Get Out of Debt Guy

We help people find a better life and a way out of debt with free advice and a community that wants to embrace you with help at GetOut OfDebt.org
Sep 23
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CFPB Recognizes Dangers of Student Loan Debt. Works to Forgive More Loans.

CFPB Recognizes Dangers of Student Loan Debt. Works to Forgive More Loans.

After an announcement today there can be no confusion that the Consumer Financial Protection Bureau takes the dangers of looming consumer debt seriously. I am encouraged by the focused effort by the CFPB to help more students to have their student loans forgiven after ten years.

Director Rich Cordray gave a presentation in which he said, “Student loan debt is one of the most significant burdens…

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FTC Bitch Slaps Debt Collection Operation Over Phantom Debts

FTC Bitch Slaps Debt Collection Operation Over Phantom Debts

Lately I seem to be getting a bunch of reader questions about debt collectors going after old debts. See this and this.

Well the Federal Trade Commission has just announced they have halted the abusive debt collection practices of an operation that used fictitious names and threatened consumers into paying debts they may not have owed.

I don’t even need my shocked facefor that announcement.…

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Can I Take Advantage of a Debt Collector Settlement Offer Error?

Can I Take Advantage of a Debt Collector Settlement Offer Error?

“Dear Steve,

A debt collector mailed me a bill for the total amount of $308.00. It stated in the letter that they are offering me a settlement of 75% on the past due amount. It then stated two times on the letter that the settlement amount will only be $2.31….yes $2.31.

I called them to pay the $2.31 and the young man put me on hold and a supervisor got on the phone and said it was clearly a…

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Quick, Get Your Shocked Face Ready to Read About Bitcoin Scam

Quick, Get Your Shocked Face Ready to Read About Bitcoin Scam

At the request of the Federal Trade Commission, a federal court has shut down Butterfly Labs, a Missouri-based company that allegedly deceptively marketed specialized computers designed to produce Bitcoins, a payment system sometimes referred to as “virtual currency.”

The FTC’s complaint against the company and its corporate officersalleges that Butterfly Labs charged consumers thousands of…

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Sep 22
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My Wife Went Back to School for a Special Education Teaching Credential and We’ve Got Loads of Sallie Mae Debt Now

My Wife Went Back to School for a Special Education Teaching Credential and We’ve Got Loads of Sallie Mae Debt Now

“Dear Steve,

My wife has $38k in new student loans for a Special Education Teaching Credential, the loan is through Sallie Mae. We make $160k/year in California with 8 children, total family of 10. We file Married Jointly. Initial repayment is around $400/month. My wife is currently employed as a special education teacher, full time.

Our income may seem like a lot but in California for our…

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Illinois Finds Fault with Mortgage Assistance Attorneys Aleman and Macey

Illinois Finds Fault with Mortgage Assistance Attorneys Aleman and Macey

A tipster (send in your tips here) just sent in a document which was filed on August 28, 2014 regarding the activities of Jeffrey Aleman and Thomas Macey or Legal Helpers fame. The Illinois Attorney Registration and Disciplinary Commission came to the opinion that Macey and Aleman had violated a number of Illinois attorney rules.

However it does not appear it was their debt settlement activities…

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How Do I Deal With These Back Taxes and 1099-C I Just Got?

How Do I Deal With These Back Taxes and 1099-C I Just Got?

“Dear Jim,

I am dealing with several major tax issues with the IRS right now and my situation is very complicated — I really need your help.

I am a single female in my 50’s, unemployed, without any income, and have not worked since 2006 due to medical reasons.

In March, 2008 I filed a Chapter 7 bankruptcy when my primary residence was in foreclosure, but my bankruptcy ended up getting…

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Is This Email I Got About an Old Debt for Real?

Is This Email I Got About an Old Debt for Real?

“Dear Steve,

Out of the blue I received the attached e-mail. Now I know from reading the Fair Credit Act, that this method of notification isn’t good. The 1st letter I received said they couldn’t reach me about the debt, but the 2nd letter had my name, address, ect on it. I believe this is a scam.

What do u think about this?

Alleged Email

Lucy Smith
to bcc: me

Inline image 1
Case File No: KLA1523

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I’m Being Sued Over an Old Debt I Don’t Recognize. What Do I Do?

I’m Being Sued Over an Old Debt I Don’t Recognize. What Do I Do?

“Dear Steve,

Some debt collector has been contacting me by phone about an old debt I know nothing about and saying I am going to miss my court date in a state I have not lived in for 10 yrs.

Can they file a law suit if you are not notified in person?

Donna”

Dear Donna,

I don’t think this issue is about how you can be notified about a lawsuit but more about collection efforts for an old debt you…

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I’m Not Paying My Private Student Loan and Now Live Abroad

I’m Not Paying My Private Student Loan and Now Live Abroad

“Hi Steve,

I have a non-federal student loan (Sallie Mae -$12K) and have not made a payment on it in over 5 years.

Apart from trying to negotiate a payment plan when i was out of work and could not afford my repayments, I have had no contact with them.

For the last year or two a collection agency has called my parents and left messages sporadically, but of recent times the volume has increased…

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