Are You Looking For The Best Consolidation Advice?

Many people are finding themselves deep in financial trouble, and they wonder if they should look into getting some debt consolidation advice. Debt consolidation can often be tricky, and if you don’t handle it properly you will discover yourself in a worse situation than you were in before.

Two Important Prosecutors Go After Debt Collection Agencies

It was revealed in recent news that top legal prosecutors in Washington and Louisiana announced actions they had taken against accounts receivable management firms and their owners and managers.

Super Bowl Scams Arrive As The Landmark Game Approaches

Be on the lookout if you are trying to buy tickets to Colts-Saints game. Scammers love to take advantage of the fans. Travel scams in all types of shapes and sizes come out of the woodwork whenever there is a landmark sporting event.

The Pros and Cons Of Bankruptcy

Bankruptcy may be seen as a quick fix solution to financial issues. However, the effects of bankruptcy are long term and can impair your ability to obtain employment, house, and any type of credit. It is important to weigh the pros and the cons of bankruptcy before making a major choice.

Collection Agencies 101

If the person in debt agrees to pay, the bill collector will record this commitment and will check up later to make sure that the payment was made. If a debtor does not pay, the collector will prepare a statement about their delinquency for the credit department of whoever they work for. In extreme cases, collectors may call for repossession, hand over the account to an attorney or disconnect service.

Respecting Privacy

It is imperitive that debt collectors respect your privacy. According to the Fair Debt Collection Practice Act, collection agencies cannot exchange information about debtors. They can’t send out a list of people who owe money to its creditor subscribers. They cannot advertise a debt for sale, or compile a list of debtors to its creditor subscribers.

Collection Agency Tries A Different Approach In Poor Economy

The Collections industry’s tactics may be taking a turn for the….better? Keeping in mind the number of recent lawsuits against debt collection agencies, ACA International, the largest trade group of professional creditors and collectors, claims more and more collection companies are working towards training collectors to take a more of an empathetic position.

Beware Of Cash4Gold

We have all seen them – the showy “Cash4Gold” commercials, some of these show people on the street dancing, or at other times, M.C. Hammer alleging that you will get quick cash in exchange for your old, unused jewelry. Although human nature makes us want to unconditionally trust the dancing person or even with his track record, M.C. Hammer, it turns out that Cash4Gold may not in fact be too legit to quit.

Scam Alert – Collection Agent Takes Buyers For A Ride

Not too long ago, a man running a debt buying company in Florida was punished to six years of federal prison time for the crime of selling debt portfolios that he didn’t own. Steven Goldberg, of Golberg and Associates in Boca Raton, took the heat from the District Attorney. Financial Analysts like Micheal J Koopmans allege that Goldberg would give falsified files and fake evidence that he did in fact own the files. To add insult to injury, Goldberg also sent buyers fake transaction numbers and other fake financial information. All in all, debt buyers were hoodwinked for more than $3.3 million. Investigative reports revealed that many well-respected accounts receivable management companies were swindled.

Jury Awards $500,000 to California Couple in FDCPA Case

Last month, Manuel and Luz Fausto won one of the largest collection awards documented in the last couple of years under the Fair Debt Collection Practices Act (FDCPA) against Credigy Services Corporation. A California jury awarded the Faustos $500,000 in damages caused from harassment by Credigy collectors. Of the sum, granted $100,000 was for actual damages the Faustos experienced, while $400,000 was in punitive damages, granted for malicious and reckless disregard of the couples rights. According to one of the Faustos lawyers, David Humphreys of Humphreys Wallace Humphreys, P.C., and the case stemmed from a debt on a Wells Fargo charge card opened in 1992.

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