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Consumer Debt News

Student Loan Debt Collectors Lose Lawsuits
A federal judge dismissed the lawsuits brought against the U.S. Department of Education by four debt collectors after they lost contracts for more work.

Loan Servicer to Pay $63 Million to Settle Federal Charges
Green Tree Servicing LLC is settling charges by the Federal Trade Commission and Consumer Financial Protection Bureau that it engaged in illegal loan servicing and debt collection practices. The mortgage servicing company will pay $48 million to affected consumers and a $15 million civil penalty.

Tips for Dealing With Debt Collectors
It is important to know your rights before negotiating with anyone seeking to collect a debt you owe.

Debt Collector Successfully Defends Consumer Lawsuit
A California federal district judge dismissed a lawsuit against a credit management company finding there were no violations of the Credit Repair Organizations Act (CROA) and other Fair Debt Collection Practices statutes. The CROA was found inapplicable because the company is not a credit repair organization, and the judge found that the company did not mislead the consumer.

Couple Wins $1 Million in Lawsuit from Bank of America After Receiving 700+ Robocalls
Bank of America has been ordered to pay an older Florida couple $1 million in damages for collections harassment after the bank called them using an autodialer over 700 times in a four year period.

Debt Collectors Harassed Consumers With Violent Threats, FTC says
In two cases of debt collections harassment filed with the FTC collectors made horrifying threats to consumers who had failed to pay money they owed. Some included desecrating a dead body, killing a pet and having the consumer arrested.

Bay Area Counties Settle Consumer Fraud Case With Credit Card Debt Company
Debt Free Associates, Inc., a credit card debt consolidation company has agreed to a settlement with county prosecutors and has agreed to issue refunds to many consumers whose debts were not reduced.

There’s A Simple Way To Get Debt Collectors To Stop Humiliating You
Knowing your rights and what you can do to invoke them will help you end debt collection harassment at home and at work.

CFPB Takes $7 Million Action Against Debt-Settlement Payment Processor Global Client Solutions
A payment processing company has been accused of working with debt collectors to collect illegal fees from consumers. According to the Consumer Financial Protection Bureau, the company engaged in collecting tens of millions in illegal fees.

When Debt Collector Robocalls Illegally Hijack Your Cell Phone
A high school student received over 200 illegal automated calls in attempts to collect a debt that was not hers.

Debt collectors turn to social media
Some debt collectors have been turning to social media in order to collect debts. These methods are often in violation of the Fair Debt Collection Act.

Debt Collectors Have Figured Out A Way To Seize Your Wages And Savings
Debt collectors are utilizing Default Judgments to collect debts on the theory that debtors will not show up to court. As a result, many people have been found liable for claims (some erroneous) without ever having a chance to appear in court.

Woman Who Lost House over $6 Tax Debt Loses Appeal
In Septmber 2011, a Pennsylvania woman lost her home over a $6.30 late fee for her 2009 tax bill. Beaver County, where the woman resided, sold the property for $116,000 to cover the outstanding debt. A county judge ruled against the homeowner in an appeal, finding that she was notified of the debt and that the sale was in compliance with state law.

U.S. Consumer Debt Load Remains High
A recent National Foundation for Credit Counseling (NFCC) poll revealed that 18% of consumers believe that carrying credit card debt over from month-to-month is a responsible way to manage finances. This data suggests that not only are many Americans using credit cards to fund a lifestyle their income can’t support, but they are comfortable doing so…

Target Credit Card Breach Lawsuits Consolidated
The 33 lawsuits from seven states and 18 districts that Target is facing due to a security breach in December have been consolidated and moved to Target’s home state, as ordered by the U.S. Judicial Panel on Multidistrict Litigation. After Target’s Black Friday sale, cyberthieves got ahold of 110 million personal records, 40 million of which were credit cards.

Important Fair Debt Collection Practices Act Ruling
An Illinois state court of appeals recently upheld a complaint dismissal against a collection law firm for an alleged violation of the Fair Debt Collection Practices Act (FDCPA). The court found that the allegations in the suit (filed by the law firm on behalf of its unlicensed debt buyer client) were in fact not a violation of the Illinois Collection Agency Act, and therefore could not serve as a basis for the FDCPA violation claim.

Insurance Denied for Retailers Facing Song-Beverly Act Claims
In the California Supreme Court case of Arch Insurance Company vs. Michaels, the trial court has held that penalties recoverable under the state’s Song-Beverly Act were not “damages” within the meaning of a commercial general liability policy. This is one of the first court decisions addressing the scope of liability insurance coverage for ZIP code claims.

CHARTS: Americans Increasingly Paying Off Their Credit Cards
Americans are restrengthening after the Great Recession. Although many were hesitant at first with using credit cards, they got back into it and are paying most of the balance back!

Reducing Credit Card Debt in 2014
With the new year coming and the shopping season ending, consumer debt will rise so here are a few tips to enter 2014 with as little credit card debt as possible

California State Statutes of Limitation for Credit Card Debt
There is a limit of time for debt collectors to file lawsuits over unpaid credit card debts. These laws exist to protect people from claims being brought after evidence has disappeared. The State of California’s time limit is 4 years.

Big Name Department Store wins in Class Action Credit Card Suit
A class action suit was filed by customers of a well known department store. Consumers claimed the super store was violating California’s Song-Beverly Credit Card Act by requiring their personal information before purchases using a credit card could be made. In the end the Judge sided with the retailer, as they were able to prove the personal information was obtained to provide better service for their customers.

Lawyer Wins Law Suit Against Bank for Harassment
San Diego lawyer settles a class action lawsuit against a big name bank. The suit involved a claim that the bank harassed consumers who fell behind on mortgage and credit card payments using a computerized auto-dialer to call them continuously.

Debtors Rights Clinic
Debtors of Napa County, California are offered to attend a seminar to help in situations of being sued on a credit card debt, being harassed by debt collectors, and other debt collection issues.

Collection Agency Being Sued for Harassment
The Federal Trade Commission fined the Expert Global solutions for violating the Fair Debt Collection Practice Act. The company is the world’s largest debt collection agency, and is now being sued for $3.2 million.

Consumers warned about prepaid cards
Consumers have been leaning towards prepaid cards avoiding the traditional bank accounts and credit cards in order not to fall into debt, yet many of these prepaid cards still have the same hidden fees that standard credit card accounts have plus with less securities …

Wells Fargo to offer credit cards that help cut consumer debt
Wells Fargo & Co, the fourth-largest U.S. bank, is trying to grow its relatively small credit-card business with an unusual strategy. Appealing to its customers’ distaste for debt they now offer rewards cards so that customers feel at ease when taking on the responsibility.

Younger generation is more likely to stay away from credit card debt
Data shows that credit-card usage has declined for consumers since 2005. The age group with the highest percentage of people without credit cards are those between 18 and 29 years of age, being cautious not to spend money they don’t have and fall into debt. Experts say this is a result of the 2009 CARD Act …