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Tag Archives: debt collection

CFPB Pulls Back Curtain on Debt Collection and New Rules

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The Consumer Financial Protection Bureau (CFPB) has put out a new document with an extensive amount of information that paints the debt collection industry in a new light. One fact I found exceedingly interesting is the percentages of debts the debt collection industry handles, “medical and other health-related debts (36%), credit card debts (20%), telecom debts (13%), and student loan ... Read More »

Debt Collection Form Letters to Stop Debt Collectors in 5 Different Situations

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The Consumer Financial Protection Bureau has published five letters consumers can use in certain circumstances to deal with abusive debt collection practices. It is important for consumers to be aware that while these form letters may be helpful, the letters are best used in the right situation and to accomplish a specific task. For example, asking a collector or creditor ... Read More »

FTC Versus NCO Debt Collector. FTC Wins $3.2 Million Penalty.

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The world’s largest debt collection operation, Expert Global Solutions and its subsidiaries, has agreed to stop harassing consumers with allegedly illegal debt collection calls and to pay a $3.2 million civil penalty – the largest ever obtained by the Federal Trade Commission against a third-party debt collector. In its complaint, [which you can read here] the FTC charged that the ... Read More »

New Bank Guidance Can Be a Debt Collection Game Changer

The Office of the Comptroller of Currency has issued guidance to banks it supervises that will be used to supervise the bad debt and debt collection practices of banks. The new guidance is not a rule yet but it is the OCC document on what is “best practices.” The focus of the rule is bad debt that is sold and ... Read More »

Having Problems With a Debt Collector. Affordable Legal Help Available Here.

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One of the common requests I hear from readers is for legal help with issues surrounding their debt problems when they feel they’ve been hurt or abused by a debt collector. In the past I’ve always referred people to the National Association of Consumer Advocates and the GetOutOfDebt.org legal friends and protectors to find an attorney that is licensed in ... Read More »

Can the Original Creditor and Debt Collector Report the Same Account Twice on My Credit Report? – John

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“Dear Steve, Can the original debt grantor continue to report your debt to credit bureau’s after they have turned the debt over to a collection law firm. They show one balance the debt grantor and the collection company shows a larger balance. John” Don’t miss our free Get Out of Debt – “How To” Guide Series on a number of ... Read More »

How to Deal With Debt Collectors or Debt Buyers

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This guide will give you some fabulous resources for dealing with debt collectors, debt collection, and debt buyers. There are two ways to approach being in collections. Most approach it with fear and stress. A few learn how to deal with it in the right way, with education and a positive attitude. A positive attitude? Yes. You see the debt ... Read More »

I’m Getting Ready to be a Nurse in Wyoming But Got a Big Collection Notice I Can’t Pay. – Kristie

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“Dear Steve, Hi my name is kristie I got a collections paper in the mail todayfor $3800. I’m a new mother and just finished my can schooling and took my state boards and now am waiting to be added to the wyoming state boards of nursing registry so I ca find a job at a hospital. I work a minimum ... Read More »

Most Lawsuits for Credit Card Debt Are Flawed and Defective. Fight Back And You Could Win.

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Thanks to Jessica Silver-Greenberg from the New York Times we get a great look inside the credit card lawsuits that are rolling out today, and they reek. Judges interviewed for the piece say that if consumers actually appeared in court, they might actually win many of these suits because the debt buyers suing can’t actually prove the debt is valid. ... Read More »

How to Best Deal With Aggressive Debt Collectors

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In today’s world, the term “aggressive” has positive connotations. When hiring an attorney, for example, no one would want a passive advocate for their claims. People want an aggressive lawyer. Similarly, in business, companies want aggressive salespeople; and sport teams want aggressive players. No wonder, I often have clients that try to excuse away egregious debt collector behavior on the ... Read More »

Negotiating a Debt Settlement With a Debt Collector

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Are you in collection and want to negotiate with the debt collector to settle your debt for less than you owe? This video will show you how to do it with great advice from my friends, Gerri Detweiler and Michael Bovee. We talk about the best time to settle a debt with a debt collector and how much to expect ... Read More »

Tennessee Protects Citizens From Debt Collectors. Arizona Serves Them Up.

A recent court case in Tennessee went all the way to the State Appeals Court. In this case the court ruled that debt collectors and secondary debt buyers need actual proof of the debt owed before they can recover it. The case involved LVNV Funding, Resurgent Capital and Sherman Financial Group. “In December 2009, Plaintiff/Appellee LVNV Funding, LLC, (“LVNV”) as ... Read More »

DEBT COLLECTOR BLUNDERS? GET A RECORDING!

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This post was submitted by Adam S. Alexander, Attorney At Law, 17200 W. Ten Mile Rd., Ste. 200, Southfield, MI 48075. You can reach him directly at www.myfaircreditsite.com or (248) 246-6353. Before you implement the suggestions in this article, check to make sure it is legal to record calls in your state. Millions of Americans are constantly being called by ... Read More »

Hooray, You Are in Collections! The Debt Collector is Calling. The Debt Collector is Calling.

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Fear is the worst enemy of the debtor. Fear allows us to accept false solutions and incorrect thoughts into our consciousness when we are dealing with debt. Fear is not reality. Overwhelmingly the pattern that emerges in people facing financial troubles is they eventually become afraid and paralyzed by their situation. They either leap at any solution or do nothing. ... Read More »

Free FDCPA and Debt Collection Violation Help Now Available from GetOutOfDebt.org

I’m happy to announce that attorney Jermey Golden has recently joined the team of growing experts here at GetOutOfDebt.org. Jeremy is an expert in Fair Debt Collection Practices Act issues, debt collector abuse and debt collection violations. Jeremy Golden, Esq. is one of the resident debt experts here at GetOutOfDebt.org that helps people for free. Jeremy is a consumer rights ... Read More »

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