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DFPI launches research into student-loan debt-relief organizations and takes action against Optima Advocates
The California Department of Financial Protection and Innovation (DFPI) today established a study into whether student-loan debt-relief businesses operating in California are participating in illegal conduct beneath the brand new California customer Financial Protection Law (CCFPL) and scholar Loan Servicing Act (SLSA). The DFPI additionally issued a formal action against one particular business, Optima Advocates, Inc., which took cash from struggling student-loan borrowers while falsely claiming the organization could easily get the student-loan financial obligation dismissed.
вЂњStudent-loan borrowers looking for assistance with repayment deserve security from predatory debt-relief scams,вЂќ said DFPI Commissioner Manuel P. Alvarez. вЂњThis action holds Optima Advocates in charge of its misleading techniques and certainly will bring relief to those having a time that is hard their student education loans.вЂќ
The DFPI finds that Optima Advocates engaged in unlawful and deceptive acts and practices and orders the company to pay penalties and refunds to consumers in the action against Irvine-based Optima Advocates. The DFPI orders that are further debt-relief business to get rid of participating in unlicensed student-loan servicing.
Optima Advocates offered fraudulent guarantees to customers so it could вЂњwipe awayвЂќ their figuratively speaking through getting them вЂњdismissedвЂќ or вЂњdischargedвЂќ in return for excessive charges including $2,100 to $26,510. (mais…)