This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
A new study released by Intuit Credit Karma reveals that a large majority of individuals with studentloans have not made any payments following the end of the pandemic moratorium and many are worried about their financial stability going forward.
Job gains showed up in health care, social assistance, transportation and warehousing, along with retail trade, which reflected the return of workers from a strike, while federal government employment declined as a result of wide-reaching layoffs. The Federal Reserve (Fed) held rates steady at 4.25-4.50% 4.50% in March.
The majority of people in Indiana who have thought about declaring bankruptcy likely already know how challenging it is to get studentloans erased. Although it is not impossible, debtors normally need to pass the Brunner test, which establishes that repaying the studentloans will put them in an unreasonably difficult position.
It’s no secret that studentdebt is at an all-time high. According to the US Department of Education, there are more than 40 million studentloan borrowers who owe more than $1.2 Unfortunately, this means studentloans (unless you have access to scholarships, independent wealth, grants, or other resources).
When you default on a payment, the company you owe may sell your debt to a third-party collection agency. When this happens, it means your debt has gone to collections and debtcollectors from the collection agency will now try to contact you for payment. How Long Will Collections Debt Stay on My Credit Report?
Portfolio Recovery will buy old debt for pennies on the dollar. By purchasing old debt, Portfolio Recovery becomes the debtcollector, gambling that it can collect on the debt and make a profit. When you hear from Portfolio Recovery (or any other debtcollector), let the agency know that you know your rights.
On January 4, the Federal Trade Commission (FTC) and the State of Connecticut announced they are filing suit against an auto dealer for several of its business practices. On January 2, the CFPB published a blog titled, “Holding DebtCollectors Responsible for False Statements.” For more information, click here.
Having debt in collections can be downright overwhelming, especially when debtcollectors bombard you with dozens of phone calls. Debtcollectors are notorious for harassing consumers when they seek repayment, calling excessively and threatening to take actions that may not be legal. Table of Contents.
The Office of Enforcement will be responsible for oversight of enforcement actions against postsecondary schools that participate in the federal studentloan, grant, and work-study programs. On October 26, the Nevada’s Financial Institutions Division is holding a workshop on regulations pertaining to medical debt collections and S.B.
Department of Education announced that about 72,000 studentloan borrowers, who were defrauded by their schools, will receive studentloan forgiveness that could total $1 billion. On March 10, the Oklahoma Senate passed a health care debt collection bill. For more information, click here. On March 18, the U.S.
A good credit score allows you to get better rates on car or mortgage loans just to name a few. If you fall into hard times, the inability to pay off your credit card bills or studentloans can result in your debts being transferred to a debt collection agency. Avoid Being Fooled by Transworld Systems.
On May 1, the Federal Trade Commission (FTC) announced a permanent ban from debt relief telemarketing for operators of debt relief scam. The FTC charged the defendants with taking tens of millions of dollars from people by falsely promising to eliminate or substantially reduce their credit card debt.
For example, the bill distinguishes a “digital asset” from a “digital commodity,” empowering the Securities and Exchange Commission (SEC) to regulate the former and the Commodity Futures Trading Commission (CFTC) to regulate the latter. On July 20, Federal Trade Commission (FTC) and the U.S. For more information, click here.
Negotiate with your creditors to reach settlements and reduce your total debt. Help you come up with a 24- to 48-month debt repayment plan tailored to your budget. In keeping with Federal Trade Commission rules , Freedom Debt Relief doesn’t charge upfront fees. It was for a PMSI loan for an outdoor wood burning furnace.
Department of Education’s decision to terminate its federal studentloan contracts with private collection agencies. State Activities: On December 15, the New York Department of Financial Services released a notice of proposed rulemaking (NPRM) for third-party debtcollectors and debt buyers.
Some examples of debt are mortgages, credit card dues, and personal loans. Although accruing lots of debt isn’t ideal, it may sometimes be unavoidable, such as mortgage payments or studentloans. In other cases, such as credit card debt, it’s seen as a hardship and can have a negative impact.
On November 9, the Department of Education (DOE) announced its plan to implement an oversight strategy of federal studentloan servicers that provides several pathways for identifying problems that can harm borrowers, in real-time. For more information, click here. For more information, click here. For more information, click here.
million home that alleged a fraudulent transfer by the operator of a debt-collection scheme. The complaint asks the court to declare the transfer void and order the seizure and sale of the property to partially repay the debt-collector’s outstanding debt to the federal and state governments. On April 22, the U.S.
District Court for the Southern District of Texas granted motions filed by three groups of trade association intervenors to extend the court’s existing injunction against the CFPB’s enforcement of its final rule under § 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Final Rule) to cover all small business lenders nationwide.
s motion to dismiss the Federal Trade Commission’s (FTC) enforcement action against it for allegedly misrepresenting that consumers’ digital asset deposits maintained on Celsius’ platform were protected by insurance issued by the Federal Deposit Insurance Corporation (FDIC). On December 12, the U.S. For more information, click here.
The bulletin details recent findings by CFPB examiners that certain loan servicers illegally returned loans to collections after bankruptcy courts discharged the loans. For more information, click here. For more information, click here. Supreme Court’s Howey Test. For more information, click here.
On June 8, the Commodities Futures Trading Commission (CFTC) obtained a default judgment against a decentralized autonomous organization (DAO) Ooki Dao in the U.S. On June 8, the CFPB acted against a medical debtcollector for numerous debt collection and credit reporting violations. For more information, click here.
The FTC alleged that the defendants pretended to be affiliated with the Department of Education, charged illegal junk fees, and offered studentsloan forgiveness promises that were not fulfilled. On October 4, the Federal Trade Commission (FTC) held a roundtable to discuss the impact of artificial intelligence on creative fields.
Servicemembers told the CFPB about billing inaccuracies and that debtcollectors used aggressive tactics to recover allegedly unpaid medical bills. Department of Education announced it would discharge all remaining federal studentloans for students who attended any college run by Corinthian Colleges.
Federal Activities: On December 22, President Joe Biden announced that the pause on federal studentloan repayments would be extended for an additional 90 days through May 1, 2022. State Activities. Privacy and Cybersecurity Activities. For more information, click here. The year 2020, by contrast, saw an unprecedented decline of 11.7
3841, a bill that protects the stimulus funds under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) from being garnished by judgement creditors and debtcollectors, similar to how Social Security payments are exempt from being garnished. The CARES Act offers relief for those with federal studentloans.
Some consumers reported facing homelessness because of the negative impact of an eviction on their credit history reported by debtcollectors. The plaintiffs, who include landlords and real estate trade associations from Alabama and Georgia, argue that the CDC exceeded its authority by imposing the ban. On June 29, the U.S.
From a 2019 peak of $926 billion, credit card debt fell to $811 billion by the second quarter of 2020 — the largest six-month decline on record — before reaching $825 billion by the end of the year. On September 28, Federal Trade Commission (FTC) Chair Lina M. For more information, click here. Among other provisions, S.B.
On January 13, the CFPB released a bulletin, reminding debtcollectors and credit bureaus of their legal obligations in light of the No Surprises Act, which protects consumers from certain unexpected medical bills. Department of Education’s decision to extend the pause on federal studentloan payments. paid to the states.
Financial institutions, servicers, lenders, and debtcollectors must stay up-to-date on evolving federal and state laws stemming from the COVID-19 pandemic, as such laws impact all facets of consumer loan servicing and debt collection.
On August 5, the Department of Education announced that it is extending the moratorium on federal studentloan payments through January 31, 2022. Income-share agreements are a type of studentloan, where the borrower receives a loan and then pays a percentage of his/her income after graduation.
On November 2, the Consumer Financial Protection Bureau (CFPB) released a blog post, exploring the potential impact of studentloan payment reinstatement. The CFPB found that studentloan borrowers are increasingly likely to struggle once their monthly studentloan payments are reinstated.
While many Buy Now, Pay Later borrowers use the product without noticeable indications of financial stress, the report finds that Buy Now, Pay Later borrowers will more likely become active users of other types of credit products like credit cards, personal loans, and studentloans. For more information, click here.
While many Buy Now, Pay Later borrowers use the product without noticeable indications of financial stress, the report finds that Buy Now, Pay Later borrowers will more likely become active users of other types of credit products like credit cards, personal loans, and studentloans. For more information, click here.
On April 15, the Federal Trade Commission (FTC) announced the first enforcement action taken under the new COVID-19 Consumer Protection Act (COVID-19 CPA), which imposes monetary penalties on violators. The company was operating without registering as a debt settlement service provider as required by Minnesota law.
On July 20, the House of Representatives passed the Consumer Protection and Recovery Act, which aims to revive the Federal Trade Commission’s (FTC) authority to return money to consumers harmed by companies found to engage in deceptive practices. The guidance resulted from concerns that debtcollectors would seize the funds.
On September 14, the Federal Trade Commission (FTC) voted to approve and make public a series of resolutions that will enable agency staff to efficiently and expeditiously investigate conduct in core FTC priority areas over the next 10 years. On January 31, 2022, the pause on interest and payments for federally held studentloans will end.
Chopra is currently a member of the Federal Trade Commission. Uejio has been with the CFPB since 2011 and worked with Chopra, who served as the bureau’s studentloan ombudsman during the Obama administration. President Biden on Jan. The two share many of the same priorities, Cordray said.
On July 29, the CFPB and the Federal Housing Finance Agency published updated loan-level data for public use collected through the National Survey of Mortgage Originations. On July 29, the Federal Trade Commission (FTC) announced that it will send refund checks, totaling nearly $2.3 For more information, click here.
Federal Activities: During the week of August 24, 2020, the Consumer Financial Protection Bureau (CFPB) updated pages relating to studentloans and its guidance on protecting credit during COVID-19. ” Additionally, the CFPB recently released additional resources for Spanish speakers, which can be viewed here.
On August 8, 2020, President Donald Trump signed a number of executive orders related to the COVID-19 pandemic, including one that will defer payments on all studentloans held by the Department of Education and waive all interest until December 31, 2020. For more information, click here. For more information, click here.
Earlier this month, then President-elect Joe Biden nominated Rohit Chopra, currently a Federal Trade Commission commissioner, to serve as the third director of the CFPB. This news followed on the same day Director Kraninger, appointed by former President Donald Trump, resigned to adhere to the wishes of the new administration.
Federal Activities: On August 8, 2020, President Donald Trump signed a number of executive orders related to the COVID-19 pandemic, including one that will defer payments on all studentloans held by the Department of Education and waive all interest until December 31, 2020. For more information, click here. .”
Representative Carolyn Maloney introduced the StudentLoan Forgiveness for Frontline Health Workers Act — a new bill seeking to cancel any outstanding studentloandebt for frontline health care workers. On April 9, the Federal Trade Commission (FTC) offered individuals tips on avoiding job scams.
We organize all of the trending information in your field so you don't have to. Join 19,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
Let's personalize your content