Blog Posts in August, 2015

  • Navient Student Loan Servicer Under Scrunity by CFPB

    || 28-Aug-2015

    Potential Consumer Financial Protection Bureau (CFPB) Enforcement Action against Navient (Formerly Known As Sallie Mae) Earlier this month, Navient Solutions, Inc., a wholly-owned subsidiary of Navient Corporation and corporate spinoff of Sallie Mae, informed their shareholders of a potential Consumer Financial Protection Bureau Enforcement Action. Navient is one of the nations largests servicers ...
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  • Action against Pressler and Pressler for FDCPA Violations

    || 25-Aug-2015

    What is a reasonable amount of time for an attorney to review a case prior to instituting litigation? That question is the crux of the ongoing case of Bock v Pressler & Pressler LLP. As it currently stands, the case has entered the U.S. Third Circuit Court of Appeals. After a previous ruling stated that Pressler and Pressler failed to meet some of the requirements of the Fair Debt Collection ...
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  • Debt Collection Regulations in New York City

    || 21-Aug-2015

    New Regulations on Debt Collection in New York Many consumers are aware that the Fair Debt Collection Practices Act governs the permissible conduct of debt collectors. What many people don’t know if that certain localities provide consumer protections beyond the Federal laws. For example, agents attempting to collect debt from consumers in New York City are regulated by the Department of ...
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  • Student Loan Reform Proposals: 2016 Presidential Candidates

    || 18-Aug-2015

    In the 2016 presidential election, a growing problem is beginning to wiggle its way into the debate: the student loan epidemic. For a number of years, many jobs that did not require higher education were exported overseas, and as such, the need for college education has dramatically increased. As the necessity of higher education has grown we have seen the costs of tuition skyrocket. It is this ...
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  • Student Aid Bill of Rights Under President Obama

    || 12-Aug-2015

    Higher education is supposed to be a means of transitioning a young mind into the work force. However, in this day and age with historically high tuition rates, attending college has many students taking out massive loans to finance their education. This overwhelming industry of debt has now grown so unruly that there is over 1 trillion dollars in outstanding student loans. For years every ...
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  • Discover Student Loans To Pay 18.5 Million For Violations

    || 7-Aug-2015

    Many borrowers find it difficult to manage student loan debt. However, the challenges become exaccerbated when a loan servicer mishandles accounts en-masse. In recent news Discover Financial has come under heavy fire by the Consumer Financial Protection Bureau (CFPB). This ordeal has it's roots in 2010 when Discover acquired over 800,000 private student loans from CitiBank. Since the ...
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  • Schachter Portnoy Settles Lawsuit Debt for 90% Off

    || 4-Aug-2015

    In Cavalry Portfolio Services, LLC v. A.A., a lawsuit was brought by the law firm of Schachter Portnoy LLC against a New York defendant to collect on a debt originally owed to Cavalry Investments, as assignee of FIA Card Services. In 2010, the attorneys at Schachter Portnoy LLC were able to obtain a default judgment in the amount of $21,300. With the 9% judgment interest that accrues each year, ...
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  • Exempt Income Protection Act (EIPA)

    || 3-Aug-2015

    Frozen Bank Account in New York City? In New York, certain amounts and type of funds are protect from being frozen in a bank account in reference to the collection of private debts. In 2008, the New York state legislature found that in some instances, creditors were pursuing funds that were legally exempt from freezing and levying. In order to stop these illegal account seizures the New York ...
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