SCAM! Student Loan Debt Relief Company Stole from Thousands of Borrowers
Consumer Bureau taking action to shut down fraudulent operator
Student loans can be frustrating, and they can stick with you for a long time. In some cases, a borrower may attempt to find help in restructuring a loan or repayment terms to better fit their budget and lifestyle.
Enter student loan debt relief companies. In theory, these companies help borrowers find more manageable payment arrangements. In practice, there are some shady operators looking to make a quick buck from borrowers desperate for help.
The story of Frank Gebase, Jr. and his scam company is one involving not one, but two businesses shut down for fraud. Now, the students impacted may finally see justice (and get some money back).
A student loan debt relief company’s operator will be banned from the debt relief industry under an order requested by the Consumer Financial Protection Bureau (CFPB) in response to multiple acts of fraud.
The CFPB alleges that Frank Gebase, Jr. controlled a company that took the borrowers’ money after obtaining their names and account information from a previous student-loan debt-relief scammer that the CFPB shut down. The CFPB’s proposed settlement, if entered by the court, would ban…
