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Archive for March, 2012

Bank of America Sold Card Debts to Collectors Despite Faulty Records

In a series of 2009 and 2010 transactions, Bank of America sold credit card receivables to an outfit called CACH LLC, based in Denver. Co. Each month CACH bought debts with a face value of as much as $65 million for 1.8 cents on the dollar. At least a portion of the debts were legacy…

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Bank of America to Offer Rentals as Foreclosure Alternative

By K&S on March 23rd, 2012 | 1 Comment

Posted in: Debt Collectors
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Bank of America says it has begun a pilot program offering some of its mortgage customers who are facing foreclosure a chance to stay in their homes by becoming renters instead of owners. The “Mortgage to Lease” program, which was launched this week, will be available to fewer than 1,000 BofA customers selected by the…

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Debt Collectors Using Facebook and Social Media to Contact You

When the Fair Debt Collection Practices Act was enacted in 1978, social media sites like Facebook and Twitter did not exist. No one could have anticipated how much of an impact social media would have on our lives but the debt collection industry is taking full advantage of our lives on public display. MSN recently…

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College Loans the Next “Debt Bomb”

By K&S on March 21st, 2012 | No Comments

Posted in: Debt Collectors
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According to a report last month from the Federal Reserve Bank of New York, student debt is now at $870 billion, topping the total owed by Americans on credit cards ($693 billion) and even cars ($730 billion). Right now, 27 percent of borrowers are in default. The nation’s bankruptcy attorneys have warned that unpaid student…

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Know Your Rights with Debt Collectors (Eyewitness News)

Consumer attorney Craig Thor Kimmel spoke with Eyewitness News via Skype about consumers’ rights under the Fair Debt Collection Practices Act:   PA Home Page posted the video on their website here: Know Your Rights with Debt Collectors – video has been taken down, link removed.

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