Regulating Debt Buyers
Debts are bought and sold on a daily basis, leaving the buyer with relatively no clue if the debt they buy is valid or not. A debt can be bought and sold four to five times, often with little to no documentation besides the contact information of the addressee. Rules say that debt buyers can [...]
Read Full Post | Make a Comment ( None so far )Sunshine Financial Group Fined $20,000 For Improper Collectons
Sunshine Financial Group, a Maryland based collection firm, was fined $20,000 for collection debts without the proper license. The company was also ordered to repay $665,000 in attorney fees and compound interest to those who were taken to court for collection proceedings. The firm tried to file for a collections license in July, but was [...]
Read Full Post | Make a Comment ( None so far )New Agency Joins FTC to Aid Consumer Protection
As of July 21, 2011, a new agency will be joining the Federal Trade Commission to help investigate the growing number or complaints regarding debt collectors violating the Fair Debt Collection Practices Act. (FDCPA) This new consumer protection, federal watchdog agency will be named the Consumer Financial Protection Bureau, and was created by a law enacted last [...]
Read Full Post | Make a Comment ( None so far )Outsmarting Debt Collectors, Part 2
Knowing your rights could have debt collectors owing you money instead of the reverse.
Read Full Post | Make a Comment ( 4 so far )Ways to Outsmart Debt Collectors
Getting a debt collection notice is scary for anyone. The only thing more scary is getting a debt collection notice signed by an attorney. A notice that’s signed means you are facing legal action. Debt collection attorneys process dozens of notices each day and if you can prove that they didn’t review your file carefully [...]
Read Full Post | Make a Comment ( None so far )Beware of Phony Debt Collectors
This week the Better Business Bureau (BBB) released an emergency alert warning consumers of a scam involving phony debt collectors. These phony debt collectors have obtained confidential information about their victims and are using it to collect money. According to reports received by the BBB, the debt collectors accuse their victims of defaulting on a [...]
Read Full Post | Make a Comment ( None so far )Frequently Asked Questions about Collectors’ Calls
The federal Fair Debt Collection Practices Act (FDCPA) protects consumers against abusive collection techniques or harassing tactics. Read the full FDCPA here.
Read Full Post | Make a Comment ( None so far )Money Rules to Live By
More Americans are living in debt than ever before and with the weakened economy it is more important than ever to reach and maintain financial stability. Here are a few helpful money rules to live by.
Read Full Post | Make a Comment ( None so far )Debt Collectors Try To Put On A Friendlier Face
CHICAGO — Just in time for a recession, the debt collection industry is working to shed its reputation for remorselessly hounding people. Oh, the collectors still want the money. But now they would like to be seen as helpful and sympathetic, even a force for good. They have started calling the indebted “our customers.” They [...]
Read Full Post | Make a Comment ( None so far )When To Call In The Financial Cavalry
CNN.com article on one consumer’s strategy for dealing with debt issues that appeared to be overwhelming. Krista Wallis, her husband, Joe, and her 19-year-old son from a previous marriage were living a pretty good life in Oklahoma City, Oklahoma. “We had a nice brick house, a three-car garage, we bought a pool. We had the [...]
Read Full Post | Make a Comment ( None so far )
