debt collector

Bank of America Allegedly Sells Debts With Minimal Documentation

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.”

Debt Collection of Old Debts

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 to tell consumers that certain debts were too old to be legally enforceable.

The FTC released a guide to help consumers understand old debts, here are some key things to know.

Debt Collection Calls at Work

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 your rights under the Fair Debt Collection Practices Act (FDCPA).

Debt Collectors Calling Family and Friends?

Debt collectors are strictly regulated in how they collect debts from consumers.

One common consumer complaint is that a debt collector is contacting a consumer’s place of work, family, or friends, in an attempt to collect a debt. In fact, there is an entire section of the Fair Debt Collection Practices Act (FDCPA) that regulates debt collection calls to third parties.

On top of that, the Telephone Consumer Protection Act (TCPA) prohibits debt collectors from making unauthorized robocalls to calling you or your family and friends.

If a debt collector reveals your debt to a family member or friend, or if they call your family and friends repeatedly, you should contact a consumer rights attorney immediately, as you may have a claim under the FDCPA.

Bankruptcy and Debt Collectors

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 that simple. Here is what you need to know.

Debt Collection Lawsuit Dismissed After One Phone Call

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 limitations. In particular, the alleged unpaid services were last performed in 2004.

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