Debt Buyers

Recent Posts in Debt Buyers

  • Know Your Rights & Avoid Debt Buyer Fraud

    Do you have a credit line of any kind, including a home, auto, or student loan? What about a credit card? Odds are you have one of these things so you have a credit history, and it’s also highly likely that you are not fully aware of your ...
  • CFPB Hearing on Debt Collection

    Debt collection is a $13.7 billion industry in the United States that employs over 130,000 people. At the Consumer Financial Protection Bureau (CFPB) Field Hearing on Debt Collection on July 28, 2016, Director Richard Cordray noted that much work ...
  • The 11 th Circuit Court recently reversed in part a trial court’s ruling granting summary judgment in favor of a debt buyer, its affiliated debt collector and their parent company, holding that a jury could find that all three were in willful ...
  • What is Charge-Off Date Fraud?

    When a consumer fails to make timely payments and becomes severely delinquent on a debt, their creditor may “charge off” the account, meaning that the creditor does not anticipate repayment in the near future. This in no way affects your ...
  • John Oliver Gives Away $14M on Last Week Tonight

    On last night’s episode of Last Week Tonight, host John Oliver gave away $14 million as part of an effort to increase awareness of debt, debt buyers, and zombie debt in America. American households currently own over $12 trillion in debt, $436 ...
  • Millions of Americans struggle with old debts they can’t pay back, and live with the uncertainty of knowing that at any moment, they could have their bank accounts or wages seized by collectors. ProPublica has spent years gathering data on how ...
  • One of the largest debt collectors in the United States, Midland Credit Management, Inc. is facing a potential class action lawsuit from consumers accusing the company of trying to force payment of old debts that are no longer legally enforceable. ...
  • In our previous blog, we reported that national mortgage loan servicer Residential Credit Solutions (RCS) was ordered to pay punitive damages totaling $1.6 million in a case brought by Alena Hammer, an Illinois resident who endured unnecessary and ...
  • The Consumer Financial Protection Bureau (CFPB) announced on September 9, 2015 that it has taken action against Encore Capital Group (ECG) and Portfolio Recovery Associates (PRA), two prominent debt buying companies. Their investigation shows that ...
  • A jury in Missouri has ordered Portfolio Recovery Associates (PRA) to pay Maria Mejia almost $83 million for violations of the Fair Debt Collection Practices Act (FDCPA) and for malicious prosecution. The majority of the award is based on punitive ...
  • How The Sale Of Discharged Debt Thwarts The Bankruptcy Discharge

    BloombergBusiness has published an interesting article about the sale of discharged debts. Many consumers do not know that banks will sell debts that have been discharged in bankruptcy. After all, shouldn't they be worthless? However, many debt ...
  • Why Collecting Time-Barred Debts Hurts Consumers

    The FDCPA Defense Blog recently published a post decrying the Consumer Financial Protection Bureau and FTC's position regarding debt collectors attempting to collect on time-barred debts (debts that are too old to sue on). In short, the federal ...
  • The CFPB has issued a request for comments regarding debt collection practices. This is the first step in the CFPB's rule making process. The CFPB is seeking comments and anecdotes relating to the debt collection industry. It seeks information ...
  • American Banker: Chase Halts Credit Card Debt Sales

    According to American Banker, Chase has quit selling credit card debt in anticipation of increased regulatory scrutiny. This comes as no surprise given California's lawsuit against Chase as well as the recent rumblings at the OCC. Ever since the ...
  • Debt Collectors, Debt Buyers, and Collection Agency Act

    I recently attended Max Gardner's Debt Buyer Boot Camp. During the boot camp, the panel briefly discussed the Unifund CCR Partners v. Shah series of cases. These cases deal with a credit card debt that had been sold by the originating lender. ...
  • Since the implosion of the real estate market, we have seen a massive number of foreclosures in Illinois. In many of these cases, homes were sold at auction for much less than the amount due on the mortgage. The difference between the auction price ...
  • When I go to the courthouse, I often see consumers appearing in court pro se who make truly poor choices when speaking to the judge. I also see people who are facing a judgment based on prior oversights and decisions. Here is my list of absolute ...
  • Debt Buyer Lawsuits

    In my experience, debt buyer lawsuits lack significant pieces of information that establish a prima facie case. Because debt buyers often receive very little information about the debts being purchased, it may be difficult to demonstrate what I ...
  • FTC Releases Report on Debt Buyers

    The Federal Trade Commission has released a report on the debt purchasing industry. This report is the first of its kind and takes a critical look at the structure and practices of the debt buying industry. As most consumer rights lawyers are ...
  • Non-Profit Seeking To Buy and Forgive Debts

    An offshoot of Occupy Wall Street is organizing to purchase and forgive bundles of debts. The group, called Rolling Jubilee, will be raising funds in order to purchase distressed debt. Distressed debts are generally accounts that have been delinquent ...