The buyer Financial Protection Bureau (CFPB) today took action to halt an educatonal loan credit card debt relief scam that illegally tricked borrowers into having to pay costs for federal loan benefits and misrepresented to people that it had been associated with the Department of Education. The CFPB is purchasing the pupil credit card debt relief business, scholar help Institute, Inc., as well as its executive that is chief officer Steven Lamont, to pay for a penalty, stop debt settlement solutions, and stop charging you affected clients. The CFPB can be completely barring the company and Lamont through the debt settlement industry.
вЂњWe see progressively organizations and sites demanding big fees that are upfront assist education loan borrowers sign up for income-driven plans that exist 100% free,вЂќ stated CFPB Director Richard Cordray. вЂњThese methods bear a troubling resemblance to the home loan crisis where troubled customers had been preyed upon with false promises of relief. We shall continue steadily to turn off unlawful scams and target sloppy servicing methods that victimize customers.вЂќ