Two new companies in the financial space, LendingClub and SoFi had very different days recently. It just goes to show you how quickly this new financial niche is moving. LendingClub Had a Bad Day LendingClub stormed onto the playing field as a peer-to-peer lender. In the early days, I was even one of the many …
On August 4, 2021, SoFi published an article called “Is There a Statute of Limitations on Debt?” (https://www.sofi.com/learn/content/statute-of-limitations-on-debt/). Most would agree that the simple answer is yes because they assume the author is actually referring to lawsuits on debt, not the debt itself. For example, as correctly pointed out in the article, the expiration of …
Question: Dear Steve, I am a senior citizen with over $100,000 in student loan debt. I have consulted with you on this site before and the plan is to use the IBR with Navient until I die. But I watched the democratic debate on 9/12/19 and there were several ads for SOFI to refinance student …
Online student loan refinancer SoFi has agreed to stop misrepresenting how much money student loan borrowers have saved or will save from refinancing their loans with the company, in order to settle Federal Trade Commission charges that it deceptively advertised inflated figures for more than two years. In a complaint against Social Finance, Inc. and …
Question: Dear Steve, I have approximately $150K in credit card debt. I have a 401k worth about $500K with the ability to take out a loan of about $103K. I call it “credit card” debt, but it’s actually two Sofi loans totaling about $83K and the rest is credit card debt. That Sofi loan is …
Question: Dear Steve, I am a retired financial professional/CPA who has been asked to advise a friend’s son on how to best manage his debt. He is 26 years old and earns $200K including a year-end projected bonus of approximately $75K. His most recent credit score was 650. He has 3 Sallie Mae Student Loans …
Question: Dear Steve, I have $180k in parent plus student loans debt serviced by mygreatlakes. If I refinance this debt with a private lender like sofi or laurel road, can it be more easily discharged in a future bankruptcy or is it still considered a federal student loan and subject to the more strict discharge …
Question: Dear Steve, I am a primary care doc who has paid down a 300,000 private loan to 180,000 from a med school in illinois. Interest rate is variable initially at 7.5 but now at 5 for the last 5 years. I have been paying approx 3000 a month since 2010. I am scheduled to …
This case just crossed my desk and it’s a good read for any debt relief company who is using soft credit report pulls in marketing services or screening consumers. “This case should serve as a note of caution for lenders marketing eligibility determinations based on a “soft” pull of a consumer’s credit report. Notably the …
For the most part the announcement from the Office of the Comptroller of the Currency (OCC) are painful boring. Sorry fellas. But this one looks like it could provide some innovative changes to the banking industry that could disrupt things for the better. The OCC says: “On December 2, 2016, Comptroller of the Currency Thomas …