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

Debtors Abused by the Bankruptcy System

Bad, lazy or greedy attorneys fail to warn clients about the problems they could face in bankruptcy. People in financial distress look to attorneys for help and guidance.  They assume their attorneys care more about them than about the attorney’s bank account.

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.

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OCWEN/US Bank fined $3 million for reprehensible conduct for attempted wrongful foreclosure

Jury punishes OCWEN/U.S. Bank National for atrocious record-keeping (this is not the first time OCWEN has been exposed for intentional malice) Ms. Saccameno filed a chapter 13 bankruptcy to save her home.  She followed the chapter 13 plan and brought the mortgage current, ultimately receiving her hard-earned discharge.  Life should have been great, but OCWEN/U.S. […]

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.

Deceiving Student Loan Borrowers: Premier Management & Financial Preparation Services

CFPB GOES AFTER STUDENT LOAN DEBT RELIEF COMPANIES FOR DECEPTIVE PRACTICES Who is the Consumer Financial Protection Bureau (CFPB) suing? They are: Consumer Advocacy Center Inc., which does business as Premier Student Loan Center; True Count Staffing Inc., also known as SL Account Management; and Prime Consulting LLC, which is known as Financial Preparation Services. […]

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 […]

Borrowers Trapped – Defaults on vehicle loans increasing

Vehicle defaults is the next financial crisis (after the mortgage crisis) According to the Wall Street Journal 33% of vehicle loans are upside down (meaning the vehicle is worth less than the debt).  Borrowers trade-in vehicles with existing loans, finance a new vehicle and carry over the debt from the old vehicle.  This results in […]

How Bankruptcy Helps Your Credit Score

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 […]

Military Can Obtain Free Credit Monitoring

(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.

Worthless Student Loan Debt Relief – Consolidation & Forgiveness

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 […]

Finally, New Bankruptcy Protection for Disabled Vets

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 […]

Chapter 11 – Small Business Reorg of 2020

Seniors – A Guide to Getting Help with Debt

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 […]

Military Issues & Bankruptcy

Wells Fargo Rips Off Navajo Nation

Wells Fargo Caught in Illegal Actions AGAIN, this time Against Members of the Navajo Nation  “Wells Fargo’s predatory actions defrauded and harmed the Nation. We held Wells Fargo accountable for their actions and we will continue to hold other companies accountable if their business practices do not respect our people—this puts other companies on notice […]