A Florida based company, Timemark Inc., have come to a settlement with The Consumer Financial Protection Bureau. Timemark, its owners and its officers are being accused of charging illegal advance fees to buyers who are looking to renegotiate, settle, reduce, or alter the terms of their loans by CFPB. This is a violation of the Telemarketing Sales Rule (TSR).
A complaint from CFPB, that was filed in the federal district court for the Southern District of Florida stated from 2016- through October 2019, Timemark was essentially using sales campaigns to recruit 7300 customers to pay over $600 in fees to file paperwork to get their monthly payments for their federal student loans, loan consolidation, forgiveness, or income based repayment plans, condensed or removed. However, through The US Department of Education, those debt-relief services are free to student loan borrowers.
Furthermore, the violation of TSR accusations made by CFPB allege the company violated the rule because they requested and received payments from customers who accepted the offers from the campaigns.
Do you feel that you have been a victim of fraud? Contact our office at 816-524-4949 or another way you can set up an appointment by visiting our website at hoorfarlaw.com