HelpForDebtors.com - Debt Collection and the FDCPA

Secured Loan Debt Settlement Help Options Needed

ruggdoctor — Thu, 21 Aug 2008 16:42:20 -0400

Is there any help out there for large secure loan settlements or grants? Also is there state (South Carolina) or federal help available?
Here is our situation: My wife received a large secured loan through a bank to start a private middle school 2 years ago. Last year was her first year open and she operated in the red due to insufficient number of paying students. Now thhis year she is faced with the same problem and we finally decided it isn't possible to open for this year. The loan payments are still due and we are looking for all helpful options. Her mother co-signed the loan and has been a great help but we need serious help?

FDIC Seeks in Excess of $200 Million Against Credit Card Company and Two Banks for Deceptive Credit Card Marketing

jjanney — Wed, 18 Jun 2008 11:03:50 -0400

http://www.fdic.gov/news/news/press/2008/pr08047.html

The Federal Deposit Insurance Corporation (FDIC) issued enforcement actions today against CompuCredit Corporation, Atlanta, Georgia, and two FDIC-supervised banks for allegedly marketing subprime credit cards in violation of the Federal Trade Commission Act (FTC Act) The FDIC settled with a third bank also involved with CompuCredit.

The enforcement actions seek orders that would correct the FTC Act violations, and provide restitution to consumers in the form of credits for certain fees and charges arising from the deceptive marketing practices. It is estimated that such credits will exceed $200 million. The restitution is being sought against CompuCredit, First Bank of Delaware, Wilmington, Delaware, and First Bank & Trust, Brookings, South Dakota. The FDIC is also seeking civil money penalties (CMPs) of $6.2 million against CompuCredit, and a total of $431,000 against First Bank of Delaware and First Bank & Trust.

Anyone have stories about harassment?

cjones — Sun, 15 Jun 2008 15:33:45 -0400

By bill collectors? I'm part of an award winning production company and we are making a documentary about the illegal and unethical treatment of consumers by collection agencies. We need personal stories of harassment. Your confidentiality will be honored.
Please contact me thru email at
jonesyo@yahoo.com
or call 617 835 9203
Thanks
Chris

Consumer Spending Still Rising

maggieb — Thu, 29 May 2008 12:04:13 -0400

Consumer confidence in the economy is at an all-time low and charge-offs and delinquencies are rising, yet consumer speanding is still not slowing down.

What does this mean?

Probably that consumers are relying on credit to pay for necessities.

According to this InsideARM article:

"As the probability of any significant slowdown in near-term credit card spending remains unlikely – for the first quarter of 2008 credit card debt increased at a 6.7 percent annual rate – consumers will rely more on credit and have less cash to pay down debt as energy and food prices rise, impacting collections for both creditors and the accounts receivable management industry."

More Complaints Against Collectors

maggieb — Wed, 26 Mar 2008 11:01:15 -0500

The Federal Trade Commissioner (FTC) came out with its annual report on the Fair Debt Collections Practices Act (FDCPA), and once again the debt collection industry has received more complaints than any other industry.

There were over 91,000 consumer complaints against third-party debt collectors (not counting the 20,000+ complaints about the collection efforts of creditors) representing 26.7% of all complaints received by the FTC in 2007.

The FTC split the complaints into 8 categories. The most complaints (39%) pertained to collectors who misrepresented the "character, amount or legal status of a debt."

More Complaints Against Collectors

maggieb — Wed, 26 Mar 2008 11:00:58 -0500

The FTC split the complaints into 8 categories. The most complaints (39%) pertained to collectors who misrepresented the "character, amount or legal status of a debt."

FDCPA Workshop Oct. 10-11

maggieb — Thu, 20 Sep 2007 17:43:22 -0400

The FTC is having a debt collection/FDCPA workshop in Washington DC on October 10 & 11.

I can't figure out if this event is open to the public. Does anyone know?

Here's a link to an article on the workshop:

http://www.insidearm.com/go/arm-news/arm-industry-well-represented-at-ftc-fdcpa-workshop

And the workshop's agenda:

http://www.ftc.gov/bcp/workshops/debtcollection/agenda.pdf

should I use a debt settlement company

stephie — Mon, 10 Sep 2007 12:48:41 -0400

I am throughly confused. I have 3 cc that I am in debt to. One for 2400 which I am settling on my own for 2000. First is that decent? They have filed suit against me and their attorney said they would settle for that. One of the others I owe about 5000 and I just started getting more collections letters the other I owe about 2700 and haven't heard from in more than a year. My question is should I contact a settlement company and go through them and if so which one? I've heard so many horror stories that I'm not sure what to do. My other options would be to just start saving money in case I get sued and settle with them, or try to set up a payment plan with the cc's.

litigation as a collection tool

maggieb — Wed, 22 Aug 2007 11:50:10 -0400

I just read an article about how creditors are starting to sell more of their debts to small, state-based buyers, instead of national buyers. I wonder how this will affect consumers. The article stated that selling debts to state buyers is more expensive but more stable.

I hope this means that smaller debt buyers are more responsible with the debts they purchase. An FTC report said there were more complaints against debt collectors than any other industry last year (2006). Debt collection agencies need to do a better job verifying the amounts and validities of the debt before they try to collect on them. An FTC representative from the Division of Financial Services released a statement saying that debt collection agencies need to do a better job addressing complaints. Maybe smaller, state-based agencies will have more success in that regard.

Summery Judgment

JohnQ — Sun, 25 Mar 2007 16:15:04 -0500

I am in a contract with a debt settlement company. I have been in the program for 22 months and have 14 months to go. One of my credit card companies turned my account over to a law firm for collection. They filed against me in the court and I filed an answer in the time allowed. I received for this law firm a copy of a Motion for Summery Judgment that they have sent to the court. In this motion it stats that I shall within 45 days file with the court a schedule, verified by affidavit, of all of his or her property, both real and personal, including monies, bank accounts, rights, credits, and closes in action held by himself or others for him and specify the particular property which he or she claims as exempt under the provisions of the law.