Arbitration May Be Dead, But Courts Offer Imperfect Alternative

Arbitration May Be Dead, But Courts Offer Imperfect Alternative

Last month, the Minnesota Attorney General brought an oppressive arbitration regime to its knees. Nation Arbitration Forum handled over 200,000 arbitrations per year. But many of those cases will end up in the 50 states’ district courts, where consumers may fare no better.

Hit With A Credit Card Rate Hike? Try Freezing The Account

Hit With A Credit Card Rate Hike? Try Freezing The Account

Rosemary writes that Bank of America just increased the interest rates on her two credit cards by 12% and 15% because the balances were too high, after slashing the credit limits on both cards a month before. She’s frustrated, of course, but like everyone else who’s been hit with these increasing fees, she’s sort of stuck with their decision. But Mary Schwager at Examiner.com suggests you try placing your account on hold for six months or so, at which point your creditor may be less terrified of the economy and willing to work with you.

Tennessee Pushes Back Against Late Fees By Credit Card Companies

Tennessee Pushes Back Against Late Fees By Credit Card Companies

Although it has yet to pass into law, the Tennessee Senate Commerce Committee has approved a bill that requires creditors to count the postmark date of a payment as the payment date, not the day they say they receive it.

Moreno And Woods: Scammy Debt Collectors Who Lie And Harrass

Moreno And Woods: Scammy Debt Collectors Who Lie And Harrass

Erin was the recipient of a recent scam attempt from Moreno and Woods, a debt collection agency that—according to her account and others found online—uses abusive tactics and fraudulent claims to try to con people into paying off debts they never owed to avoid things like wage garnishments and lawsuits. Erin fought back, and shared her story with us to warn others.

Collection Agencies Sending Out 1099-C Forms For Zombie Debts?

Collection Agencies Sending Out 1099-C Forms For Zombie Debts?

It seems that some bottom-feeding debt collection companies—the ones who buy old debts that are frequently beyond the point where you can be sued for collection (what the FTC calls “time-barred debts”)—purchase old debts, mark them up with incredibly high penalties and fees, then “forgive” them and write them off as tax losses and send the debtors 1099-C forms—which means you have to pay taxes on the forgiven amount. If this happens to you, here are a few things you should consider first.

Creditors Can Steal Your Social Security Check Right Out Of Your Bank Account

Creditors Can Steal Your Social Security Check Right Out Of Your Bank Account

Nathalie Martin’s elderly cousin had her social security check garnished straight from her bank account by a collections agency. Apparently, most banks skip over the section of federal law that protects social security and other public benefits from creditors. Good thing Nathalie is a bankruptcy scholar and knows how to fight the sleazy debt collectors.