http://www.stopcollector.com/blog Tue, 31 Jan 2012 09:00:34 +0000 http://backend.userland.com/rss092 en In the wake of the FTC’s settlement with debt buyer Asset Acceptance, the regulatory agency has published a consumer alert regarding time-barred debts. Essentially, debt buyers purchase debt portfolios for pennies on the dollar, and may then go to any length to collect on the debt. Often, the debts in ... http://www.stopcollector.com/blog/2012/01/ftc-issues-consumer-alert-on-time-barred-debts/ Asset Acceptance has been a notorious debt buyer, with a track record of going after consumers for debts that have passed the statute of limitations. Now, the Federal Trade Commission has announced that Asset Acceptance has agreed to pay a $2.5 million civil penalty for their bad behavior. The FTC ... http://www.stopcollector.com/blog/2012/01/asset-acceptance-settles-with-ftc-for-25-million/ Illinois Attorney General Lisa Madigan filed suit in an effort to shut down PN Financial, permanently prohibit the company from engaging in debt collection in the state, pay restitution to consumers, and pay civil penalties. According to a press release issued by Madigan’s office, the AG is alleging that PN ... http://www.stopcollector.com/blog/2012/01/illinois-attorney-general-files-to-shut-down-pn-financial/ West Virginia Attorney General Darrell McGraw announced a settlement in the state’s case against Capital One and its sister companies. The case related to the lender’s credit card practices prior to January 1, 2006. Although the settlement means that Capital One does not have to admit to any wrongdoing, the ... http://www.stopcollector.com/blog/2012/01/west-virginia-ag-settles-with-capital-one/ A Texas woman says she has suffered immeasurably at the hands of Commercial Recovery Systems, a third-party debt collection agency. In Flynn v. Commercial Recovery Systems (U.S. District Court, Northern District of Texas, Dallas Division), it is alleged that the debt collection agency went beyond the pale in attempting to ... http://www.stopcollector.com/blog/2012/01/commercial-recovery-systems-how-low-can-you-go/ American Banker reports that JPMorgan Chase has abruptly stopped suing consumers over past due debts. Jeff Horwitz writes that the bank has also laid off in-house attorneys and fired regional collections teams. A former attorney for Chase said that the bank may have been investigated by the Office of the ... http://www.stopcollector.com/blog/2012/01/jpmorgan-chase-stops-suing-consumers-for-debts/ Lemberg & Associates issued the following news release on January 9, 2012: Lemberg & Associates LLC has filed an amended class action complaint on behalf of a client that alleges that Whirlpool Corporation, which has merged with Maytag Corporation, and Service Net Warranty engaged in deceptive and unfair trade practices regarding ... http://www.stopcollector.com/blog/2012/01/amended-complaint-filed-in-class-action-against-whirlpool-and-service-net/ According to a report in the Wall Street Journal, debt buyers have a new trick up their sleeves. These debt collectors, who buy debt that has passed the statute of limitations, are offering MasterCards to consumers whose credit has been pummeled. The catch? In return for receiving the credit card, ... http://www.stopcollector.com/blog/2012/01/debt-collectors-offer-credit-cards-to-restart-the-clock-on-time-barred-debt/ President Obama did an end run around Senate Republicans, naming Richard Cordray director of the Consumer Financial Protection Bureau vis a vis a recess appointment. Senate Republicans had blocked a vote on the nomination, saying that the CFPB wasn’t accountable to Congress and wanting to replace the directorship with a ... http://www.stopcollector.com/blog/2012/01/obama-names-cfpb-director-in-recess-appointment/ Newsweek Magazine started the New Year right – with a great story on the seedy underbelly of the debt collection industry. A former debt collector relates that she was ordered to keep calling consumers to the point of harassment, and tells tales of threats made by debt collectors to consumers. ... http://www.stopcollector.com/blog/2012/01/newsweek-runs-excellent-story-on-debt-collectors/