December 1st, 2009
REMEMBER: Cell Phone Numbers Go Public this month.
REMINDER: all cell phone numbers are being released to telemarketing companies and you will start to receive sales calls.
…. YOU WILL BE CHARGED FOR THESE CALLS
To prevent this, call the following number from your cell phone: 888-382-1222.
It is the National DO NOT CALL list. It will only take a minute of your time. It blocks your number for five (5) years. You must call from the cell phone number you want to have blocked. You cannot call from a different phone number.
HELP OTHERS BY PASSING THIS ON .. It takes about 20 seconds.
FTC LINK: http://www.ftc.gov/donotcall
Tags: cell phone, do not call list, FTC, telemarketer
Posted in Stop Debt Collectors | No Comments »
November 25th, 2009
JPMorgan Chase & Co.’s credit-card contracts will no longer require disputes to be settled through arbitration, a practice that lawmakers said was biased against cardholders, to help settle an antitrust lawsuit.
After a class action suit was filed by Philadelphia based law firm, Berger & Montague PC, the company stopped using arbitrators in July. Lenders including Bank of America, Citigroup Inc., Discover Financial Services and Capital One Financial Corp. secretly met or consulted for the purpose of requiring their cardholders to arbitrate all disputes.
Read the full story here:
JPMorgan Pulls Arbitration Clause From Card Contracts
Tags: arbitration, arbitration clause, contract, credit card, Credit Card Debt, creditor, JP Morgan
Posted in Credit Card Debt, Stop Debt Collectors | No Comments »
October 28th, 2009
Consumer credit laws are being created in many states that will force debt collection agencies to prove that the debt they purchased for pennies on the dollar exists and the consumer legitimately owes the money. North Carolina recently passed a law this month that requires debt buyers who file a lawsuit to provide documentation proving that they own the debt. In Indiana, there is the Indiana Deceptive Consumer Sales Act prohibits debt collectors from intentionally overstating the amount of the debt they are trying to recover.
National consumer credit laws such as the Fair Debt Collection Practices Act already prohibit collection agencies from harassing, deceptive or unfair practices such as telling neighbors or relatives about what is owed, or calling before 8 a.m. or late at night.
Since the recession started, at least a half-dozen states have adopted additional limits, like imposing statutes of limitations on collections and adding opportunities to punish abusive practices in court. Other states may soon follow suit.
Read the full story here: States adding limits, forcing agencies to prove debt exists.
Tags: debt, debt collection, debt collection agency, Fair Debt Collection Practices Act, FDCPA, state law
Posted in Credit Card Debt, Fair Debt Collection | No Comments »
October 20th, 2009
It’s the “American Way”, turning opportunity into profit. It is certainly the way of the debt collector in these hard economic times with 15.1 million of the working class unemployed, 1/3 of which have been for six months or more. With people facing foreclosures, credit card delinquencies and utility shutoffs, the last thing they need is debt collectors harassing them day and night.
US News and World Report puts the average household consumer debt at $22,231, not including other debt such as student loans, which adds another $10,208, according to a May 2009 report. This debt has provided fodder for the explosive growth of debt collection agencies, which have grown in number between 4 to 6 times over the past few years to relentlessly pursue those on the lower end of the economic scale.
Read the full story here: The American Way of Debt: Turning a Profit by Preying on the Poor
Tags: Credit Card Debt, debt, debt collection agencies, harassment, poor, profit
Posted in Credit Card Debt, Stop Debt Collectors | No Comments »
October 15th, 2009
New York Financier J. Michael Cline had built a complex, billion dollar empire in the debt collection business, handling both sides of arbitration disputes for debt collectors through Minneapolis based NAF (National Arbitration Forum) and Axiant, LLC, a firm he acquired that handles debt collection.
In a July complaint, the Minnesota attorney general’s office alleged NAF deceived consumers and engaged in false advertising. Consumers didn’t realize NAF was financially affiliated with “one of the country’s major debt collection enterprises,” the complaint alleged. Accretive created Axiant in tandem with employees of Mann Bracken, a debt collector that represented credit-card companies in NAF arbitrations, the complaint alleged. At the same time, Accretive funds and NAF Inc. jointly own the back-office entity for NAF, called Forthright.
For more than a decade, most credit-card companies have required customers to use arbitration, rather than the courts, to resolve disputes over unpaid bills. Minneapolis-based NAF has mediated the vast majority of these claims. But both NAF and another arbitrator have stopped hearing arbitrations of consumer-debt cases, and major banks are dropping arbitration requirements.
Read the full story here.
Tags: arbitration, debt collection, debt collector, J. Michael Cline, NAF, National Arbitration Forum
Posted in Credit Card Debt, Fair Debt Collection, Stop Debt Collectors | No Comments »
October 14th, 2009
A New York judge has determined that a law firm violated the Federal Debt Collections Practices Act (FDCPA) after it mass produced collection letters and litigation documents from it’s computer system without a thorough review of the alleged debt.
The law firm sued Arthur Miller over an alleged debt that they purchased from a previous Lord & Taylor’s account after he failed to respond to a collection letter, but there was never a meaningful review of the alleged debt.
The decision “digs a grave for attorneys” who send letters and then file suit on behalf of debt buyers with “no information, no documents, and no meaningful attorney review,” said Brian L. Bromberg of the Bromberg Law Office, who has represented Miller for the past eight years.
Read the full story here.
Tags: attorney, debt collection, FDCPA, lawyer, New York
Posted in Debt Collection Lawyers, Fair Debt Collection Practices Act | No Comments »
October 12th, 2009
Credit card companies are taking action ahead of the new Credit Card Consumer Protection Bill that will take effect in February of 2010. The bill was passed in May of this year and limits the ability of a credit card company to raise interest rates and late fees. The new law forces credit card companies to simplify their terms so that consumers don’t get hit with the unexpected rate or fee increases.
The banking industry lobbied against the bill, saying it could limit credit at a time when the economy is already struggling with a credit crunch. However, credit card companies make most of their profits off of consumers who go too far into debt or fall behind on their payments. In response, some credit card companies like Bank of America, Chase, Citigroup and American Express began going after consumers with a solid credit history.
Banks are expected to look at reviving annual fees, curtailing cash-back and other rewards programs and charging interest immediately on a purchase instead of allowing a grace period of weeks, according to bank officials and trade groups.
Read the story on CNN about the bill and a couple who had Chase bank raise their interest rates despite having good credit, here.
Tags: American Express, bank of america, Citigroup, company, consumer protection bill, credit card
Posted in Stop Debt Collectors | No Comments »
October 2nd, 2009
1. Stop the Collection Calls: Instruct the debt collector to stop calling you at home or at work. Write them a letter if you can with those instructions and save a copy. If the calls continue, they have violated the Fair Debt Collection Practices Act by harassment. Stopping the calls requires the collector to resort to letters that state the nature of the debt and what is sought. You can take the time to research all the facts to determine if you in fact owe the money or not, and whether you need to consult with others before responding. You are not put on the spot by unexpected calls from rude debt collectors who may make you upset, aggravated or otherwise uncomfortable in your own home or at work.
2. Know the Statute of Limitations: Each state has a term of years, referred to as a statute of limitations, within which the debt collector must file suit or lose the right to do so. Once expired, you may be sued but you not forced to pay if you raise the statute of limitations as a defense. Debt collectors routinely sue on old debt in hopes that the consumer will not know how to respond, however a law suit that seeks payment for a stale debt violates the Fair Debt Collection Practices Act.
3. Keep Records of All Contacts With All Debt Collectors: Save “throw away” letters seeking payment or communications from a debt collector. Keep a log of calls, date, time, originating phone number and caller. If you have an agreement or sent a letter, retain copies. Keep these in a safe place. Often what is resolved or dealt with on one day, can reappear later without any acknowledgment by the collector of the prior events. And debts are routinely rotated between several debt collection agencies, usually without any communication between them regarding your account. Perhaps most importantly, debt collectors benefit by the absence of keeping records, calling and writing over and over again if it will lead to more money being paid. Track your accounts, know your history with debt collectors and don’t trust your memory alone.
Debt Collectors May Not:
- communicate before 8:00 a.m. and after 9:00 p.m. local time
- communicate with consumers at their place of employment after having been advised that the employer does not permit such calls
- misrepresent its identity as a debt collector
- publish the consumer’s name or address
- engage in communication with third parties except to obtain the current address or phone number of a debtor
- threaten to or actually report false credit report information
About CreditLaw.com:
What is CreditLaw.com? We are lawyers who stop abuse by debt collectors in their tracks. A service of Kimmel & Silverman, PC, helping over 50,000 consumers since 1991.
Tags: abuse, debt collection abuse, Debt Collection Lawyers, debt collector, FDCPA, stop debt harassment
Posted in Debt Collection Lawyers, Fair Debt Collection Practices Act, Stop Debt Collectors | No Comments »
October 1st, 2009
A post from the Lemon Law Blog concerning car companies making collection calls on delinquent car loans:
Are Car Companies Calling You To Collect Cash?
…collection calls are on the rise. At 1-800 LEMON LAW, we are receiving a number of calls from consumers who are fed up with collection calls…
Make sure you learn what you can do to protect yourself and don’t be shy, contact us if you need help to stop debt collector harassment.
Tags: car companies, collection, debt collection calls, loan payments
Posted in Stop Debt Collectors | No Comments »
September 23rd, 2009
In New York, Financial Fraud against seniors is a serious problem and Senator Kirsten Gillibrand plans to crack down on scams and loopholes that have cost NY Seniors over $180 million. Her plan will consist of the following:
1. Increase Penalties for People who Commit Fraud Against Seniors
2. Crack Down on “Senior Advisor” Scams
3. Protect Social Security and Veterans Benefits from Debt Collectors
4. Stop Abusive Mail, Telemarketing and Internet Fraud Against Seniors
5. Workshops on Financial Literacy to Empower and Protect More Seniors
Read the full story with details here: Protecting Seniors Against Financial Fraud.
Tags: financial fraud, fraud, New York, scam, Senator Kirsten Gillibrand, senior citizens
Posted in Stop Debt Collectors | No Comments »
