$1.7 M for Mississippi students in ITT debt relief settlement
Today, I secured an agreement to obtain $1,763,071.28 in debt relief for former ITT Tech students in Madison, Mississippi as part of a settlement with
48 attorneys general and the federal Consumer Financial Protection Bureau.
Nationally, the settlement will result in debt relief of about $330 million for 35,000 borrowers who have outstanding principal balances.
Today’s settlement will deliver money directly into the pockets of students targeted by PEAKS Trust’s predatory actions, many of whom continue to suffer
the economic impacts of astronomical interest rates.
This settlement should serve as a warning to other bad actors who take advantage of financially vulnerable Mississippians. My office will continue
to seek justice, ensuring there are severe consequences for illegal actions against consumers in our state.
Under the settlement, PEAKS has agreed that it will forgo collection of the outstanding loans and cease doing business. PEAKS will send notices to
borrowers about the cancelled debt and ensure that automatic payments are cancelled. The settlement also requires PEAKS to supply credit reporting
agencies with information to update credit information for affected borrowers.
Students will need to do nothing to receive the debt relief. The notices will explain their rights under the settlement. Students may direct questions
to PEAKS at customerservice@peaksloans.com or 866-747-0273, or
the Consumer Financial Protection Bureau at (855) 411-2372.
You can read more about settlement here.
Video: Voter Registration Month
September is National Voter Registration Month!
If you haven’t seen my video encouraging Mississippian’s to take part and make a difference this election cycle, watch it here
.
To cast a ballot in the 2020 General Election, you must be registered to vote by October 5th. Visit YallVote.MStoday
to verify your voter registration status.
Are you prepared for disaster?
Disasters don’t wait, and you shouldn’t either. If you are in an area that is expected to be heavily affected by Hurricane Sally, begin making
preparations immediately.
⚠️Follow local emergency orders
⚠️Keep your electronics fully charged
⚠️Prepare your home by decluttering drains/gutters and bringing in outdoor furniture
⚠️Gather enough supplies to last your household at least 72 hours
Visit ready.gov/hurricanes for
more tips on hurricane preparedness.
