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.
Archive for October, 2009
With people facing foreclosures, credit card delinquencies and utility shutoffs, the last thing they need is debt collectors harassing them day and night.
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.
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…
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.
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.
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…