All posts by Barbara Nevins Taylor

Featured Stories, Helpful Tips: Consumer, Helpful Tips: Credit, Helpful Tips:Money, Videos, Vids: Banking, Credit, Debt, Money Management, Vids: Other

Avoid Debt Settlement and Credit Repair Companies


The Federal Trade Commission (FTC) just shut down another debt settlement company.

Jeremy R. Nelson and four companies he controlled agreed to a plan that bans him and them from selling debt relief services, telemarketing, and making robocalls.

The FTC alleged  that they called phone numbers on the National Do Not Call Registry, called consumers who had told them not to call, delivered pre-recorded messages without prior written consent, repeatedly called consumers to annoy them, and delivered pre-recorded messages that failed to identify the seller, the call’s purpose, and the product or service.

Lawyer Susan Shin explains why you should avoid debt settlement and debt repair companies. Susan works with the New Economy Project formerly NEDAP or the Neighborhood Economic Development Advocacy Project. She’s an expert on scams involving so-called debt solutions and works with consumers to help them protect themselves.

CONSUMERMOJO TIPS FOR DEALING WITH DEBT COLLECTORS

1. Avoid debt collectors and debt settlement companies.
2. Find out how much you owe.
3. Contact your creditors and tell them that you are having trouble making payments. Work out a modified payment plan with them. Most companies want the money and will work with you.
4. Visit a not-for-profit counseling agency in  your area if you need help. The U.S.Department of Justice offers a state by state list of approved counseling agencies.

watchmoreDebt Collectors-What are my Rights?

If you think you are being treated unfairly or if you think a debt collector is violating the law, contact your state attorney general and also file a complaint with the Consumer Financial Protection Bureau and the Federal Trade Commission

Helpful Tips:Immigrants, Videos, Vids: Immigration

No-Interest Loan For Deferred Action


It sounds like a dream come true.  And in a way it is. Thanks to an anonymous donor the NYC DREAMer Loan Fund can help you pay the $465 fee for the Deferred Action for Childhood Arrivals Program (DACA).

The fund is administered through the New Economy Project, formerly the Neighborhood Economic Development Advocacy Project (NEDAP), which is working with community groups.

The community groups will provide free screening assistance and help you fill out the application. Once that’s done, they’ll send you to  NEDAP, which will connect you with either the Brooklyn Cooperative Federal Credit Union (BrooklynCoop), or the Lower East Side People’s Federal Credit Union. The credit union will actually make the loan and you’ll have to repay it on a monthly basis for a year.

Watch the video to get all of the details.

Banking News, Money News, News

High Overdraft Fees Criticized

Overdraft fees may sound like a good idea, at first. But a new report by the Consumer Financial Protection Bureau (CFPB) found consumers who use the overdraft fee system end up with higher account fees and banks shut down their accounts more often than they close accounts of customers who don’t take the protection.

CFPB Chief Richard Cordray says, “Consumers need to be able to anticipate and avoid unnecessary fees on their checking accounts. But we are concerned that some overdraft practices may increase consumer costs beyond reasonable expectations. What is marketed as overdraft protection can, in some instances, create greater risk of consumer harm.”

 Confusing Fee Structure

The report found a confusing fee structure and overdraft rules that many may not understand. The average consumer who overdrew an account paid $225 in insufficient fund charges during the course of a year.

It’s not clear how the report will influence what banks do in the future.

WATCH A VIDEO

Watch ConsumerMojo.com’s video Overdraft Fees-No So Great