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November 13, 2013

My Kind of Debt Buyer: The Rolling Jubilee.

I got no love for (most) debt buyers.  Creditors sell billions of dollars of debt to opportunistic “investors” for pennies on the dollar (an average of about 4 cents).  The debt buyers then attempt to collect on the debts, often using aggressive debt collection tactics and without first verifying the accuracy of the debt.  Consumers often dispute the amount of the debt, or that they owe the debt at all, each year disputing more than a million dollars in debt that debt buyers attempted to collect.  But not all debt…

November 1, 2013

How to Get Started Dealing with Student Loans

  Most student loans have a six-month grace period before you have to start making payments.  If you graduated this past spring, that means now is a good time to get a grip on your student loans.   Here’s how: Figure out which loans you have. You’ll find all your federal student loans listed in the National Student Loan Data System.  Check for private student loans by pulling a free copy of your credit report using AnnualCreditReport.com. Decide whether consolidation makes sense for you.   Some student loan…

October 17, 2013

New CFPB Report: Private Loan Processing Pitfalls to Avoid

Yesterday, the Consumer Financial Protection Bureau (CFPB) Student Loan Ombudsman, Rohit Chopra, issued a report analyzing complaints received by the bureau from private student loan borrowers.   According to the report, private student loan borrowers face payment processing pitfalls that can lead to increased costs, prolonged repayments, and harm to their credit reports.  To help borrowers take control of their private student loans, the CFPB also issued a consumer advisory yesterday to help certain borrowers communicate…

March 28, 2013

Consumer Financial Protection Bureau Rocks Again

Today the Consumer Financial Protection Bureau (CFPB) released the nation’s largest searchable public database of federal consumer financial complaints, including information on more than 90,000 individual complaints on mortgages, student loans, bank accounts and services, other consumer loans, and credit cards. “By sharing these complaints with the public, we are creating greater transparency in consumer financial products and services,” said CFPB Director Richard Cordray, "The database is good for consumers and it is also good…

By Heather  |  Category:  Student Debt, Private student loans  

January 23, 2013

U.S. Warned on Student Debt Peril, Financial Times Reports

No parent should ever have to endure losing a child.  Financial Times' writer Anjli Raval tells us a tragic tale made worse by a private student loan company's insistence that a grieving mother pay for an education that her deceased son will never use.  Heather contributed to the article. Below is an excerpt from the article: Four years ago, Ella Edwards lost her 24-year-old-son Jermaine. Depressed and unable to work after the unexpected death of her only child, the 61-year-old retired, hoping to grieve in peace. But Ms Edwards…

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