Today Damon Day and I talk about three quick topics. The first is a reader comment from our last podcast on debt validation. Danny sure is irritated by the podcast. Next, we talk about the termination of financing agreements for student loan assistance services. Finally, we discuss how the FTC is sending refund checks to … Read more
In this podcast, Damon Day and I talk about why debt validation isn’t really the magic solution some companies try to sell to consumers. There is much more to know about debt validation before you just leap at the incredible sales pitch. If you think debt validation is the way you’d like to take care … Read more
Question: Dear Steve, I may have been involved in a debt validation program. How do I find out which escrow account my money is being deposited into so that I can attempt to get a refund? Michelle Answer: Dear Michelle, Oh my. There are a few levels to this. The first concern is why it … Read more
Question: Dear Steve, I had paid Burlington Financial $13,947.00 to help me get out of credit card debt. Now, this occurred in 2015. 1. How can l get my money back if they have not followed through with their obligations? Citronella Answer: Dear Citronella, I think you are actually talking about Burlington Financial Group. If … Read more
Question: Dear Steve, I asked student loan Navient to provide me with proof the student loan is mine. They sent a list of loans, but the signature page was not mine. It was someone else name, address, social security number. I mean all of there personal information. What should be my next step? Joseph Answer: … Read more
Question: Dear Steve, I noticed Golden Financial Services is pushing their “Debt Validation” as a way to save more money compare to debt settlement with various internet marketing. I did more research and found they use a company called Actify Solutions for this debt validation. By reading through the BBB complaints of Actify Solutions, I … Read more
Question: Dear Steve, I live in CA, and in 2006, I received a $15,000 loan from MyRichUncle.com. I got divorced in 2010 and had to stop making payments and have not heard about it since. This month (Dec 2019) a collections company showed up on my credit report stating I owe $22,000. I called the … Read more
Question: Dear Steve, $20k in credit card debt, trying to do a “debt validation” Is Coast Processing legit? They claim to use attorneys from Litigation Practice Group. Staci Answer: Dear Staci, These kinds of questions are tough to answer because “legit” means something different to just about everyone. What we have here are two different … Read more
Educational Credit Management Corporation [ECMC] is the Department of Education’s premier student-loan debt collector. ECMC has appeared in literally hundreds of student-loan bankruptcy cases, and it knows all the legal tricks for defeating a student-loan borrower’s efforts to discharge student loans in bankruptcy. And most of the time ECMC wins its cases. But not always. … Read more
Yes, that’s right. As many consumers know, when they call one of the many commissioned sales representatives at the average debt relief company they hear about the incredible things the company can do to make debt go away. But did they tell you about the following potential benefits? If you’ve talked to a company who … Read more
A reader sent me in the client agreement for Macklock National Credit and said, “She was current on all of her bills, and wanted to consolidate her debts into a smaller 1 lump payment and ended up on the phone with Macklock who told her to stop paying her creditors and it would all be … Read more
I was asked recently what I thought of the product Liberty Aid was promoting. So I turned to Michael Bovee for his opinion. Here is Michael had to say. Back when I first started out in the debt relief industry, there were books, and fringe websites circulating about how “federal reserve notes aren’t money”, or … Read more
Question: Dear Steve, I sued a debt collector under the Texas rule 392.202. The debt collector continued collection activity on account they never validated. Of course they claim to have validated the debt, but there is no evidence they did. I am confused because they now they have filed a counter-claim on debt they never … Read more
“Dear Michael, I sent debt validation demand to debt buyer, they answered that debt was verified therefore they can continue collections. I don’t believe they can show any evidence that they own any debt. They placed derogatory credit reports in all 3 CRA’s. Certainly they violate FDCPA but what can I do about it? If … Read more
I don’t know the people behind the Federal Debt Assistance Association but it sure seems like they missed the entire debt relief debacle as companies were nabbed for impersonating the federal government in debt relief claims. I was passed a mailer the company recently and allegedly sent out from their “regulatory” office at 5234 Glen … Read more