A month or so ago, the Consumer Financial Protection Bureau (CFPB) filed suit against Encore Capital Group, Midland Funding, Midland Credit Management, and Asset Acceptance Capital. Details on that suit are here. It appears the parties have come to a settlement on the matter. Under the proposed agreement, the companies will extend provisions they agreed …
The Consumer Financial Protection Bureau (CFPB) has extended the time for people to submit public comments on time-barred debt disclosures. The CFPB proposes to prohibit collectors from using non-litigation means (such as calls) to collect on time-barred debt unless collectors disclose to consumers during the initial contact and on any required validation notice that the …
Criticize California all you want but recent changes in California law actually does something people across the country think is common sense and needed. A bill in California legislature, (AB 1526) awaiting the signature of Governor Brown would go into effect on January 1, 2019. This new law will protect consumers from the collection of …
Question: Dear Steve, Private student loans charged off years ago. Creditor reported to credit reporting agencies as such (at least to Transunion), but now has reported them as being OPEN and CURRENT with a $0 balance. My credit score has sunk 84 points in a month. Is this legal? If not, what can be done? …
If you have old unpaid debts, it can be helpful to know the statute of limitation that applies to those debts. If the statute of limitation (SOL) has expired, a debt is said to be “time-barred,” and a creditor or debt collector is not supposed to sue you to collect. Here are the seven most common …
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 …
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 …
“Dear Steve, I purchased a van in Florida back in July of 2005. I did a voluntary repossession in February of 2007 in Virginia, after the bank would not wait two days for my first paycheck to clear my checking account (was two months behind). I never heard anything further from the bank after that …
The Consumer Financial Protection Bureau has put out an examiners guide for debt collection agencies. Much of the information is of less interest to debt relief companies but one small section creates an important issue that debt relief companies should pay attention to. In the past we’ve written about the inclusion of time-barred debt in …
Photo Credit: Filin Ilia The Federal Trade Commission has released new information to help you better understand the issues surrounding Time Barred debt and debt expired under the Statute of Limitations. If you would like to learn more about specific state regulations you can use the free compliance module here. Understanding Your Rights When It …
