This For-Profit School Is Forgiving $23.5 Million in Student Loan Debt

Students

This For-Profit School Is Forgiving $23.5 Million in Student Loan Debt

This For-Profit School Is Forgiving $23.5 Million in Student Loan Debt

A for-profit school that allegedly told students their loans would only cost $25 per month to repay must now forgive those loans, federal regulators announced Monday. The firm, publicly-traded Bridgepoint Education Inc., has agreed to discharge all outstanding private loans and refund some students after allegations that it engaged in unfair or deceptive practices, the... Read More

Wells Fargo Fined $185 Million Over Fake Credit Card & Deposit Accounts

Personal Finance

Wells Fargo Fined $185 Million Over Fake Credit Card & Deposit Accounts

Wells Fargo Fined $185 Million Over Fake Credit Card & Deposit Accounts

Thousands of Wells Fargo bank employees seeking sales bonuses participated in a scheme that led to the opening of roughly 2 million unauthorized accounts, federal regulators said Thursday. For failing to monitor an incentive program that spun out of control, leading to “widespread” abuse of consumers’ information, Well Fargo must now pay the biggest-ever penalty... Read More

Attention Online Loan Shoppers, There’s Now a Place to Take Your Gripes

Personal Loans

Attention Online Loan Shoppers, There’s Now a Place to Take Your Gripes

Attention Online Loan Shoppers, There’s Now a Place to Take Your Gripes

Consumers with complaints about firms offering person-to-person loans can now register their displeasure with the Consumer Financial Protection Bureau, the federal regulator announced this week. The watchdog also published a consumer bulletin with general information about the “P2P” lending industry, also known as “marketplace lending.” “When consumers shop for a loan online we want them to... Read More

When a Debt Collector Pretends to Be the Pizza Guy

Managing Debt

When a Debt Collector Pretends to Be the Pizza Guy

When a Debt Collector Pretends to Be the Pizza Guy

When the phone rang, the message on the caller ID display was a surprise. Sometimes it said, “Flower Shop.” Or “Pizza Delivery.” Or the name or number of a family member. Or “Repossession Services.” When consumers answered the phone, the ruse continued. An operator gave the impression that flowers or pizza were on the way,... Read More

Are You Due a Refund From 2 Major Debt Collectors?

Managing Debt

Are You Due a Refund From 2 Major Debt Collectors?

Are You Due a Refund From 2 Major Debt Collectors?

We recently reported on the Consumer Financial Protection Bureau action filed against two of the nation’s biggest debt collectors, Encore Capital Group and Portfolio Recovery Associates, and the nearly $60 million in refunds the firms owe to consumers. As a result, we’ve been getting a lot of questions from readers wondering how this might affect them.... Read More

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