We can tell you about the growing problem of medical debt and how hospitals are suing thousands of patients for having the gall to be both sick and poor, or how debt collectors screw-up and use illegal tactics to get paid for debts they often can’t even prove that anyone owes. But that’s nothing compared to the sight of a goofy English guy forgiving $15 million in medical debt he bought for pennies on the dollar. [More]
Search results for: debt collector
Investor Tipsheet Warns Kay Jewelers Parent That More Trouble Could Be Coming
By 6.2.16
Signet Jewelers isn’t a household name, but you’re probably familiar with its brands if you watch TV: the British company owns the chains Kay Jewelers, Zales, and Jared, along with Piercing Pagoda and some regional brands. Today, a report from an influential investors’ tipsheet led to a drop in Signet’s stock price… though possible problems that would be dire for investors would benefit consumers in the long run. [More]
Here’s How To Tell The FCC How You Feel About New Debt Collection Robocall Loophole
By 5.19.16
Now that the government has carved out a loophole allowing it to place automated and/or pre-recorded robocalls to consumers to collect any debts owed to the federal government, the FCC is trying to come up with robocall rules that aren’t entirely awful. Consumers have a short window of time to chime in on these rules, so here’s how to share your feelings with the FCC. [More]
StubHub Becomes First NBA Jersey Advertiser, Thanks To 76ers
By 5.16.16
The Philadelphia 76ers are arguably the perfect choice for a company looking to test the waters by being the first to advertise on an NBA jersey. The team has been awful for the last few seasons, so most fans’ opinion of the Sixers can’t sink any lower. And those fans who still have some reserve venom in the tank now have a new reason to scream at the team. [More]
Supreme Court OKs Private Debt Collectors’ Use Of Prosecutors’ Letterhead To Make People Pay
By 5.16.16
What’s more likely to get you to pay a questionable debt: A notice from some debt collection company you’ve never heard of, or a letter from your state’s attorney general about that same debt? Some states allow certain private, for-profit debt collectors to use prosecutors’ letterhead in correspondence with consumers about debts, even though the American Bar Association looks down on the practice. This morning, the U.S. Supreme Court chimed in on the debate, unanimously giving its SCOTUS seal of approval, at least when it’s done with the state’s approval. [More]
FCC Trying To Minimize Annoyances From New Robocall Debt Collection Loophole
By 5.5.16
Last fall, a rider to a must-pass federal budget bill kicked down the barricade that has prevented government debt collectors from annoying hundreds of millions of consumers with auto-dialed, pre-recorded robocalls. Lawmakers hate the bill, but they won’t consider any legislation to close the loophole. The White House’s own analysis of the loophole shows that it won’t really bring in any more money, and could actually be a revenue loser, but the administration isn’t doing anything to roll back the changes. Attorneys general hate it too, but they enforce laws instead of writing them. With an August deadline looming, the Federal Communications Commission has no choice but to move forward with making the loophole as palatable as possible. [More]
7 Things To Know About Why So Many Debt Collection Lawsuits Are Filed In Nebraska
By 5.2.16
When a debt collector decides to file a lawsuit against an alleged debtor, that decision might have more to do with where the defendant lives than with how much they allegedly owe. [More]
Debt Collection Lawsuit Mill Hit With $2.5M Penalty
By 4.25.16
A New Jersey-based law firm that handed out hundreds of thousands of debt-collection lawsuits based on false or nonexistent information must — along with an associated debt buyer — pay $2.5 million in penalties to settle federal accusations that they were operating a lawsuit mill in violation of the law. [More]
“ROBOCOP Act” Would Force Phone Companies To Do Something About Robocalls
By 4.13.16
As we’ve shown before, wireless and landline phone companies can do something to provide customers with free and easy-to-use tools to block unwanted automated calls — they just aren’t doing it, even when hundreds of thousands of consumers explicitly ask them to. A new piece of legislation introduced today hopes to compel the telecom providers to finally make it easier for customers to just say no to robocalls. [More]
Restricting Debt Collection Doesn’t Limit Credit Availability
By 4.5.16
While federal law already prohibits a wide range of unscrupulous debt-collection practices, some states have gone further, enacting laws and regulations to limit collectors’ ability to pursue repayment. The collections industry claims these restrictions hinder consumers’ access to credit, a new report says that just isn’t the case. [More]
Failed For-Profit College Operator Ordered To Pay $1.1 Billion For Predatory Practices
By 3.24.16
Corinthian Colleges Inc. — which formerly ran for-profit education chains like Everest University, Heald College, and WyoTech — may have collapsed and had its remnants sold off, but the lawsuits against the failed company continue to loom. This week, a California judge ordered the defunct company to fork over $1.1 billion to the state for lying to students, investors, and regulators. [More]
Servicemembers Twice As Likely To Submit Complaints About Unsavory Debt Collection Practices
By 3.22.16
While millions of Americans are no strangers to questionable debt-collection practices, a new report from the Consumer Financial Protection Bureau shows that the men and women in the armed forces are twice as likely than their civilian counterparts to file a complaint when a collector crosses the line.
[More]
$176M In Wages Garnished For Unpaid Federal Student Loans In Just Three Months
By 3.21.16
Millions of would-be students turn to the federal government in order finance their education, each taking out thousands of dollars in loans. While that influx of funds allows borrowers to seek a better life by obtaining a degree, it also has to be repaid. And when that becomes impossible for some consumers, debt collectors hired by the Department of Education sometimes resort to garnishing wages. [More]
Student Loan Companies Tell Congress: Debt-Collection Robocalls Are In Borrowers’ Best Interest
By 3.10.16
Show me someone who supports robocalls, and I’ll show you someone that has very few friends. Which is why it’s baffling that the Senate has yet to act on a bill introduced last fall that would close a loophole allowing the government to make debt-collection robocalls. But you know who does support robocalls? The student loan companies that are currently trying to convince Congress that these invasive annoyances are really for our benefit. [More]
Student Loan Companies Could Face Enforcement Actions Over Automatic Defaults
By 3.9.16
In recent years, countless private student loan borrowers have found themselves placed in automatic default – even if they were up-to-date on payments – when their co-signer died or filed for bankruptcy. Federal regulators now appear poised to rein in this often devastating practice, warning student loan lenders and servicers that they could soon face enforcement action if they continue the practice. [More]
Lawmakers Renew Push To Curb Unwanted Robocalls
By 3.7.16
In the last few days, legislators in both the House and Senate have once again pushed the issue of nuisance pre-recorded, auto-dialed robocalls back into the spotlight — urging telecom providers to give customers more tools for blocking these calls, and trying to roll back the government’s ability to abuse robocalls for its own debt-collection purposes. [More]
Report: 858 Robocalls Placed Every Second, Most Of Them From Debt Collectors
By 2.18.16
How many unwanted pre-recorded and/or autodialed calls have you received so far this year? Judging by the numbers in one new report, we’re guessing it’s a lot. [More]
Man Claims He Was Arrested For Unpaid Federal Student Loan Debt
By 2.16.16
More than a century ago, the U.S. did away with the idea of debtor’s prison, and the Fair Debt Collection Practices Act explicitly forbids debt collectors from using the threat of jail time as a way to collect on owed money. So how does a Texas man end up with U.S. Marshals at his door, ready to arrest him for a nearly 30-year-old student loan debt? [More]
