All the politicians and policy makers keep talking about a fantasyland where we all go back to work soon – before mass testing or a vaccine. The truth seems more likely many more months of lockdown. I see little to no help for working families to get out of the debt hole that is being dug.
By: Robert J. Nahoum When the federal government passed the Coronavirus Aid, Relief, and Economic Security (“CARES Act”) including stimulus checks of up to $1,200 per adult and $500 per child, it failed to protect that money from the reach of debt collectors. Those of us in the consumer protection community immediately recognized the threat to working people and began […]
By: Robert J. Nahoum THE PROBLEM In response to the Corona-Economy, the federal and state governments have taken extraordinary measures to help, for the time being, working people stem the tide of economic devastation. One of the early areas of intervention was with regard to Federal Student Loans. Congress passed the $2 Trillion relief bill called the “Coronavirus Aid, Relief, […]
Working families are increasingly relying on credit cards to survive the corona-economy. The debt collectors are waiting on the other side.
By: Robert J. Nahoum THE PROBLEM Our economy has stopped dead in its tracks. As of this writing, unemployment claims have exceeded 16 million. Even those who are still working, whether from home or in the field as an essential worker, are terribly anxious about what the economic future will bring. We sit at our kitchen tables trying to figure […]
If you have a federally backed mortgage and are experiencing a corona-related hardship or anticipate such a hardship, contact your loan servicer right away and apply for a corona-forbearance.
- 15 U.S.C. §1692 et. seq.
- debt collection
- Debt Collection Defense
- debt collector harassment
The consumer heroes at the National Consumer Law Center have issued the following resource to help consumer protect their corona stimulus checks from levy and seizure by heartless and unscrupulous debt collectors: “The CARES Act authorizes payments up to $1200 to individuals and $2400 for couples, with an additional $500 for children under 17 years old. The payments phase out […]
In response to the Corona-Economy, the Federal CARES Act has created a unique opportunity for federal student loan borrowers in default to get out of default through loan rehabilitation for far less money.
I am growing increasingly concerned that the much needed corona-economy stimulus money will not be protected from seizure and levy from heartless debt collectors.