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According to a recent story in the Washington Post, consumers who have defaulted under the Federal Family Education Loan (FFEL) Program no longer have the protections afforded by an Obama-era directive that prohibited guaranty agencies from charging fees for up to 16 percent of the loans’ principal and interest if, within 60 days of default, […]

In a recent press release, the Federal Trade Commission announced that it had reached a settlement with United Debt Counselors, a national debt relief company, which was accused of exaggerating the amount of money consumers would save by using it services. The FTC said that the company sent official looking documents in direct mail marketing […]

The Consumer Financial Protection Bureau (CFPB) fields consumer complaints about a wide variety of players in the financial industry, including debt collectors, payday lenders, mortgage lenders, and credit reporting companies. The CFPB recently released its monthly complaint report and, according to its data, the three major credit bureaus ranked numbers 2, 3, and 4 in […]

In its press release, the Federal Trade Commission announced that it is distributing more than $148,000 two victims of Payday Support Center, a debt relief scam that focused on consumers who owed payday loans. Payday Support Center offered a “hardship program” to supposedly resolve outstanding payday loans. Allegedly, Payday Support Center had people send money […]