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Debt Collection

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 »

                  How to Dispute and Ask a Debt Collector to Validate a Debt

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                  If you have been contacted by a debt collector that is not the original creditor or representing the original creditor, I think it would be smart to ask the debt collector to validate the debt and prove you actually owe it if there is any doubt on your part you owe the debt. Many debts were sold to debt buyers ... Read More »

                    FTC Shuts Debt Collection Company That Threatened Consumers

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                    At the request of the Federal Trade Commission, a U.S. district court shut down a Houston-based debt collection operation that allegedly illegally used insults, lies, and false threats to collect on payday loans – including telling a Virginia woman that she would be arrested and jailed for three years, and would lose her disability payments if she did not pay ... Read More »

                      An Examination of New CFPB Debt Collection Rules

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                      The Consumer Financial Protection Bureau (CFPB) has released new rules that will give it the authority to supervise the activities and actions of the nations largest debt collection agencies. While supervision does not extend to all debt collection groups, the lessons learned will. The CFPB stated that the purpose of this action and regulations of the debt collection industry was ... Read More »

                        Medicredit Debt Collector Allegedly Threatens Mother and Uses Social Media as Weapon

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                        Update 11-5-2012 We received the following correspondence from Michael A. DiMarco from MediCredit. In your October 23, 2012 blog entitled “Medicredit Debt Collector Allegedly Threatens Mother and Uses Social Media as Weapon,” you acknowledge that there might be some confusion in the identification of the exact underlying companies in the lawsuit filed. The facts are: 1. The complaint should have ... Read More »

                          Old Dog – FDCPA Lesson Learned

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                          I’ve been living with dealing with debt since 1990 and began professionally helping people with debt problems in 1994. There are just fewer issues that come along these days that surprise me and teach this old dog something new. But once in a while one does. This one has to do with a incorrect assumption that myself and many others ... Read More »

                            Debtors to be Posted on Facebook to Shame Them Into Paying

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                            I’m sorry, this proposal by the city of Farmington, Mississippi seems so wrong. According to the local newspaper, the city is exploring the public shaming of debtors through presumably the city Facebook page, which by the way, blows. – Source The town apparently believes that even if the person named does not see the Facebook mention, others will see it ... Read More »

                              Can All Debt Relief Sales Pitches Be Believed. What About This One?

                              A reader sent me an email they had received from a site Credit Card Debt Relief 4u. The email says: “After your debt defaults (about 6 months from the first missed payment) with the original creditor, it is passed onto a debt collection agency for collection. If you send that agency the right letter, your debt will likely get passed ... Read More »

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