Search engines asked to monitor actions of debt relief companies running paid ads.
Many Texans have a fair amount of student loan debt. Whether they attended a trade school or went to a four-year college, many of these individuals needed to borrow money to pay for their education. When they complete school, these loans must be paid back, which can be extremely difficult for those who have not managed to find a job.
Some individuals with these debts find themselves stuck in a challenging financial situation. They owe so much money in student loans that they find it impossible to make ends meet. They turn to the Internet to find help, looking for debt relief companies who are promising to eliminate their debt.
Borrowers running searches for these companies often see ads on search engines that promote debt relief services. Many of these companies say that for a fee, they will sign individuals up to participate in a program being run by the federal government that helps those with student loan debt. To borrowers, this seems like the answer to their prayers.
The problem is that it is free to sign up for the program, which is being run by the Department of Education. Debtors do not have to pay anything to take part in the relief program. The companies are charging for free services, and this has some officials very concerned. They feel that the companies are targeting people trapped in a bad situation and making matters much worse for them.
The Consumer Financial Protection Bureau (CFPB) has recently sent requests to the major search engines stating that these companies may be misleading debtors, and have asked that the search engines play close attention to the tactics being used. The CFPB has requested that the search engines work together with state and federal officials to ensure that the services being offered by these companies are not taking advantage of desperate debtors.
If you are struggling with student loan debt, there is help available to you. If these government programs do not fix your problems, you may be able to file for bankruptcy protection. While bankruptcy would not discharge your student loans, it will allow you to deal with other debts that you may have.
An experienced bankruptcy attorney can work with you to decide if bankruptcy is right for your situation. Once you have had an opportunity to evaluate the options, you can feel confident that you will be able to regain control over your difficult financial picture.
Even if bankruptcy is not right for you, your attorney can work with you to devise a plan that works best for your situation. This can help you stay current with your student loan payments and not incur any additional penalties.