COLLECTION COMPANIES AND CREDITOR LIE TO BORROWERS ABOUT THE IMPACT OF BANKRUPTCY ON THEIR CREDIT A creditor has no right to come into your home… For more than three decades I have heard horror stories spread by collection companies and creditors about bankruptcy and a credit score. First, always consider the source – collection agents […]
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.
(reprint from FTC) Starting October 31, 2019, many members of the military will have access to free electronic credit monitoring, which can help them spot identity theft.
Never pay upfront for “help” with your student loans According to the Federal Trade Commission (FTC) scammers stole millions from innocent student loan borrowers who were doing their best to workout their student loans. These sleazes lied to innocent borrowers, saying that for $1,000 upfront, they could permanently reduce or eliminate the monthly payments. Lied […]
Disable Vet’s Income Not Offered Any Protection in Bankruptcy – until now! It only took 15 years, but Congress finally decided that disabled vets should have some of the same protection as those on Social Security. In 2005 Congress changed how those on Social Security would be treated in bankruptcy, but ignored disabled vets. The […]
Debt isn’t fun at any age, but it can be especially scary for senior citizens. Seniors normally don’t have regular paychecks coming in, and the bulk of their income may comprise of Social Security checks. They’re often dealing with life changes such as retirement or medical issues. All of the sudden, they have less money […]
Can a debt come back from the dead? Yes, it is referred to as a ‘zombie debt’. Most states have ‘statute of limitations‘ which control the creditor’s or collection company’s rights, including whether they can sue on a debt. How is a debt revived? Collection companies will do anything in their power to revive a […]
ITT Accused of Unfair, Deceptive and Abusive Acts or Practices The Consumer Financial Protection Bureau (Bureau) proposes settlement with ITT Educational Services, Inc. — ITT engaged in unfair and abusive practices in connection with its private loan program in violation of the Consumer Financial Protection Act of 2010. ITT Knew Students Could Not Afford and […]
Reprint from CONSIDERCHAPTER13, ON JULY 28TH, 2019 By Robert (Bob) Schuman, Owner/Managing Broker, Network Financial Group I’m a mortgage broker. In that role, I see close up the immense relief that a homeowner feels when they file Chapter 13. They are no longer forced to deal with collection calls and a multitude of letters that […]
Settlement Includes fund to help consumers recover from data breach Post from Federal Trade Commission: July 22, 2019 Equifax Inc. has agreed to pay at least $575 million, and potentially up to $700 million, as part of a global settlement with the Federal Trade Commission, the Consumer Financial Protection Bureau (CFPB), and 50 U.S. states […]
More than One in Four Consumers Have a Debt in Collection with a Debt Collector 7/18/19 The Consumer Financial Protection Bureau (CFPB) just released a report that found that more than one in four consumers with a credit report have at least one debt in collection by third-party debt collectors.