The CFPB is an agency tasked with providing consumers with financial protection and empowerment by improving existing consumer protection rules, enforcing rules and providing tools and resources for consumers.

Analyzing Financial Complaints

CFPB’s monthly report analyzes financial complaints reported by consumers over a three-month rolling average, from Aug.-Oct. 2016. It compares this three-month report with last year’s report in addition to breaking down complaints by product or service, state and financial company.

November’s Snapshot

November’s report spotlights complaints related to the category of “Other Financial Services”. This spotlight indicates that the majority of these types of complaints arose from fraud and scams related to debt settlement services. Here is a short breakdown of some of the top reported financial complaints for November 2017:

Other Financial Services

• Of 4,500 reported complaints, over 50% arose from fraud or scams
• Debt-settlement comprised about 50% of the financial complaints

Financial Complaints Nationwide

• Debt-collection is reported as the #1 complaint, nationwide
• Credit reporting ranks 2nd for most-complained about service
• Student-loan complaints see a 108% increase from 2015

Financial Complaints by State

• Alaska, New Mexico and Missouri saw the highest rise in consumer complaints reported between this year and last

Financial Complaints by Company

• Credit reporting companies were the focus of most consumer complaints this year
• Equifax, Experian and TransUnion were the top 3 companies receiving most consumer complaints

Consumers continue to be plagued by risk of financial fraud. Fraud and scams remain the biggest problem for the CFPB and other financial watchdog groups working to protect consumers and ensure transparency between financial companies and their customers. While it may seem difficult to fight for your financial security, Savage Villoch Law is here to help. Contact us if you feel you have been victimized by investment fraud or other type of financial scam. Click here to view the CFPB’s full report for November. To find out more about the tools and resources available to consumers, visit the CFPB’s website.

In most bankruptcies in the State of Florida, the filer does not have to appear in court. He, or she, only has to attend a “meeting of creditors,” which also includes a “bankruptcy trustee.” Appearing before a judge usually occurs if the filer is challenging a debt and claims he does not owe it, or that he owes only part of it. Although bankruptcy is the best legal means of “eliminating (or ‘discharging’) most, or all, of your debt,” there are certain things bankruptcy can, and cannot, do for you. Bankruptcy is able to: 1) Stop home foreclosure and vehicle repossession, while you “catch up on missed payments” –Bankruptcy can even make creditors return property which they’ve already confiscated. 2) Stop wage garishment and debt collection calls, 3) Prevent, or restore, utility shut-offs, 4) Allow you to “challenge creditors who have committed fraud” by trying to collect more than you owe, or by trying to collect debts that aren’t yours, 5) Allow you to pay creditors the amounts your home and/or vehicles are now worth, and erase these debts. However, bankruptcy cannot: 1) Erase, automatically, home mortgages/leins, or vehicle leins, because these are “secured rights” of creditors–This means creditors “hold” your home or vehicles as collateral for funds they lent you. However, bankruptcy often induces creditors to take your payments for these properties over time. And, in bankruptcy, you might not have to continue to make payments if your property is foreclosed on, or repossessed. 2) Erase certain debts outlined in bankruptcy laws–also called “non-dischargeable debts”–such as “child support, alimony, student loans, court-ordered restitution, criminal fines and some taxes,” 3) Protect the people who’ve cosigned for your debts–In bankruptcy, your cosigners “may have to repay all, or part of, your loans, etc.” 4) Eliminate the debts you accrue after you’ve filed bankruptcy, 5) Wipe out loans you were able to secure by giving creditors “false information.” Furthermore, if you receive “an inheritance, property settlement or life insurance payout” within 180 days of your bankruptcy’s closure, these monies may be forfeited to your creditors. Please, do not wonder if you fully understand the information provided here. Contact us for expert help with all matters related to filing bankruptcy in Florida.