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Debt Collection

Zombie Debt 1099 Style. And You Thought Your Old Debt Was Dead. LOL.

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THE KING OF ZOMBIE DEBT: THE 1099-C. WHAT TO DO WHEN COLLECTION CONTINUES AFTER RECEIVING A 1099-C By Gregory M. Fitzgerals, Esq. Most folks who get a 1099-C accept that it is a good news/bad news thing. The bad news is you must include the 1099-C as income on your taxes. The good news is you no longer owe the ... 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 Validation Finally Defined. What You Should Ask a Collector or Creditor for to Validate a Debt.


      So much stuff has been written advising people to get their debts validated. I’ve asked professionals and lawyers all over for a definition of what this actually means and until now, nobody really knew. Was validation of a debt achieved if the lender simply acknowledged an account was present or did it require documentation of all transactions in the account? ... Read More »

        Don’t Be Surprised to Be Asked to Pay Up Before Getting Care in Emergency Room

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        Accretive Health, one of the largest collectors of delinquent medical debts has become a target of criticism and regulator attention recently. It is alleged that debt collectors, appearing to be hospital employees, have been confronting sick and injured patients, and demanding payment before treatment. The practice of embedding debt collectors in some hospitals came to lift in hundreds of company ... Read More »

          Reducing Debt with a Second Job

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          Reducing debt can be a difficult task, especially if you are already involved with collections. Sure the FDCPA will protect you from harassment, but who really wants to deal with that? One method to getting out of debt is to make more money…fast. Getting a second job is an effective way of doing that. While getting a second job may ... Read More »

            County Filing Services and Others Sued by West Virginia Over Collection Activity

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            Country Filing Services is back on my radar again. The State of West Virginia recently filed suit against them and a number of other parties over alleged unlicensed debt collection activities. County Filing Services first came to my attention by a reader that was scared by them. That investigation resulted in this huge article, “Fake Process Servers Work Hard to ... Read More »

              Debt Collectors Banned for Life

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              Two men who worked for an allegedly abusive and deceptive debt collection operation will be banned from the business as part of settlements reached with the Federal Trade Commission. The settlement orders against the two employees of the debt collection firm doing business as Rumson, Bolling & Associates are part of the FTC’s efforts against illegal debt collection practices. The ... Read More »

                Debt Collectors Suffering Reduced Income as Well as Debt Relief Industry

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                A reader sent me a link to a story in Forbes that shed some light on the declining profit earned by debt collectors in this time where some assume they are cleaning up with so much past due consumer debt floating about. It’s not true. Profit margins have been slipping in the debt collection industry and layoffs and staff reductions ... Read More »

                  Fake Debt Collectors from India, Stopped

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                  In December of 2009 I wrote Frightening Calls From Fake Debt Collectors Threaten People With Jail for Payday Loans. It’s a Scam. Since that time people have been receiving an increasing number of brazen calls from fake and phony debt collectors threatening jail or arrest. The names and telephone numbers these fake debt collectors literally scared the money out of ... Read More »

                    Debt Collectors and Credit Bureaus to Report to the Consumer Financial Protection Bureau

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                    The CFPB has just announced they will be rolling out new proposed rules that will regulate consumer debt collection and consumer reporting markets. Proposed rules would mark the first time these important markets would be subject to federal supervision. “Our proposed rule would mean that those debt collectors and credit reporting agencies that qualify as larger participants are subject to ... Read More »

                      There are Good Debt Collectors and Then There Are Debt Collectors That Lie, Cheat, Steal, and Threaten

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                      A reader brought the following article to my attention, America’s Abusive Debt Collectors on the It is an interesting look into some of the bad collection outfits by Gary Rivlin. Gary includes first-person accounts of some of the actions they were asked or required to do to keep their jobs as collectors. These bad acts included everything you wished ... Read More »

                        NCO Financial Systems Settles Multi-State Issues Regarding Consumer Debt Collection

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                        On the heels of the recent settlement with the FTC and DOJ by Asset Acceptance, NCO Financial Systems has announced a settlement with a number of states over “irregularities” or problems. The states included in the settlement are: Alaska, Arkansas, Idaho, Illinois, Iowa, Kentucky, Louisiana, Michigan, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Ohio, Oregon, Rhode Island, South Carolina, ... Read More »

                          Robo-Signing Fraud Hits Credit Card Companies. Makes Lawsuits Problematic.


                          Photo Credit: Sebastianlund In the last year there has been quite a lot of news about the mortgage industry using a technique called robo-signing. This is where a person is supposed to review documents to proceed against a homeowner and foreclose on their home but in fact never examines the information to see if it is accurate. Rather than check ... Read More »

                            FTC and DOJ Announce Asset Acceptance Settlement Which They Want to Be Framework for Debt Collection Industry

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                            David Vladeck director of the FTC’s Bureau of Consumer Protection and DOJ Assistant Attorney Tony West today conducted a conference call I attended to provide additional information regarding an announced settlement with collection company Asset Acceptance. In the settlement Asset Acceptance agreed to pay the second largest fine ever against a collection company for alleged violations. Asset Acceptance is one ... Read More »

                              Chase Stops Suing Consumers Over Debt

                              In a move that will most certainly not be permanent, JPMorgan Chase is reported to have stopped suing consumers over debts. The American Banker is reporting that almost overnight, suits to collect debts by Chase have nearly stopped. A rumor exists that the Office of the Comptroller of the Currency is looking into issues surrounding Chase consumer debts. Those actions, ... Read More »

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