Account Recovery
OCTOBER 14, 2022
The governor of New York yesterday signed a bill into law that will eliminate a 22% collection fee on student loans owed to the state. The fee was added when unpaid student loan debts were referred to the Office of the Attorney General’s Civil Recoveries Bureau.
Account Recovery
DECEMBER 22, 2021
Three months after it was sued by the Consumer Financial Protection Bureau for violating a 2016 consent order for a number of alleged violations, LendUp Loans has agreed to stop making new loans and collecting on certain outstanding ones while also paying a fine of $100,000, the Bureau announced yesterday.
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Account Recovery
SEPTEMBER 3, 2021
The Attorney General of New York is seeking ways to overhaul how unpaid student loans are collected, especially those incurred by individuals attending State University of New York schools, because a little-known regulation allows the AG to file suit in State Supreme Court in Albany, N.Y.,
Account Recovery
JANUARY 27, 2022
The Attorney General of Virginia announced yesterday that it is reducing the fees it will charge when collecting on unpaid student loans for individuals who attended certain state colleges or universities. And the AG’s office is asking other colleges and universities to lower their collection fees, too.
Account Recovery
OCTOBER 25, 2023
An annual report released yesterday by the Consumer Financial Protection Bureau’s education loan ombudsman notes that three out of every four complaints filed by consumers about student loans had to do with how those loans are being serviced and collected, and references “coercive debt collection practices” related to the collection (..)
Account Recovery
SEPTEMBER 21, 2023
The Consumer Financial Protection Bureau has denied a petition from the Pennsylvania Higher Education Assistance Agency to set aside a civll investigative demand into whether the servicer maintained adequate policies and procedures to determine whether loans were dischargeable in bankruptcy and if attempts were made to collect on loans that had been (..)
Account Recovery
AUGUST 12, 2022
The only good thing that happens when an individual defaults on his or her student loan is that debt collectors make money, according to an Undersecretary at the Department of Education who was speaking during a virtual panel discussion earlier this week.
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