Double Standard For Debt Settlement. Not So Sleazy Now, Ask Hilary Clinton, John Glenn and the FEC.

Originally published December 11, 2009 Consumer debt is a world of double standards. On one hand you have advocates screaming about the evils of debt settlements or that groups that charge people for professional help to do debt settlements are ripping off consumers because settling debts is something that anyone can do. Don’t get me … Read more

The 2 Words Debt Collectors Don’t Want to Hear

While much of the debt collection world is straightforward and, quite honestly, a little boring, some people in the industry treat it like a free-for-all. “There are widespread attempts to add charges to debts that aren’t legal. Excess interest is something we’ve encountered quite frequently,” said Daniel Edelman, consumer law attorney, founder and partner at … Read more

Tougher Rules Coming for Debt Collectors

Year after year, federal regulators get more complaints about debt collection than any other industry. Now the griping has prompted an overhaul of collection rules for the first time in decades. A frequent refrain is that collectors sling harsh threats demanding payment on poorly documented debts. Yolanda Banda, an nurse assistant in California, is … Read more

FTC Continues to Protect Consumers from Abusive, Fraudulent Debt Collectors

Agency’s Activities over the Past Year Detailed in Annual Summary Provided to CFPB Over the past year, the Federal Trade Commission has continued its vigorous work on behalf of U.S. consumers suffering from unlawful debt collection practices, including bringing law enforcement actions against abusive and fraudulent operations, conducting education and public outreach initiatives, and implementing … Read more

Repossession Payment Plans With Debt Collectors

“Dear Michael, Defaulted on a motorhome. It was repossessed and sold at auction. The balance owed after the sale was assigned to a collector. That collector and I made an agreement (contract?) that I would pay a certain amount each month until the debt was satisfied. I have made those payments faithfully for over 2 … Read more

CFPB Pulls Back Curtain on Debt Collection and New Rules

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 … Read more

More Bullshit Debt Collectors Busted By Gov

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 … Read more

How to Best Deal With Aggressive Debt Collectors

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 … Read more

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

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 … Read more

Debt Collector Agrees to Pay $2.8 Million to Settle With FTC

A leading debt collection company has agreed to pay a civil penalty of $2.8 million to settle Federal Trade Commission charges that its aggressive collection techniques violated federal law. As part of its efforts to protect consumers affected by the struggling economy, the FTC alleged that West Asset Management, Inc. violated the FTC Act and … Read more

Can I Be Sued and My Wages Garnished if I Make $70 a Week? – Karylan

Karylan “Dear Steve, I am 24 yrs old living at home with my mom and might be getting sued by capital one. I work at a grocery store about 8 hrs a week sometimes not even that. I have had no luck finding a stable job, i might have to quit the one i have … Read more

“The Collector’s Pledge” Marks a Positive Turn in the Debt Collection Industry

Martin Sher of AmSher Receivables Management in Birmingham, Alabama has recently made a huge step in the debt collection industry with “The Collector’s Pledge”. Sher, with over 30 years experience in the credit and collection industry was named as the president of ACA International (the Association of Credit and Collection Professionals) for 2010-2011. Sher co-owns … Read more

In China, Credit Card Debt Enslaves. Anyone Surprised?

It isn’t a big shock to find out that the credit craze and panic is exploding around the world. The credit craze and panic works like this: Stage One: Craze – apply and get approved for credit and go crazy racking up the balance. Stage Two: Panic – after you’ve expended your credit resources you … Read more