On February 27, 2017, the Consumer Financial Protection Bureau “CFPB” issued a civil investigation demand “CID” to Seila Law, LLC seeking information about its business. to determine whether debt relief providers, lead generators, or other unnamed persons are engaging in unlawful acts or practices
Most of the “debt relief agencies” are scams. There is one organization that appears to be worthwhile – National Foundation of Consumer Credit Counseling, or www.NFCC.org.
There are Rules Governing Debt Collectors Debtor collectors are not allowed to call you before 8 am or after 9 pm (your time zone, not the caller’s). They cannot yell, swear, use crude language or threaten you in any way or do anything else that could be seen as harassment. Nor can they threaten to […]
Ever wonder why you make really stupid decisions, especially when you are overwhelmed, worried or distracted? Perhaps you are focused on one task, like dealing with a difficult child or employee, and you completely miss a really important appointment or buy something you did not want.
Reprint from Consumer Affairs Desperate consumers enter into these agreements without fully understanding how they work. Generally, debt relief or debt settlement companies offer a service to debt-burdened consumers to intervene with creditors–in most cases credit card companies–and secure a lower payoff amount. Often, desperate consumers enter into these agreements without fully understanding how they […]
By Mark Huffman, Reprint from Consumer Affairs (11/9/17) The Consumer Financial Protection Bureau (CFPB) alleges the company charges consumers without settling their debts, requires them to negotiate their own settlements, provides misleading information about fees and services and does not inform consumers of their right to money they deposit.
Company and Its Former CEO Engaged In Illegal Debt Collection Practices (Reprint from CFPB announcement 7/13/18) The Bureau of Consumer Financial Protection (Bureau) announced a settlement with National Credit Adjusters, LLC (NCA), a privately-held company headquartered in Hutchinson, Kansas, and its former CEO and part-owner, Bradley Hochstein. Frequent unlawful debt collection acts and practices that […]
We know that most fairy tales are fables designed to teach children a healthy respect for rules and society’s expectation. Some fairy tales were written to scare children to stay away from “bad places”, while others teach children to trust their common sense.
Query from a new doctor: I am a newly graduated medical professional and single mom. In the past six months I have earned more than 80K. I think this disqualifies me from Chapter 7. Even though I make six figures, I have A TON of student loans (private and federal). When I combine rent, childcare, […]
The CFPB alleges that FDAA’s so-called “debt validation” programs violated the law by falsely promising to eliminate consumers’ debts and improve their credit scores in exchange for thousands of dollars in advance fees.
Payday and title loan traps October 5, 2017 The Consumer Financial Protection Bureau (CFPB) has developed a new rule which has common-sense protections cover loans that require consumers to repay all or most of the debt at once, including payday loans, auto title loans, deposit advance products, and longer-term loans with balloon payments.