The Federal Reserve has recently proposed new rules in credit card lending to only consider one’s personal income and not the household’s income. Essentially, this sounds smart. They are trying to prohibit those without a steady income from taking on credit, especially those unable to repay their debt. However, Margaret Ryznar points out an outstanding …
The Sun Sentinel out of Florida is reporting that cases where a creditor has sued a consumer over a debt owed are increasing. Small claims courts in Broward and Palm Beach counties are reporting a spike in the number of cases against debtors, who typically owe between $2,000 to $4,000. Some judges say they are …
The 1977 federal law to protect consumers from abusive debt collectors, better known as the Fair Debt Collection Practices Act (FDCPA) has molded a profitable business opportunity for some lawyers. Some lawyers are using the law as a tool for lawsuits which results in some cases avoiding litigation in favor for quick settlements. Colorado has …
I would like to preface this next news story with my exact facial expression. I encourage you join me. Please, if you would, raise your eyebrows, drop your jaw about an inch and let the fire rage in your eyes when you read about this latest fraud find. Stephanie Lowinger, owner of Neiman, Rona & …
More than $659,000 was embezzled by Constance Bexley Iwanski, a Texas energy company bookkeeper. Iwanski will face up to 27 months in federal prison and be required to pay the company their money back. Iwanski had been with the company for 31 years and had been solely in charge of the books for 17 years. …
Chase Bank has recently become the subject of a whistleblower complaint to the SEC by Linda Altamonte, a described mid-level employee of the Chase Bank Credit Card Litigation Department. Documentation on this case states: Chase Bank sold to third party debt buyers hundreds of millions of dollars worth of credit card accounts that were marked …
In 2009 a local Indiana county court was doing some very bizarre things when it came to debtors. Apparently the local court was threatening debtors with contempt if they did not make payment arrangements to pay judgments against them, even if they were exempt from paying. It is reported that the Indiana judge had this …
A tipster (send in your tips here) forwarded to me an article about Thomas Lyons, Esq. in Minnesota who was disbarred in 2010 for filing suits under the Fair Debt Collection Practices Act (FDCPA) and the Fair Credit Reporting Act (FCRA). While there is a need for consumers to have recourse in bringing legal suits …
A report released by the Federal Trade Commission Monday featured the FTC’s complaints about debt collection in our country today. The report featured the conclusion that “consumers are not adequately protected in either debt collection litigation or arbitration.” The FTC put forth recommendations to both the federal and state governments on how to make the …
Over the years Jack H. Boyajian, a seasoned debt collector, has faced accusations from authorities across the U.S. for “illegal methods to squeeze debtors”. This year a new accusation arose against Boyajian after he filed for bankruptcy in August of 2009, that he has defrauded creditors by concealing assets from the court. The Federal Government …
