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Archive for the ‘Credit Card Debt’ Category

Kansas City Woman Awarded $83 Million In Debt Collection Case

One of the largest debt buyers in the United States has been ordered to pay nearly $83 million in punitive damages to a Kansas City woman whom it had sued over a $1,000 credit card debt. Portfolio Recovery Associates LLC says it mistakenly pursued Maria Guadalupe Meija (51) in an attempt to collect a debt…

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Study Suggests Quantum Physics Can Eliminate Credit Card Fraud

Quantum physics may make future credit cards “impossible to hack,” say the authors of a recent study. As we all know, credit cards in their current state are prone to exploitation. This can cause major headaches for consumers hoping to keep their identities and credit lines out of the hands of cyber crooks. The credit…

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Iowa Man’s Overdue Debt Tripled by Debt Collector

Vietnam War veteran Dana Franks of Iowa is under pressure from an Omaha, Nebraska-based debt collection firm to pay over $15,000 for a $5,000 credit card debt from 2006. The debt stems from a Capital One credit card Franks used after the passing of his wife eight years ago. While Franks would like to settle…

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New York State Establishes New Rules for Debt Collectors

New York State just took a major step in protecting consumer rights in credit card collection cases. The state recently updated its requirements for debt collectors when filing credit card collection cases against debtors, aiming to put a stop to default judgments and unfair claims. A default judgment is legally binding, decided when the debtor…

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Class Action Suit Filed Against Victoria’s Secret Debt Collector For Violations of the Fair Debt Collection Practices Act

Lawsuit alleges Allied Interstate charged hidden fees after settlement offers have been accepted Third party debt collector Allied Interstate of Columbus, Ohio, allegedly failed to inform credit-card holders who defaulted on payments and then accepted settlement offers, that interest on the debt would continue to accrue, according to the suit, Luna v. Allied Interstate filed…

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Problems Riddle Moves to Collect Credit Card Debt

The same problems that plagued the foreclosure process — and prompted a multibillion-dollar settlement with big banks — are now emerging in the debt collection practices of credit card companies. As they work through a glut of bad loans, companies like American Express, Citigroup and Discover Financial are going to court to recoup their money….

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Capital One to Pay the Price for Deceptive Credit Add-On Marketing Tactics

By K&S on July 30th, 2012 | No Comments

Posted in: Credit Card Debt, Debt Scams
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Capital One Financial Corp. exaggerator has been mandated to pay a sum of $210 million for conducting deceptive marketing of credit card add-ons like credit monitoring and payment protection, reports Bloomberg. Neither a denial nor an admittance of guilt was released by the firm. The Dodd-Frank Act-created Consumer Financial Protection Bureau (CFPB) and the Office…

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Global Payments Credit Card Data Compromised

By K&S on May 14th, 2012 | No Comments

Posted in: Credit Card Debt
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Although this blog is usually dedicated to educating consumers about credit and collection scams and educating them on how to stop collection calls, today there is a different, but no less important, type of credit news that needs to be brought to the attention of readers. Credit and debit card data from the major card…

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Chase to Employee: ‘Go Along with the Plan to Sell the Misrepresented Asset’

The American Banker’s Jeff Horwitz recently put together a fantastic story exposing widespread internal irregularities at Chase regarding its credit card practices. The story is pulled from information gathered from a number of current and former Chase employees. It all began back in 2009 when Chase’s credit card team sold off credit card judgments valued…

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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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