Sued for Fraud – Federal Debt Assistance Association, LLC and Financial Document Assistance Administration, Inc. “FDAA” 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.
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.
Lenders Must Determine Upfront If Consumers Have the Ability to Repay Loans 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 […]
Debt settlement a bad alternative to bankruptcy By Liz Weston NerdWallet.com, Aug 30, 2017 (a summary from South Bend Tribune) Many people believe that hiring a company to settle their debts is better on their credit, will cost them less in the long run and will generally be better than a bankruptcy. This is what […]
CREDIT REPAIR SCAMS – COMPANIES SUED FOR CHARGING ILLEGAL FEES AND MISLEADING CONSUMERS The Consumer Financial Protection Bureau (CFPB), June 27, 2017, filed two complaints and proposed final judgments in federal court against Prime Credit, LLC, IMC Capital, LLC, Commercial Credit Consultants (Accurise), Blake Johnson, Eric Schlegel, Park View Law, fka as Prime Law Experts, […]
According to an article in the New York Times, Bank of America and JP Morgan Chase are finally agreeing to properly identify debts that were discharged in bankruptcy.
Yet another loan workout or modification scam. I am disgusted by the number of calls we receive every week detailing a company or lawyer who takes someone’s hard earned money and fails to deliver on their promise to modify the home mortgage.
Why is this “ground breaking”? This is the first time that payment processors are held to the same standard of responsibility as the debt collectors.
Consumer Financial Protection Bureau (CFPB) filed its lawsuit in August 2013, against debt-relief services company Morgan Drexen. The CFPB alleges, among other things, that Morgan Drexen deceived consumers into paying unlawful up-front fees for debt relief services by disguising them as fees related to “sham” bankruptcy services. According to an article by Joanna M. Zdanys […]