Blog Posts in 2017

  • Case Update: CFPB v. Weltman, Weinberg and Reis Co. LLP

    || 1-Dec-2017

    In April 2017, the Consumer Financial Protection Bureau (CFPB) filed a lawsuit against Weltman, Weinberg and Reis regarding their pre-litigation debt collection practices. The suit alleges that Weltman, Weinberg and Reis Co. misled some consumers to believe that an attorney was involved in the collection of their debt, when in actuality there was no meaningful attorney review conducted by their ...
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  • Beware of Debt Consolidation Companies

    || 20-Nov-2017

    You’ve probably heard or seen advertisements featuring buzzword phrases such as “Don’t let credit card companies trick you into thinking you have to pay all your debt back!” and “Consolidate your debts into one low monthly payment!” While these promises may sound great, they’re like almost any other deal that sounds too good to be true: odds are it’s ...
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  • Can I Declare Bankruptcy if I Don't Own Any Assets?

    || 10-Nov-2017

    We are occasionally approached by clients who aren’t sure of what they can do when they need to declare bankruptcy, but don’t own much in the way of property and assets. For starters, they have a high amount of debt, but to add to their woes they own almost nothing. Often times these people have no savings, no retirement, and nothing more than a simple car, a few changes of clothes, ...
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  • Firstmark Services Changes Payment Allocations on Student Loans

    || 6-Nov-2017

    The process of paying off student loans can be confusing. Between changing interest rates and varying principal balances, it can be difficult to determine how to best navigate paying off multiple loans in a timely and effective mater. Fortunately, Firstmark Services, a company that services private student loans for major lenders like Citibank, has recently changed their payment allocation policy, ...
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  • Failure to Disclose Interest on Collection Letter Violates FDCPA

    || 25-Oct-2017

    Consumer law can be difficult to parse out, not just for the average person, but for courts as well. An appeals decision by a second circuit court in the case of Avila v. Riexinger & Associates is but one in a string of cases concerning the language and interpretation of the Fair Debt Collection Practices Act (FDCPA). The decision provides a glimpse at questionable tactics used by some ...
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  • National Collegiate Student Loan Trust Lawsuit Defense

    || 20-Oct-2017

    Student loans with National Collegiate Trust If debt collectors are calling, sending letters, or you're facing a lawsuit in court, it's important to understand the recent developments that could affect your legal rights and possible defenses. As we reported earlier this month, National Collegiate was fined for student loan violations. This article highlights the concerns that were ...
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  • Harassed by an abusive debt collector? Get up to $1000!

    || 13-Oct-2017

    Having a debt in collections can be very stressful. But having debt collectors constantly harassing you and using unfair collection tactics can make the situation feel impossible. It’s a debt collector’s job to follow up on debts that have been passed along to them. While debt collectors are allowed to contact you to try and pressure you into paying your bill, they aren’t allowed ...
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  • Do Credit Bureaus Report Judgments & Tax Liens?

    || 9-Oct-2017

    When it comes to obtaining personal loans, your FICO credit score is perhaps the single most important determining factor. Credit scores are calculated based on information that appears on your credit report. Due to recent changes, millions of consumers stand to see an improvement in their credit rating.(1) The three leading consumer credit bureaus, Equifax, Experian, and TransUnion, have all made ...
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  • Steps To Protect Yourself from Equifax Data Breach 2017

    || 4-Oct-2017

    Given the recent headlines regarding the credit reporting agency Equifax, its is understandable to be concerned about the status of your credit and the security of your personal information. While it is easy to ascertain that the Equifax data breach is bad for the American public, understanding the personal implications of such a breach may prove to be more difficult. In the following article we ...
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  • National Collegiate and Transworld Fined For Student Loan Violations

    || 3-Oct-2017

    Due to the complexity of the student loan industry and the various types of educational financing available, student borrowers may be confused as to which lender they owe, and how much is due. This confusion can be further exacerbated when a lender or collector is unclear about the details of the underlying debt. The Fair Debt Collection Practices Act is a federal statute that was specifically ...
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  • Unsecured vs. Secured Debt

    || 21-Sep-2017

    Debt can come in many forms. Two of these forms are secured and unsecured debt. Most debts fall into one of these two categories, but the way these debts are handled can be very different. The differences between these debts can help both consumers and businesses decide how to borrow money, prioritize debts for payoff, and work to protect your assets. Secured Debts Secured debts are one major form ...
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  • When Does Student Loan Forgiveness Happen?

    || 20-Sep-2017

    Anyone who has graduated college within the last decade or so can tell you just how big of a burden student loans have become. While paying them off can take years and cost thousands, there are some options for relief, including the possibility of having all or a portion of your loans forgiven! A forgiven loan is one that has all or part of the balance cancelled at no penalty to the borrower. ...
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  • What is "Financial Hardship" in Student Loan Debt?

    || 7-Sep-2017

    Getting a college education is a huge expense, and many people have to take out extensive amounts of student loans in order to fund their continued learning. Unfortunately, not everyone can easily afford the cost of their student loan debt when the bill comes due, and sometimes the minimum payments combined with all of the many other mandatory living expenses can become too great of a burden to ...
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  • New Jersey Lawyer Negotiates Student Loan Debt Reductions

    || 4-Sep-2017

    Not sure where to turn for help with student loans? With ever-increasing interest rates, large fees, and complicated payment plans, it's easy to get overwhelmed. When facing default, student borrowers may be subject to a barrage of calls, collection letters, lawsuits, or even wage garnishment. Some people feel paralyzed by the process. Don't sit by and watch catastrophe unfold. There is no ...
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  • How the Federal Funds Rate Affects Credit Card Debt

    || 17-Aug-2017

    The average American household has more than $16,000 in credit card debt, which could easily become a much larger cost without your noticing. That’s because the federal funds rate, otherwise known as the fed rate, could dramatically change the price you pay to have this outstanding debt. There’s a close relationship between the federal funds rate and the price of credit card debt, and ...
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