Student Loan Collections Under Fire

by Randall Ryder

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Student loan debt is a hot topic that will likely only get hotter as the amount of student loan–currently over 1 trillion dollars–continues to rise.

The National Consumer Law Center recently published a report that criticizes the Department of Education and it’s contracted debt collection companies, saying that “the Department has created financial incentives for its contractors that encourage high collections at the expense of borrower rights.”

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Bank of America Allegedly Sells Debts With Minimal Documentation

by Randall Ryder

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Complaints against debt collectors have surged in recent years, which has somewhat masked another issue in the consumer credit realm: debt buyers. Debt buyers purchase charged-off debts from original creditors at a fraction of the price and then attempt to collect the full amount of the debt.

According to a recent article involving a debt buyer case in California, a sales agreement signed by Bank of America stated that Bank of America made no guarantees as to the accuracy of the credit records as part of a sale to a debt buyer. In other words, “buyer beware.”

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Debt Collection of Old Debts

March 20, 2012
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Debt collectors are strictly regulated under the Fair Debt Collection Practices Act, which protects consumers against unfair, deceptive, and abusive debt collection. Consumers frequently complain about debt collectors trying to collect on old debts. In fact, debt buyer Asset Acceptance paid $2.5 million dollars to settle a FTC lawsuit, which alleged that Asset Acceptance failed [...]

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Debt Collection Calls at Work?

January 12, 2012
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Debt collectors are strictly regulated in how they collect debts from consumers. One common consumer complaint is that debt collectors are calling a consumer at their workplace, harassing a consumer and/or co-workers, or revealing the debt to co-workers. If debt collectors have contacted someone else about your debt, here is what you need to know about [...]

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Debt Collectors Calling Family and Friends?

December 14, 2011
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Debt collectors are strictly regulated in how they collect debts from consumers. One common consumer complaint is that debt collectors have been harassing family, friends, or co-workers in an attempt to collect a debt. If debt collectors have contacted someone else about your debt, here is what you need to know about your rights under [...]

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Bankruptcy and Debt Collectors

November 26, 2011
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For most people, the decision to file bankruptcy is a difficult one. While bankruptcy makes financial sense for many individuals, the social stigma can feel overwhelming. At the same time, many individuals feel the need to file bankruptcy to stop repeated calls from debt collectors. Filing bankruptcy should stop debt collection. Unfortunately, it’s not always [...]

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Student Loans Repayment Options, Collections, and Consumer Rights

November 1, 2011
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When most people think of consumer debt, they think of credit card debt. Recently, however, student loan debt surpassed the total amount of consumer credit debt—totaling more than $ 1 trillion dollars. Depending on the type of loans, consumers have a variety of repayment options and rights during the collection process. Randall Ryder, along with [...]

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Midland Funding Dismisses $22,000 Debt Lawsuit

October 12, 2011
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Midland Funding, LLC, one of the largest debt buyers in the country, recently dismissed a debt collection lawsuit in excess of $22,000 against one of the firm’s clients. The client was thrilled with the result, to put it mildly.

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Debt Collection Lawsuit Dismissed After One Phone Call

September 2, 2011

Randall Ryder got a local debt collection law firm to dismiss a debt collection lawsuit after one phone call. A local small business owner met with Randall Ryder to discuss a Summons and Complaint he received. After reviewing the documents, along with a collection letter, it was apparent that the lawsuit was outside the statute of [...]

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Randall Ryder Discusses Consumers Rights with Minnesota Consumers

August 24, 2011

Randall Ryder met with Minnesota residents to discuss consumer rights against debt collectors. As part of a program offered by the Washington County Law Library, Randall met with consumers at a Washington County Library branch to discuss consumer debt relief. Randall discussed consumer rights against debt collectors and answered questions on the Fair Debt Collection [...]

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