Titan Consulting

JUNE 7, 2020

Congress recently passed legislation in the CARES act that provides direct and indirect benefits to Federal Student Loan borrowers. The stimulus package provided direct payments to families, extended unemployment benefits, forbearance provisions for federally backed mortgages, and payment protection loans for small businesses.

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Collection Industry News

FEBRUARY 7, 2022

BOSTON — Navient, a major student loan collecting company, agreed to cancel $1.7 Forbearance is when lenders allow borrowers to pause or reduce payments for a limited time while they build back their finances. In addition to forgiving tens of thousands of loans, Navient will pay $142.5 The company agreed to cancel $1.7

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Consumer Finance

SEPTEMBER 7, 2021

The Consumer Financial Protection Bureau (CFPB) took action today against an income share agreement (ISA) provider for mispresenting its product and failing to comply with federal consumer financial law that governs private student loans.

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Credit Corp

AUGUST 4, 2020

Grants, scholarships and government programs can all be used to aid your pursuit of higher education. Student loans, including private and federal loans , are also commonly used to fund college. If you’re ready to find the right loan for you and your unique financial situation, we’ve got you covered.

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True Accord

MARCH 31, 2022

For many families, government stimulus through child tax credits (which ended in December) was helpful in covering the gaps in income from pandemic losses, but it wasn’t enough to prepare them to take on new expenses and restart all the financial obligations that were temporarily on hold. And lenders are happy to lend.

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Collection Industry News

MARCH 19, 2024

For lenders, service providers and debt collectors, guaranteeing repayment will still be a challenge [in] 2024.” And then we add student loans back into consumers’ repayment mix… The Impact of Resumed Student Loan Repayments Millions of people are resuming another financial obligation every month: their student loan payments.

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Troutman Sanders

NOVEMBER 18, 2022

On November 17, the Consumer Financial Protection Bureau (CFPB) announced it is seeking public comment on its proposal to develop a new data set to better monitor the auto loan market. Because student loans are largely administered by the federal government, we know more about them too.

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Collection Industry News

MARCH 17, 2024

Buy now, pay later services act as a lender of sorts and are currently not licensed by the state. The governor said: Plans to Outlaw Unfair and Abusive Collection Tactics Concerned with predatory business practices bilking people out of their hard-earned money, the government will focus on looking for bad actors.

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True Accord

JULY 13, 2023

The ending of various pandemic-era benefits including the pause on student loan payments will impact consumers in the coming months. The federal government has projected that about 15 million people will lose coverage , including nearly seven million people who are expected to be dropped despite still being eligible. 9%) to $17.05

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Debt Free Colorado

APRIL 9, 2020

Many creditors such as mortgage servicers, auto lenders, and credit card companies are offering assistance to individuals financially affected by the pandemic. Unlike mortgage lenders, most landlords are simply not in a financial position to weather the loss of rental income due to the high expenses associated with the rental property itself.

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Collection Industry News

MAY 18, 2021

While consumer groups praised the bill for its recourse for consumers harassed by debt collectors, CUNA and NAFCU saw the bill as complicating the legal relationship between consumers, members and lenders. In the letter, Nussle stated, “Lenders rely on complete and accurate credit reports when underwriting loans.

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True Accord

APRIL 5, 2023

At the beginning of March, the federal government ended pandemic-era payments for low-income families on the Supplemental Nutrition Assistance Program (SNAP), causing nearly 30 million Americans to lose increased food stamp benefits. For lenders or collectors engaging with distressed borrowers, here are a few things to keep in mind: 1.

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FFGN COLLECT NY

JANUARY 10, 2024

Buy now, pay later services act as a lender of sorts and are currently not licensed by the state. Hochul specifically mentioned student loan servicers who encourage the quickest repayment plans or plans not suitable for the party repaying. The government will look to stop these exploitative tactics and more.

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Troutman Sanders

FEBRUARY 26, 2024

On February 23, the Consumer Financial Protection Bureau (CFPB or Bureau) released an order , dated November 30, 2023, establishing supervisory authority over installment lender World Acceptance Corp.

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ABI

JANUARY 13, 2022

Section 523 of Title 11 of the United States Code (the “Bankruptcy Code”) generally provides that a student loan cannot be discharged unless it would impose “undue hardship” on the debtor. [1] to have his student loan debt discharged. [5] to have his student loan debt discharged. [5] 16] . . [1]

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Fico Collections

APRIL 28, 2023

government and financial institutions to implement significant guard rails and safety net programs for consumers such as the government stimulus, extended unemployment benefits, and payment accommodations. Credit Risk and FICO Score Trends? At the start of the pandemic, uncertainty surrounded where the U.S.

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Sawin & Shea

AUGUST 9, 2023

Creditors cannot reclaim any of your property if you default on a loan. a car or their home), and agrees that they will repay the loan in a timely fashion or else the lender will gain ownership of the collateral they used to get the loan. However, secured debt means the borrower has put up collateral (e.g.

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Titan Consulting

AUGUST 23, 2020

When government assistance is not providing enough income to cover job losses, should you file for bankruptcy or hold out for the economic recovery? Bankruptcy does not generally discharge debts associated with child support, alimony, tax obligations, or student loan debt. The Bankruptcy Option.

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Better Credit Blog

JUNE 1, 2022

In those cases, student loans can be a valuable resource. If you’re looking for a loan to help fund your education, you have plenty of options. Read on to learn which types of student loan might work best for you. Table of Contents: Federal Student Loans. Private Student Loans.

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Troutman Sanders

AUGUST 9, 2021

On August 5, the Department of Education announced that it is extending the moratorium on federal student loan payments through January 31, 2022. Income-share agreements are a type of student loan, where the borrower receives a loan and then pays a percentage of his/her income after graduation.

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Troutman Sanders

MARCH 28, 2023

The final rule rescinds HUD’s 2020 rule, governing Fair Housing Act disparate impact claims and restores the 2013 discriminatory effects rule. State Activities: On March 27, the California Department of Financial Protection and Innovation (DFPI) issued a warning to student loan borrowers about student debt relief scams.

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Troutman Sanders

SEPTEMBER 7, 2021

If finalized, this rule would require lenders to disclose information about their lending to small businesses. Under the proposal, lenders must report the amount and type of small business credit applied for and extended, demographic information about small business credit applicants, and key elements of the price of the credit offered.

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Credit Corp

JUNE 12, 2023

Credit Mix Lenders like to see that potential borrowers can balance multiple types of credit and loans simultaneously. A healthy mix of revolving credit and auto or student loans will help you maintain this higher credit score. The United States government has no laws that affect the number of credit cards per person.

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Better Credit Blog

DECEMBER 22, 2021

A debt consolidation loan is a personal loan that can be used to pay off all of your debts, so instead of owing money to multiple sources, you will just have to pay back one lender with a monthly payment. When Might It Make Sense To Get A Debt Consolidation Loan.

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Hudson Weir

SEPTEMBER 4, 2023

Well, first of all, it’s important to note that in order to apply, you must have lived in England or Wales in the last three years, as stipulated by the government. If you’re struggling with personal debt, you may be searching online for ‘debt relief order UK’ looking for a solution to your troubles.

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Credit Corp

JULY 21, 2020

Government-backed loans, such as those through FHA , VA or USDA programs, tend to have the most forgiving credit requirements. For example, you can qualify for an FHA loan with a credit score as low as 580. For example, you can qualify for an FHA loan with a credit score as low as 580.

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Taurus Collect

JUNE 16, 2022

Most creditors generally pass on a few debts to a professional debt collection agency , including mortgages, auto loans, credit card debts, and student loans. However, it is essential to understand that most lenders usually try to collect the debt themselves before writing it off and outsourcing the task to the other party.

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Credit Corp

APRIL 5, 2021

Student loans get a bit of a bad rep in the news related to the amount of debt they cause. But if you’re looking to advance your career with a necessary degree, student loans might offer a way to pay for your education so you can improve your future. So how do student loans work? Consolidation loans.

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Collection Industry News

MARCH 15, 2021

It has taken actions to collect data on a number of new industries, including debt relief and earned wage access providers, and has filed a cease-and-desist order against a student loan debt relief company charging borrowers exorbitant fees for the false promise of getting their student debt wiped.

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Collection Industry News

JUNE 1, 2023

The growing complexity of financial products, such as credit cards, mortgages, and student loans, has led to a surge in outstanding debts. This presents a substantial opportunity for debt collection agencies to assist lenders in recovering unpaid debts and managing default risks.

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Troutman Sanders

MAY 9, 2023

On May 4, the White House published technology standard document “United States Government National Standards Strategy for Critical and Emerging Technology.” PACE loans, secured by a property tax lien on the borrower’s home, are often promoted as a way to finance clean energy improvements, such as solar panels.

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Troutman Sanders

OCTOBER 11, 2021

Department of Education announced the establishment of an Office of Enforcement within Federal Student Aid (FSA). According to the announcement, the new office will “strengthen oversight of and enforcement actions against postsecondary schools that participate in the federal student loan, grant, and work-study programs.”

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Troutman Sanders

JULY 27, 2020

On July 22, 2020, the CFPB issued tips in a blog post directed to co-signors of private student loan debt during the COVID-19 emergency. The CARES Act offers relief for those with federal student loans. Many private student loan lenders are providing options for reducing or suspending payments as well.

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Troutman Sanders

NOVEMBER 30, 2020

federal agencies commenced preliminary investigations into potential misconduct committed by various lenders when distributing $525 billion in pandemic aid under the Paycheck Protection Program (PPP). These preliminary investigations indicate that some lenders could face civil and/or criminal charges relating to the PPP.

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Troutman Sanders

MAY 5, 2022

Summarized below are those issues identified in the areas of auto servicing, consumer reporting, credit card account management, debt collection, deposits, mortgage origination, prepaid accounts, remittances, and student loan servicing. Student Loan Servicing. Auto Servicing. The CFPB alleges deceptive advertising.

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Hudson Weir

FEBRUARY 28, 2023

This amount is then used to give unsecured lenders more chances to recoup a little of their outstanding capital. Part of those assets reserved for floating charge holders is assigned to unsecured creditors in what’s called ‘the prescribed part’ – the monies reserved after selling floating charge possessions.

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Better Credit Blog

JULY 12, 2021

Student loans are a pressing issue for so many people who have put themselves through college and other higher education. Luckily, there are options for student loan forgiveness—which can wipe away some or all of what you owe. Here’s what to know when you’re digging into attempting to get your student loan forgiven.

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