Sawin & Shea

JUNE 9, 2021

Approximately one third of consumers with a credit bureau file were contacted by at least one creditor or debt collector each year, according to a CFPB (Consumer Financial Protection Bureau) survey. The FDCPA applies only to debt collectors (the third-party collection agencies), not to the original lender.

Debt collector 94

Debt collector Collections Agency Collection Agencies Bankruptcy 94

Sawin & Shea

JANUARY 28, 2021

When you hire Sawin & Shea for your bankruptcy, we give you a phone script that helps you handle collection calls. After you retain the firm, creditors must stop calling you once they have notice of our representation. There are also a few important things you should keep in mind about talking to collection companies and creditors.

Collections 52

Collections Bankruptcy Creditors Original Creditor 52

Consumer Financial Services Law

MARCH 15, 2019

A district court in Michigan recently dismissed an FDCPA action, holding that a letter which included a bankruptcy disclaimer was for informational purposes only and did not violate the FDCPA. The case centers around a single letter and a bankruptcy disclaimer. In 2015, Tyler’s mortgage debt was discharged in bankruptcy.

Bankruptcy 40

Bankruptcy Foreclosure Law Firms Creditors 40

Credit Corp

JUNE 14, 2023

A charge-off is when the creditor officially writes your debt off its books as a loss. Keep in mind that a creditor writing off your unpaid debt as a loss doesn’t mean you don’t owe the debt. Your creditor may sell your charged-off debt to a collection agency for pennies on the dollar.

Foreclosure 89

Foreclosure Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy 89

Debt RR

APRIL 5, 2022

Due to this, the original creditors will reach out to you to obtain their due payments. Determine if you have any debts that were already sold off or long-forgotten bills (“zombie debts”) that the creditor revived. Review your own records to determine who the creditor is and whether the debt is past the statute of limitations.

Debt Consolidation 70

Debt Consolidation Acquisition Debt settlement Creditors 70

Credit Corp

JULY 20, 2020

When you miss too many payments, your creditor may charge off the debt. A charge-off occurs when you don’t pay the full minimum payment on a debt for several months and your creditor writes it off as a bad debt. When you start missing payments, creditors will first send letters reminding you of your past-due bill.

Debt Consolidation 98

Debt Consolidation Creditors Creditworthiness Third-party Debt Collectors 98

Credit Corp

MAY 3, 2023

Under the Act, if you challenge an item on your credit report and the creditor or credit reporting agency can’t verify the item’s accuracy, the act requires the unverified item be confirmed or removed from your credit report. However, bankruptcies can remain on your account for up to 10 years. Be sure to get this agreement in writing.

Creditors 68

Creditors Bankruptcy Original Creditor Debt collector 68

Troutman Sanders

JANUARY 12, 2023

certified in writing or in Forster & Garbus’ computerized account management system, or any other software program that creates an electronic record, that the initiation of the collections suit complies with the requirements of the proposed order.

Law Firms 52

Law Firms Judgment Fair Debt Collection Bankruptcy 52

The Kaplan Group

JANUARY 19, 2021

Unless an exception applies, debt collectors can’t transfer a debt to another collection agency if the debt collector knows, or should know, that the consumer settled the debt; the consumer discharged the debt in bankruptcy; or the consumer filed an identity theft report.

Debt collector 59

Debt collector Collections Agency Collection Agencies Collection Agent 59

Debt RR

DECEMBER 13, 2019

There are 35 major bankruptcies in 2019 so far, and over two-thirds happened in retail. Creditors usually send several notices prior to filing a complaint with the court. In fact, the creditor will need to show the court its attempts at collecting the debt and its notice of intent to sue in order to prove its case.

Debtor 41

Debtor Debt collector Bankruptcy Creditors 41

Taurus Collect

NOVEMBER 15, 2023

As a debtor, you have the following rights: Right to Privacy: Debt collectors are not allowed to share information about your debts with anyone else except your attorney or the original creditor. The company negotiates with your creditors to reduce your monthly payments and spread them over a longer period.

Debt collector 52

Debt collector Fair Debt Collection Collections Agency Collection Agencies 52

Consumer Financial Services Law

JANUARY 22, 2021

For debt collectors choosing to use the last statement date, the Comments clarify that it is the date of the last statement provided by the creditor and may include those provided by a third party acting on the creditor’s behalf, such as a servicer. Section 1006.34(b) Section 1006.34(c) Section 1006.34(c)

Debt collector 40

Debt collector Collections Creditors Original Creditor 40

Collection Industry News

JANUARY 29, 2021

The debt collector must allow the consumer 30 calendar days from the date the consumer receives, or is assumed to have received, the Validation Notice, to dispute the debt or request original-creditor information about the debt. Proofs of claim filed in connection with a bankruptcy proceeding are not included in this prohibition.

Debt collector 40

Debt collector Collections Creditors Original Creditor 40

Credit Corp

JULY 7, 2021

I consulted a bankruptcy attorney. He said filing bankruptcy should not be my first option since the amount is quite low. Collection accounts may be reported for seven years plus 180 days from the original date of delinquency — the date he first fell behind with the original creditor.

Debt collector 40

Debt collector Collections Agency Collection Agencies Student Loans 40

Better Credit Blog

NOVEMBER 24, 2020

ACS Inc is a collection agency that works with lenders and creditors to recover payments on defaulted loans or unpaid bills. This will make lenders and creditors unlikely to make you loan offers down the line. They can help you challenge a variety of entries including collections, bankruptcies, and liens.

Debt collector 52

Debt collector Collections Lender Creditors 52

BN Lawyers

JANUARY 14, 2019

Trott filed a response opposing the injunction, and just hours prior to the hearing on the motion for the preliminary injunction, Scott filed for Chapter 13 bankruptcy. Both the text of the FDCPA and the applicable case law make it clear that Section 1692g does not provide a grace period.

Foreclosure 40

Foreclosure Debt collector Collections Chapter 13 bankruptcy 40

Credit Corp

JUNE 14, 2020

If the original creditor went to court and obtained a judgment against you for a debt, the zombie debt cycle can be more complicated. First, judgments provide the creditor with the legal means to collect via actions such as wage garnishments or bank account liens. First, contact the creditor that originally secured the judgment.

Debt collector 98

Debt collector Judgment Collections Agency Collection Agencies 98

Credit Corp

FEBRUARY 23, 2024

It may be possible to settle zombie debt with your original creditor. The Fair Debt Collection Practices Act (​​FDCPA) prevents creditors from harassing you, so consult an attorney if you believe anyone is infringing on your rights. First, contact the creditor that originally secured the judgment.

Collections Agency 52

Collections Agency Collection Agencies Debt collector Fair Debt Collection 52

Collection Industry News

SEPTEMBER 8, 2020

Note, however, that the FDCPA applies only to third party collectors who collect debt for original creditors. It does not apply to the original creditor itself who uses its own employees to collect debt. Let’s use our beloved Pres. Trump’s businesses as examples since he owns a lot of them. You go to Washington D.C.

Fair Debt Collection 40

Fair Debt Collection Collections Debt collector Credit Bureau 40