A Federal Judge ordered a student debt relief company to immediately cease providing debt relief services to borrowers. The Consumer Financial Protection Bureau, (CFPB) has accused the company of illegally charging upfront fees before providing any services to borrowers.
Student Loan Processing, which also operates as Irvine Web Works, has 45 days to cease operations but must immediately stop accepting payments from customers, according to the order. The company, headquartered in Laguna Niguel, California did not immediately respond to requests for comment.
By law, debt consulting companies must renegotiate, settle, or reduce at least one debt before collecting fees for the service. Companies also are not allowed to promise results such as…
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