Consumers have protections from their creditors, but consumers also have liability to their creditors. Knowing your rights and obligations is the best way to make informed decisions.

IRS Guidance for Discharged Student Loans Due to Settlements

IRS Ruling for certain discharged debts IR-2020-11, January 15, 2020 WASHINGTON — The Internal Revenue Service and Department of the Treasury issued Revenue Procedure 2020-11 (PDF) that establishes a safe harbor extending relief to additional taxpayers who took out federal or private student loans to finance attendance at a nonprofit or for-profit school.

Student Loans & Bankruptcy – Interview with Diane Drain and Bobby Zavala

Supreme Court – Statute of Limitations under FDCPA

Holding: Statute of limitations begins to run when the alleged FDCPA violation occurs, not when the violation is discovered.

Mortgage Law Group to pay $59 million-scammed consumers

$59 million dollar judgment for deliberately scheming to evade the law and cause harm to their clients According to an article in news.bloomberglaw.com, 11/6/19, Consumer Financial Protection Bureau “CFPB” won a $59 Million dollar judgment (restitution and civil penalties) against The Mortgage Law Group, LLP, Consumer First Legal Group, LLC, Thomas G. Macey, Jeffery J. […]

5 Signs an Online Loan is a Debt Trap

The goal of a predatory loan (such as payday loans) is to trap the borrower in a nightmare of never ending debt.  The lenders know that no one is watching or, in some cases, cares that the poor are prayed upon by these unscrupulous lenders.

Trump Removes Interest Rate Limits and Sacrifices the Consumer

New rule removes interest rate limits on subprime and payday lenders According to an article in Credit Slips, posted by Adam Levitin, the Trump administration has just proposed a rule that declares open season on consumers for subprime lenders. The Office of Comptroller of the Currency and the Federal Deposit Insurance Corporation have released parallel […]

How to Determine Debt Collection Scam

Dealing with debt collection issues can be challenging—especially when you’re not sure if the person contacting you is a legitimate debt collector or someone trying to scam you.

How Terrible is an Online Installment Loan?

Because of scams payday loans are on the way out, but installment loans have taken their place Payday loans usually have a very short period to repay – typically a lump sum payment in a few weeks. The interest rates are sometimes upwards of 700-800%.  Many times the borrower has to take out another loan […]