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Posts Tagged ‘Credit Card Debt’

Chase To Pay $389 Million Over Illegal Charges For Credit-Monitoring Services

JPMorgan Chase has agreed to pay out nearly a billion dollars to close investigations related to the 2012 “London Whale” trading fiasco, and now is told it must pay out $309 million in refunds and $80 million in penalties over illegal credit card charges for ID and fraud-protection services customers never ordered. In order to…

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Debt Collection Fears Making Americans Sick

Study Shows Many Choosing to Pay Off Debts While Sacrificing Needed Health Care to Save Money A recent study conducted by sociologists at the University of Michigan found that people who are ill and do not seek treatment because of the cost are more likely to have credit card debt than any other form of…

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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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Collection Agency Faced Sanctions After Wrongly Identifying a Debtor

The collection agency of Pressler & Pressler has a track record of wrongfully identifying consumers and strings of violations of the Fair Debt Collection Practices Act. In a recent case, Mr. Mark Hoyte was wrongfully identified by Pressler & Pressler as a debtor who owed $919 on a Sears-Citi credit card. Pressler & Pressler hired…

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Old Debts That Won’t Die

…more than a decade later, Mr. McCollough, who is 52 and lives in Laurel, Mont., is still haunted by the unpaid balance, which was originally about $3,000.


JPMorgan Pulls Arbitration Clause From Card Contracts

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.


Debt Collectors Turn a Profit by Going After the Poor

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


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