Student Loan Servicers Creating Problems For Borrowers

Oct 22, 2012 by

Student Loan Servicers Creating Problems For Borrowers

The CFBP (Consumer Financial Protection Bureau) which was formed by the Dodd-Frank financial legislation promoted by the Obama Administration and Democrats in the House and Senate, is looking closely at the many reported abusive practices of student loan servicers.  The CFPB is finding that many of these troublesome practices are similar to the abuses of mortgage services – failing to properly credit payments, adding high fees to the debt, and undertaking collection processes that are heartless, to say the least.

We, at Gold and Hammes, believe that legislation is needed to regulate student loan servicers.  Furthermore, we believe that the bankruptcy law should be changed to allow student loans that are unaffordable to the borrower to be wiped out in bankruptcy proceedings.

Read the whole story here: Huffington Post

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