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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 »

    What the California Debt Collector Doesn’t Want You to Know

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    When consumers are first approached by debt collectors, the consumers have limited options: avoid the letters and calls; try to negotiate a settlement or payment plan; or go on the offensive and attack the collections agencies. Each has its strengths and weaknesses depending on the type of debt, who the creditor is, who the collections agency is and the financial ... Read More »

      CFPB and FTC Want Debt Collectors to Tell You When They Can’t Sue

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      On August 14, 2013, the CFPB, jointly with the FTC, filed an amicus brief in Delgado v. Capital Management Services, LP, et al., a case on appeal to the Seventh Circuit. The brief urges the Seventh Circuit to affirm the district court’s refusal to dismiss a class action complaint alleging that a debt collector’s letter offering a settlement of the ... Read More »

        Vanguard Consumer Solutions New Effort by Jeffrey Hyslip & Macey

        Travelers Reflection

        A tipster (send in your tips here) let me know about a website for Vanguard Consumer Solutions called FDCPA Help at fdcpahelp.com (ownership hidden). For those not familiar with Hyslip he was part of the Legal Helpers Debt Resolution debt settlement company that was the focus of a number of complaints. Apparently Hyslip is now trying to help consumers beat ... Read More »

          More Bullshit Debt Collectors Busted By Gov

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          Man I get so sick of asshole debt collectors who give professional debt collectors a bad name. Here we go again with another crop of Southern California fakers scaring consumers to extract money. But you want to know the truth about why scammers operate like these jerks, because it scares money out of people. It works. I just wish there ... Read More »

            Debt Defense America Brings Us More Debt Dispute Foolishness

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            Recently Michael Bovee and I collaborated on an article about the debt validation/debt dispute services being sold by Debt Defense Services. You can read that article, here. Right on the heels of that article I received a document from a tipster (send in your tips here) about a similar sounding company, Debt Defense America. It seems these debt dispute services ... 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 »

                  A Look at American Credit Shield and What They Are Offering

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                  A debt relief industry insider and tipster (send in your tips here) forwarded me a copy of an agreement they received from a consumer from a new company called American Credit Shield. The tipster (send in your tips here) said the consumer was being charged a fee of several thousand dollars to participate, a monthly fee and another fee that ... 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 »

                        New York: Great Pizza, Bagels… & Debt Collection Laws?

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                        New York: Great Pizza, Bagels… & Debt Collection Laws? (via Credit.com) Personal financial challenges can be daunting. Struggling to pay bills is tasking enough, but when you throw in having to deal with aggressive debt collector calls, letters, even legal actions, it can become overwhelming, and often confusing. Federal and state laws regarding how debts can legitimately… Read More »

                          Get Out of Debt Guy Gets a Collection Notice

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                          It is so ironic to be the Get Out of Debt Guy and get a collection notice yourself. But that’s what happened to me recently. I guess the good news is since I help people with debt every day I was prepared to deal with it. The collection claim was that I owed $51 to the State of Delaware for ... Read More »

                            If You Get This Debt Collection Email. It’s Dubious at Best.

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                            One of my Facebook followers sent me this email they got for a debt collection company trying to scare them into paying a debt they most likely don’t owe. This effort ranks right up there with all the other bogus debt collection efforts that try to scare someone into paying a debt the company may not be authorized to collect. ... Read More »

                              Debt Collector and Debt Collection Law Firm to Pay Big for Violations

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                              After allegedly misleading consumers into paying unnecessary fees and falsely threatening consumers with lawsuits, defendants in a debt collection operation have agreed to settle Federal Trade Commission charges. The FTC alleged in its complaint that the defendants – a debt buyer and a debt collection law firm, both based in Mississippi – violated the FTC Act and the Fair Debt ... Read More »

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