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Troutman Pepper Weekly Consumer Financial Services Newsletter

Troutman Sanders

On November 9, the Department of Education (DOE) announced its plan to implement an oversight strategy of federal student loan 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.

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Does Debt Relief Hurt Your Credit?

Credit Corp

Credit Counseling Immediate credit impact: None expected Long-term credit impact : None expected A credit counselor is a professional adviser who helps you manage and repay your debt. Counselors may offer free or low-cost consultations and educational materials.

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You’re in Debt: 9 Terms to Know

The Kaplan Group

Instead, I suggest you do what you can to educate yourself about your options. FDCPA ( Fair Debt Collection Practices Act). The Fair Debt Collection Practices Act (FDCPA) is a federal law that restricts the behavior of collection agencies when they are attempting to collect money from individuals.

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Freedom Debt Relief Sued for Misleading Consumers

Debt Free Colorado

Deceives consumers about its fees : Freedom falsely claims that it charges consumers only when it negotiates a settlement of a debt and consumers make a payment under the terms of the settlement. Creditors are not required to participate in or cooperate with a debt management or settlement.

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What is a Judgment?

Credit Corp

They provide a service to you and then bill you, similar to a credit extension. So, what happens when you don’t pay a bill or repay a debt? The company, creditor or collection agency has legal ways to pursue payment. The judgment creditor can then use that court judgment to try to collect money from you.

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What Is a Judgment?

Credit Corp

These payments are sent to the judgment creditor until your debt is paid. The Consumer Credit Protection Act caps these types of garnishments. Law enforcement may seize things like valuable collections or jewelry to be sold at auction. Sales proceeds are applied to your debt. Property levies. These laws vary.