When debt collectors called you, they never expected you to call us!

Archive for the ‘Debt Collectors’ Category

CFPB Reports 88,300 Debt Collection Complaints in 2014

The Consumer Financial Protection Bureau (CFPB) has released its 2015 Annual Report, providing an in-depth look at the thousands of consumer complaints received by the Bureau in 2014. A staggering 88,300 complaints, 35% of those made to the CFPB, related to debt collectors and, if taken as factually accurate, each and every one violates Fair…

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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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CFPB Takes Action, Fines Military Allotment Processor Millions

The CFPB (Consumer Financial Protection Bureau) has taken legal action against a military allotment processor who failed to clearly disclose a number of recurring fees to service members. The outcome? Roughly $3.1 million in relief that is to be paid out to affected service members. Fort Knox National Company, along with its subsidiary, Military Assistance Company (MAC),…

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US Dept of Education Ends Contracts with 5 Private Collection Agencies

In a recent press release, the United States Department of Education (DoED) announced that it is ending contracts with five private debt collectors. This news comes to us in the wake an internal review conducted by the DoED’s Federal Student Aid (FSA) office. The FSA evaluated more than 20 private collection agencies in order to…

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CFPB Called Upon to Toughen Payday Loan Standards

By K&S on January 29th, 2015 | No Comments

Posted in: Debt Collection Methods, Debt Collectors
Tags: , ,

In a recent opinion piece for the New York Times, Executive Vice President and Director of Federal Policy at the Center for Responsible Lending, Gary Kalman, calls upon the Consumer Financial Protection Bureau (CFPB) to crack down on standards for payday loans – standards that currently cause more problems for low-income consumers than they resolve….

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Phantom Debt Collectors Haunt Latinos, Are Busted by FTC

Harassing debt collectors seeking payment for “phantom debt” are becoming more common, says the FTC. Thousands of Spanish-speaking consumers were targeted by debt collectors Centro Natural Corp. and Sumore LLC, who tricked them into paying over $2 million in phantom debts. A “phantom debt” is any claim for payment which is too old to collect,…

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ABC News Reports Fake Debt Collectors Threaten Victims with Jail Time

Earlier today, ABC News reported that phony debt collectors are calling thousands of innocent people across the country, illegally threatening them with jail time and other legal action. If you follow the Credit Law Blog, you’re probably already aware that this is a direct violation of the FDCPA (Fair Debt Collection Practices Act). The FDCPA…

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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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Fake Debt Collector Scams Thousands, Pleads Guilty

Dealing with an endless barrage of debt collection calls is one thing, but when a debt collector demands that you pay a debt, threatening legal action even though you don’t recall owing any debt to begin with? That’s something else entirely. Unfortunately, this was the reality for nearly 600,000 Americans when Kirit Patel’s company, Broadway…

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Obama Admin Seeks to Expand MLA, Reduce Predatory Lending

The Obama Administration and the U.S. Department of Defense (DoD) are aiming to curtail predatory lending practices by expanding the protections offered to active service members and their families. These actions are intended to broaden the Military Lending Act (MLA), crushing loopholes in current statutes by allowing it to cover all forms of payday, refund…

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