Entertainment

FTC is depositing over $822,000 in cashback checks


Scammers are scamming! The Federal Trade Commission (FTC) this week announced that it will be sending thousands of checks totaling more than $822,000 to student borrowers who lost money in one year. debt-aid scam. Based on NBC Chicagomore than 14,500 consumers who have paid a company called ‘Student Advocates’ will receive the check.

The FTC filed a lawsuit against the company in September 2019, alleging that the company illegally charged upfront fees and lied to borrowers. Student advocates tell their victims that their money will go into their loans and also into high-interest loans and falsely promise lower payments . In some cases, victims are offered debt forgiveness. In a statement on Thursday, the FTC said, “None of the funds obtained by the defendants were paid towards consumer student loans.”

There are more than 44 million student loan borrowers in the United States, with the country’s total outstanding loans at more than $1.7 trillion. Consumer advocates say many borrowers on average owe $100,000 or more in student loan debt, which is an opportunity to raise capital. State reports that scammers are increasingly promising student borrowers loan forgiveness and lower payments. Scammers often ask for thousands of dollars in upfront fees for this “service,” which is illegal, consumer advocates explain.

Higher education expert Mark Kantrowitz said, “The Credit Repair Institutions Act of 1996 prohibits charging upfront fees for credit repairs, such as student loan forgiveness, student loan consolidation, and student loan consolidation. and switch repayment plans.” For those who are having trouble making payments, there are options to help borrowers.

Reports also say people may switch to income-based repayment plans. There are also economic difficulties and delayed unemployment. More options are available through the Department of Education’s StudentAid.gov.

The FTC said scam victims should withdraw their checks within 90 days of receipt. However, NBC Chicago did not say when the check would be mailed. For more information, contact the JND Legal Authority by calling 877-540-0989.






Source link

news7f

News7F: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, Sports...at the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Back to top button