preparing to graduate found that students suck at trying to estimate income and make plans for life after college. Respondents in this study felt confident their starting salary was going to be $103,880 but the average salary was actually $55,260. Oops. Of the students surveyed, 31 percent felt they … Read more
Question: Dear Steve, I have a guaranteed loan for a relative they have not paid, so I’ve been paying but just decided not to. There is only 300 left, whats the worst they can do if anything? It is unsecured Judi Answer: Dear Judi, The path of least resistance and angst can be achieved by … Read more
Question: Dear Steve, I stupidly signed up with WyoLaw Firm, LLC (formerly Summit Law Firm) in February 2019 for debt reorganization due to extensive medical bills, etc. They promised my debts would be paid off and cleared in 2 years, but it has been absolute HELL ever since signing up with them! I went from … Read more
Question: Dear Steve, Should I use a company like Apprisen to enter a debt consolidation program? It would help me lower my interest rate and get back on my feet. But, it almost seems too good to be true. Is it? Louise Answer: Dear Louise, The only answer I can give you from the information … Read more
Question: Dear Steve, I refinanced student loans with my first wife, we got divorced, and now she refuses to pay her share. Can I sue her to recoup the money I have paid? What are my options? Paul Answer: Dear Paul, This is America; you can sue anyone at any time for any reason. That … Read more
The Government Accountability Office (GAO) has just published a report examining Income-Driven Repayment (IDR) programs and how they are being managed. The findings are not encouraging. The Department of Education approved forgiveness for a total of 157 loans under Income-Driven Repayment (IDR) plans as of June 1, 2021, but has not taken the steps necessary … Read more