New Concerns Over Credit Card Debt Collection
http://thedianerehmshow.org/shows/2012-08-21/new-concerns-over-credit-card-debt-collection
Americans are $21 billion dollars behind on their credit card debt. Banks are increasingly taking borrowers to court, suing them for payments owed. In many cases, these lawsuits rely on false documents, incomplete records and generic testimony from witnesses. State judges report that some lenders try to collect money that has already been paid or increase the size of the debt by adding fees and interest. Banks defend their procedures and insist their court filings are accurate. But consumer groups warn these cases are reminiscent of the mortgage foreclosure crisis with outcomes just as devastating. Diane and guests discuss new concerns over credit card debt collection in the U.S.
Guests
Thomas Pahl
assistant director, Division of Financial Practices, Federal Trade Commission
Peter Holland
director, Consumer Protection Clinic at the University of Maryland Carey School of Law
Kathy Kristof
contributing editor, Kiplinger's Personal Finance
Steve Bartlett
president and chief executive officer, The Financial Services Roundtable
Comments
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I got Tired of being HARASSED by these 3rd party collectors, after my MANY earnest attempts to Reasonably Settle my Debt with the Original Creditors; I offered to pay them ALL THE PRINCIPAL + SOME OF THE INTEREST and they flat out REFUSED and SOLD MY DEBT TO A LOW LIFE 3RD PARTY for a RIDICULOUS 3 CENTS ON THE DOLLAR. They would have made out better with my deal. After the 3rd party bought my debt they HARASSED The HECK out of my till someone turned me onto the fact that I can sue them for violating my rights under the FDCPA rules which I did; I made on over $10,000 last year defending my rights and enough money to pay off all my other debts with some $$$ left over.
Dont let these guys get away with the Harassment.
My lawyer sais that only 1 in 1000 fight back.
If you want to learn more about this please reach to me
646.322.6270
When I receive an offer in the mail for a credit card, I simply tear it up and put it in the enclosed return envelope with prepaid postage. I've done this a dozen times in the past 6 months. Image the company's surprise when they receive back their garbage. I deal in CASH ONLY because I'm not going to finance credit card or bank CEOs a lavish lifestyle by paying them what I consider to be usurious interest rates. If I don't have the cash to buy something, I do without until I have the cash. It's that simple. It worked for my dad and it works for me. Don't finance the greedy.
Have a listen...........another thought
www.veritas.org
Topic: Losing Interest? - Imagining a Financial System without Debt