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The CFPB accused a student-debt relief company, Performance SLC, of illegally charging borrowers fees. The company didn't admit any wrongdoing but is no longer allowed to offer debt relief services. Performance never admitted any wrongdoing and agreed to a settlement that bans the company from engaging in any debt relief services going forward. Over the past few years, the CFPB has been getting relief to thousands of borrowers after paying companies for debt relief services that are free of charge with the federal government. In 2022, for example, the CFPB accused five student debt relief companies of charging consumers unnecessary fees, resulting in a total payment amount to consumers of about $19 million.
Persons: Organizations: Service, Consumer Financial, Bureau, Education Department, Consulting, The Education Department Locations: California
The FTC and DOJ announced it would be sending $9 million in refunds to 22,000 student-loan borrowers. It's a result of a company that was convicted of illegally charging borrowers for debt relief services. The FTC in 2020 banned the company from providing debt relief services, and the same year, a federal judge sentenced Frere to 42 months in prison. Most recently, the FTC announced on Monday that a federal court halted operations of two companies that misled borrowers into paying for debt relief services, scamming them out of $8.8 million. And in June, an additional 37,000 borrowers began receiving $3.3 million in refunds following accusations of misleading debt relief behavior by separate companies.
Persons: Brandon Frere, Frere, Joe Biden Organizations: FTC, DOJ, Service, Federal Trade Commission, Department of Justice, Ameritech, Education Department, PayPal, Rust Consulting, Department, Education Locations: Wall, Silicon
Getty ImagesWho qualifies for a TurboTax settlement paymentYou may qualify for the settlement if you used TurboTax for federal returns for tax years 2016, 2017 or 2018, but were eligible for the free version of the software through IRS Free File. The settlement applies to those who were eligible for Free File and started 2016, 2017 or 2018 federal returns with Intuit's free software. Taxpayers qualified for Free File for 2022 with an adjusted gross income of $73,000, but the threshold was $64,000 for tax year 2016, according to the Free File Alliance. While most eligible consumers are expected to receive about $30, you may get up to $85 if you used TurboTax for the three consecutive years named. Although payments begin in May, some checks won't reach consumers until early June, depending on the mailing date, according to the settlement website.
The CFPB accused debt relief company GST Factoring, and four attorneys, of illegally collecting fees from consumers. 2,600 impacted borrowers will be receiving a collective $11 million in payments in the mail. On Thursday, the Consumer Financial Protection Bureau (CFPB) announced that 2,600 student-loan borrowers who were charged "illegal upfront fees for student-loan debt-relief services" by GST Factoring, which runs a debt relief business, will receive checks in the mail totaling a collective $11 million. In 2020, according to the press release, the CFPB filed a complaint against GST Factoring, along with four attorneys who provided debt relief services within the company. This is not the first time the CFPB has cracked down on potential predatory behavior by debt relief companies.
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