CFPB Calls BS on Navient’s Claims It Doesn’t Have to Provide Best Advice

If you know anyone who has a student loan serviced by Navient, you should warn them about this article. Navient was sued by the Consumer Financial Protection Bureau (CFPB) for failing student loan debtors in a number of areas. One of the areas of contention was the CFPB position that although debtors were directed back … Read more

CFPB Publishes Advice if You’ve Given Someone Power of Attorney Over Your Money Matters

The Consumer Financial Protection Bureau (CFPB) has recently published guidance that appears to have a direct connection to debt relief companies that manage the finances of others using a Power of Attorney (POA). I frequently see these types of relationship between consumers and debt relief companies, like settlement companies, and now more student loan assistance … Read more

Lloyd Ward, Amanda Ward, and More Named in Washington Class Action Suit

Dallas attorney Lloyd Ward who was very involved in the debt settlement business was recently hit with a class action suit in the State of Washington. The suit was filed by The Scott Law Group against Lloyd Ward & Associates, Lloyd Ward PC, The Lloyd Ward Group, Lloyd Ward, Amanda Ward (his wife), Silverleaf Debt … Read more

Credit Counseling Industry Accused in Potential Historic Turning Point Lawsuit

A lawsuit I’ve been following since it became publicly available back in the middle of October has become a major milestone in what could spell the death of credit counseling as we know it I first learned of this case about six months ago when it was developing but I’d not written anything about it … Read more

Does Credit Counseling Have a Fiduciary Duty to Mention Ethical Debt Settlement to Consumers?

Yesterday a commenter on my article Dear Credit Counselors, You Are Your Own Worst Enemy made a very interesting comment that raises a number of questions. The comments had been flowing between what appeared to be people from credit counseling and debt settlement when the issue was raised that credit counseling groups should have a … Read more

Can Any Debt Relief Company Afford to Do The Right Thing for Consumers?

In some other comment threads on the site the issue has arisen that debt relief companies are doing the right thing for consumers by asking about their situation and getting budget numbers before qualifying the consumer for their program. And over on this article, if you search through the long comments, I’ve engaged in comments … Read more

Debt Settlement Attorney Wants to Know if Debt Settlement Companies Suffer From a Fundamental Flaw

I received the following communication from a Greg Fitzgerald, debt settlement attorney who raised some excellent questions regarding the fiduciary duty and responsibility of debt settlement companies and the issues surrounds the unauthorized practice of law. I think he has raised some good thought provoking questions and I’d love for readers to weigh in by … Read more