Consumer Protection enforcement is about to come back in a big way, just in time to deal with the economic fallout we all face from the Pandemic. The Consumer Financial Protection Bureau was created in 2010 to deal with the aftermath of the 2008 recession, but a lot of its powers and effectiveness were reduced under the guidance of the previous president. This CNBC article provides an overview of what we can expect from CFPB under President Biden’s term.
Under the CARES Act, many Americans will be receiving a stimulus payment very soon. The IRS started distributing the money last week. Who will get the check, and how much will you get? US Citizens and Residents with a social security number, who earned less than $75,000 in 2018 and 2019, and head of househoolds who earned less thank $112,500…
In this blog post in the student loan series, we will be talking about rehabilitation and consolidation for defaulted student loans. You default on a loan when you don’t make full payments on your loan for 270 days. There are very real consequences for defaulting on your loans, such as wage garnishment, liability for lawsuit, inability to receive further federal…
Introduction Dara Sandau, Esq., Managing Attorney Sandau Legal P.C. Massachusetts Debt Relief Foundation- Board Member I recently joined the Massachusetts Debt Relief Foundation as a Board Member due to a shared passion for the mission of, “Helping People Overcome Debt with Dignity.” There is nothing more rewarding than making a difference in someone’s life through information and education. Together, these…
Another tactic debt collection companies use, is promising relief from debt collection phone calls if a payment is made. So someone may agree to make a minimal payment to stop the calls, only to then get a notice of a lawsuit for the entire debt now that the creditor can once again sue. If you think you may have zombie debt, educate yourself. Consumers have protections in place under the law, but without understanding of these laws debt collectors can manipulate them into giving up these protections. If you find yourself in a situation which you may fear will lead to zombie debt, know your rights as a consumer. Make sure you have all of your debts in writing. If the debt is not yours, write to the collection agency to stop contacting you (Siddons, 2018). Know the statute of limitations for your residing state. In Massachusetts, the statute of limitations is six years for any debt.