As you can see by our website, we're proud to be offering student loan services to consumers. We've been doing it for awhile, but have only recently made it "official." Not many firms are doing this kind of stuff nowadays, so it's a service we think will be of great help. And it doesn't matter if you're current or in default, or if you've got a college degree or vocational-technical degree. If you have student loans, we may be able to help.
I know what you've heard. You can't do anything about student loans. That's partially true, in that they're almost impossible to totally get rid of. But that doesn't mean there's nothing you can do about them.
In fact, there are programs for federal loans that allow you to make payments based on your income. And if you pay for 25 years, any principle remaining on your loan is forgiven. Gone. So if you are employed at $30,000, and your payment is, for example, $100-$200 per month, after 25 years, you're done paying even if there's a balance remaining. And if you work in government or for a non-profit, you're done paying in 10 years (Are you listening nurses working in non-profit hospitals? Teachers in schools? Lawyers working for the State Attorney?).
And if you are behind or in default? We can help you with that also. For Federal loans, you have an absolute right to a reasonable and affordable payment to get yourself out of default ("rehabilitation"). Or perhaps an immediate consolidation is right for you, which would get you out of default. Even if you're already having wages garnished or a lawsuit, we can often work with the other side to get you back on track.
We know it's confusing. You have 3 different loans with funky sounding names and each has a servicer and a guarantor (what's that?) and you don't know if they're federal or private, and a collection agency telling you what you "can" and "can't" do. Why don't you leave that stuff to us...Talk to us today about helping you lower payments or getting back on track....
-Jason
jason@jasonweaverpa.com
(954) 987-0515
Monday, May 13, 2013
Tuesday, February 12, 2013
Debt Collector or Scam?
You may have heard that the new trend in defrauding people are scammers posing as debt collectors, to get you to pay them money. Often, it can be hard to tell the difference between a real collection agency, and some fraudster trying to get your bank information.
Here are some tips to figure out whether the people calling you are legitimate debt collectors, or scammers.
1. You've never gotten letters from them - Scammers rarely send letters. Most legitimate collection agencies will send you notices in the mail, and call you.
2. They refuse to give you information about them or who they are (address, name, etc) - Most legitimate collection agencies will give you this information. Scammers won't.
3. They will only take payment online, or by phone - Most legitimate collection agencies want your money, and they'll take it any way you want to give it. If they insist on only taking a payment by phone, or wire, or refuse to take a money order or check, it's a sign they're a scam.
4. They refer you to the original creditor - When you ask a question, for example, about the debt, or prior payments, or similar questions about your account, a real collection agency will never say "you need to ask Chase/Discover/Amex about this." If they do, they're likely a scammer. Real collection agencies have all the info you need, and if they don't, they'll either lie, or put you off--but they'll never tell you to call the original creditor.
5. When you call, an agent immediately picks up, as if it's a cellphone - In other words, you don't get "Thank you for calling NCO, if this concerns a debt press 1..." Most collection agencies won't just pick up the phone when you call.
6. They make threats that are over the top - Certainly, debt collectors have made some startling threats, and harass people pretty badly. But often, a scammer will make outrageous threats, over and over again, so over the top and beyond what a collection agency would normally do, that it's a sign its a scammer. They will call your employer, tell you there's a subpoena coming today, tell you that you're going to jail, etc., and they're not subtle about it.
7. Their agents have "All American" names - I don't know why this is, but their agents are usually named "Nancy Johnson" or "Lance Dunbar" or "James Blythe." They often will not give themselves foreign-sounding or ethnic-sounding names (and no, having an accent does not mean it's a scammer--many scammers are American born, and American speakers).
8. When you google the phone number, you get nothing - Google has some great sites where you can reverse-lookup 1-800 numbers.
9. They're not registered as debt collectors in your State (in Florida, you can search at https://real.flofr.com/ConsumerServices/SearchLicensingRecords/Search.aspx)
Mind you that often scammers will have the correct debt that you owe, because they will often steal the information from companies. So when they say they're collecting on a $500 payday loan, and you actually did take out a $500 payday loan, that does not mean they're legit. The accuracy of their information is in no way indicative of whether they are a real collection agency.
The best way to deal with scammers is to ignore them. They pray on people who "play" with them. If you sound intimidated, say you'll pay, ask them to call you back, give them information, etc etc., you've taken the bait. Ignore their calls. Tell them to take a walk. Ignore their messages, and they will eventually go on to an easier target.
And of course, there's no need to guess...feel free to drop me a line, and ask me if you have questions...954 987-0515 or jason@jasonweaverpa.com.
Here are some tips to figure out whether the people calling you are legitimate debt collectors, or scammers.
1. You've never gotten letters from them - Scammers rarely send letters. Most legitimate collection agencies will send you notices in the mail, and call you.
2. They refuse to give you information about them or who they are (address, name, etc) - Most legitimate collection agencies will give you this information. Scammers won't.
3. They will only take payment online, or by phone - Most legitimate collection agencies want your money, and they'll take it any way you want to give it. If they insist on only taking a payment by phone, or wire, or refuse to take a money order or check, it's a sign they're a scam.
4. They refer you to the original creditor - When you ask a question, for example, about the debt, or prior payments, or similar questions about your account, a real collection agency will never say "you need to ask Chase/Discover/Amex about this." If they do, they're likely a scammer. Real collection agencies have all the info you need, and if they don't, they'll either lie, or put you off--but they'll never tell you to call the original creditor.
5. When you call, an agent immediately picks up, as if it's a cellphone - In other words, you don't get "Thank you for calling NCO, if this concerns a debt press 1..." Most collection agencies won't just pick up the phone when you call.
6. They make threats that are over the top - Certainly, debt collectors have made some startling threats, and harass people pretty badly. But often, a scammer will make outrageous threats, over and over again, so over the top and beyond what a collection agency would normally do, that it's a sign its a scammer. They will call your employer, tell you there's a subpoena coming today, tell you that you're going to jail, etc., and they're not subtle about it.
7. Their agents have "All American" names - I don't know why this is, but their agents are usually named "Nancy Johnson" or "Lance Dunbar" or "James Blythe." They often will not give themselves foreign-sounding or ethnic-sounding names (and no, having an accent does not mean it's a scammer--many scammers are American born, and American speakers).
8. When you google the phone number, you get nothing - Google has some great sites where you can reverse-lookup 1-800 numbers.
9. They're not registered as debt collectors in your State (in Florida, you can search at https://real.flofr.com/ConsumerServices/SearchLicensingRecords/Search.aspx)
Mind you that often scammers will have the correct debt that you owe, because they will often steal the information from companies. So when they say they're collecting on a $500 payday loan, and you actually did take out a $500 payday loan, that does not mean they're legit. The accuracy of their information is in no way indicative of whether they are a real collection agency.
The best way to deal with scammers is to ignore them. They pray on people who "play" with them. If you sound intimidated, say you'll pay, ask them to call you back, give them information, etc etc., you've taken the bait. Ignore their calls. Tell them to take a walk. Ignore their messages, and they will eventually go on to an easier target.
And of course, there's no need to guess...feel free to drop me a line, and ask me if you have questions...954 987-0515 or jason@jasonweaverpa.com.
Tuesday, February 5, 2013
EVERYONE GETS TO SUE...EXCEPT YOU....
You may have heard (and likely not cared) that the U.S. Government is suing Standard & Poor's (S&P) over the mortgage fraud meltdown.
In plain terms, S&P "rates" investments. If you wanted to invest in, say, Commodore Computers, S&P may say that's not such a safe investment. If you wanted to invest in Apple Computers, S&P would likely rate Apple higher, telling you it's safe.
Well, of course S&P rated all those dangerous, shaky, tenuous, mortgage-backed investments which were backed up by undocumented loans and borrowers who couldn't afford them, and which eventually crumbled, bringing down major investment firms, banks, and the entire U.S. economy with them, as A++ (or whatever their highest rating is). And naturally, everyone including the U.S. Government took S&P's "these are safe--go for it!" recommendation, invested in these mortgage backed securities...and lost their shirt.
So now, the U.S. is suing S&P, presumably for all the money they've had to put out to bail everyone out and insure all the losses.
And this isn't the first lawsuit over these securities. Fannie Mae and Freddie Mac have sued numerous banks for selling them fraudulent, undocumented loans. The investors in the securities themselves have sued the banks and brokers, for selling them the fraudulent, undocumented loans. The investors and banks have sued S&P for the false ratings. Yes, it seems everyone has sued everyone for lying their way to profits, just to fill these faulty mortgage backed securities.
Except for you...the borrower. There is generally no defense in Florida to foreclosure, for being mislead and defrauded in the taking out of your loan. Absent the most extreme circumstances, Joe Borrower can't just say that he was told his loan was safe, told that his property value would go up, or was never told that his income wouldn't be able to justify his payment once it adjusted. The end result will be that "you should have known," and that you were aware of what you were signing when you closed on your loan.
I often hear people say that borrowers "knew what they were doing," and shouldn't have been foolish enough to take out loans so big they couldn't afford them. Why don't those people ask why the investors weren't foolish for investing in these scams in the first place? Why the government wasn't foolish for relying on ratings agencies? Why Fannie Mae wasn't foolish for knowingly turning a blind eye to the products they were purchasing from lenders? In those suits, nobody accuses the big pockets of being dumb or foolish or taking responsibility for their own actions.
The end result is that those with big pockets--investors, banks, trustees, the government--get redress. But you the consumer, have no cause of action. If a bank pays back investors 2 billion for fraudulent loans, that's "justice." But if a bank were to excuse your $200,000 loan for defrauding you, that would be seen as "injustice."
Quite the double standard. There is something seriously wrong with our system...
Questions? Call us at 954 987-0515 or jason@jasonweaverpa.com
In plain terms, S&P "rates" investments. If you wanted to invest in, say, Commodore Computers, S&P may say that's not such a safe investment. If you wanted to invest in Apple Computers, S&P would likely rate Apple higher, telling you it's safe.
Well, of course S&P rated all those dangerous, shaky, tenuous, mortgage-backed investments which were backed up by undocumented loans and borrowers who couldn't afford them, and which eventually crumbled, bringing down major investment firms, banks, and the entire U.S. economy with them, as A++ (or whatever their highest rating is). And naturally, everyone including the U.S. Government took S&P's "these are safe--go for it!" recommendation, invested in these mortgage backed securities...and lost their shirt.
So now, the U.S. is suing S&P, presumably for all the money they've had to put out to bail everyone out and insure all the losses.
And this isn't the first lawsuit over these securities. Fannie Mae and Freddie Mac have sued numerous banks for selling them fraudulent, undocumented loans. The investors in the securities themselves have sued the banks and brokers, for selling them the fraudulent, undocumented loans. The investors and banks have sued S&P for the false ratings. Yes, it seems everyone has sued everyone for lying their way to profits, just to fill these faulty mortgage backed securities.
Except for you...the borrower. There is generally no defense in Florida to foreclosure, for being mislead and defrauded in the taking out of your loan. Absent the most extreme circumstances, Joe Borrower can't just say that he was told his loan was safe, told that his property value would go up, or was never told that his income wouldn't be able to justify his payment once it adjusted. The end result will be that "you should have known," and that you were aware of what you were signing when you closed on your loan.
I often hear people say that borrowers "knew what they were doing," and shouldn't have been foolish enough to take out loans so big they couldn't afford them. Why don't those people ask why the investors weren't foolish for investing in these scams in the first place? Why the government wasn't foolish for relying on ratings agencies? Why Fannie Mae wasn't foolish for knowingly turning a blind eye to the products they were purchasing from lenders? In those suits, nobody accuses the big pockets of being dumb or foolish or taking responsibility for their own actions.
The end result is that those with big pockets--investors, banks, trustees, the government--get redress. But you the consumer, have no cause of action. If a bank pays back investors 2 billion for fraudulent loans, that's "justice." But if a bank were to excuse your $200,000 loan for defrauding you, that would be seen as "injustice."
Quite the double standard. There is something seriously wrong with our system...
Questions? Call us at 954 987-0515 or jason@jasonweaverpa.com
Thursday, January 31, 2013
When you WANT the bank to sell your home
Typical situation:
1. Bank gets a foreclosure judgment. The Court says your home will be sold in, lets say, 60 days.
2. You move out (or maybe you were never living in the property, if it was investment property).
3. You think it's over. What you don't know, is that the bank has cancelled the sale. Sometimes, over and over. Now, your property is in "foreclosure limbo"...you have a judgment against you, ordering a sale of the property, while you have moved out....but there's no actual sale date. The property is legally still in your name. And this limbo can last for years.
During this time, the property is getting overgrown. Vandals are painting graffiti on it. The pool is becoming a science experiment. The toilets aren't being flushed. The roof starts to leak. It's an eyesore.
And that means, fines from your city, county, or municipality, which YOU are responsible for, as the legal owner of the property. And unlike the bank, which may not be in a huge rush to collect money from you (although they will eventually), your city will be on you like Magic Shell in the Arctic. And the municipal fines are accruing daily...
And your HOA or Condo Association? Well, you owe those also, as they accumulate for years and years. And even if the bank does sell your home one day, you could still be liable for a money judgment for the HOA dues.
And by the way...if you've done a bankruptcy? Well, all those fines and fees and dues that are being assessed after your bankruptcy, are valid, post-discharge debts, not included in the bankruptcy. So you've now got thousands of dollars in valid, non-discharged, post-bankruptcy debt.
So, if you are out of your property, voluntarily or not, don't just assume you're off the hook. Make sure your property has been sold, and if it hasn't, you may want to push the bank to sell your property. The last thing you need is to have injury added to insult by owing even more money on property when you had thought you'd moved on....
Questions? Call me at 954 987-0515 or email me at jasonweaveresq@gmail.com!
1. Bank gets a foreclosure judgment. The Court says your home will be sold in, lets say, 60 days.
2. You move out (or maybe you were never living in the property, if it was investment property).
3. You think it's over. What you don't know, is that the bank has cancelled the sale. Sometimes, over and over. Now, your property is in "foreclosure limbo"...you have a judgment against you, ordering a sale of the property, while you have moved out....but there's no actual sale date. The property is legally still in your name. And this limbo can last for years.
During this time, the property is getting overgrown. Vandals are painting graffiti on it. The pool is becoming a science experiment. The toilets aren't being flushed. The roof starts to leak. It's an eyesore.
And that means, fines from your city, county, or municipality, which YOU are responsible for, as the legal owner of the property. And unlike the bank, which may not be in a huge rush to collect money from you (although they will eventually), your city will be on you like Magic Shell in the Arctic. And the municipal fines are accruing daily...
And your HOA or Condo Association? Well, you owe those also, as they accumulate for years and years. And even if the bank does sell your home one day, you could still be liable for a money judgment for the HOA dues.
And by the way...if you've done a bankruptcy? Well, all those fines and fees and dues that are being assessed after your bankruptcy, are valid, post-discharge debts, not included in the bankruptcy. So you've now got thousands of dollars in valid, non-discharged, post-bankruptcy debt.
So, if you are out of your property, voluntarily or not, don't just assume you're off the hook. Make sure your property has been sold, and if it hasn't, you may want to push the bank to sell your property. The last thing you need is to have injury added to insult by owing even more money on property when you had thought you'd moved on....
Questions? Call me at 954 987-0515 or email me at jasonweaveresq@gmail.com!
Wednesday, July 25, 2012
THIS IS AN ACTUAL CRAIGSLIST AD
Yes, for those of you who needed more convincing that the debt buying/collection industry is diligently reviewing their files, making sure they are on the top of their game, that their legal filings are legally accurate, and are serious about handling collections cases in the most professional manner....I present to you, an actual CraigsList Ad:
-------------------------------
-------------------------------
We are a collection agency/debt buyer. What we are looking for is a part time attorney to work for us as our corporate counsel, on our payroll, about 5 to 6 hours a week. This is a short term employment arrangement, no longer than 90 to 120 days.
Your job will be to sign pleadings, praecipe for entry of appearances, praecipe for writ of execution, and garnishment orders. Our paralegal will prepare all paperwork for your signature. This is very standard stuff for us.
If you are an attorney looking for challenging legal work, this is not for you. WE DO NOT NEED F LEE BAILEY- we are fee shopping. If you passed your boards with a D+, and you can sign your name, you possess all the credentials required for this job. If this opportunity interests you, please feel free to reply to this email with a brief description of who you are, when you got your law license, and what you will be needing from us in the way of compensation.
Your job will be to sign pleadings, praecipe for entry of appearances, praecipe for writ of execution, and garnishment orders. Our paralegal will prepare all paperwork for your signature. This is very standard stuff for us.
If you are an attorney looking for challenging legal work, this is not for you. WE DO NOT NEED F LEE BAILEY- we are fee shopping. If you passed your boards with a D+, and you can sign your name, you possess all the credentials required for this job. If this opportunity interests you, please feel free to reply to this email with a brief description of who you are, when you got your law license, and what you will be needing from us in the way of compensation.
- Location: Pittsburgh west
- Compensation: to be decided
- This is a part-time job.
- Principals only. Recruiters, please don't contact this job poster.
- Please, no phone calls about this job!
- Please do not contact job poster about other services, products or commercial interests.
Wednesday, July 18, 2012
STRAIGHT SCOOP ON COLLECTORS CONTACTING YOU AT WORK
Can a debt collector call you at work? Usually, no. Here's the straight scoop on what they can and can't do, as far as calling you at work.
-A collector can NOT call YOU at work...if the debt collector knows its inconvenient.
What this means: You need to tell them its inconvenient. You don't need a long explanation. They can't argue with you. A simple "I cant take calls at work" will do. If they hassle you over it, it's a violation. But they need to know that you cant take calls at work. So tell them.
-Even if they can call YOU at work, A collector can only speak to YOU--NOT speak to your employer (or others at your employment, like receptionists, other employees, etc).
What this means: That if the collector speaks to anyone other than you at work, it's a violation. You don't need to tell them that it's inconvenient. That can also include leaving messages on communal voicemails, or emails to accounts that others may have access to. A collector does not need prior notice from you not to do this for it to be a violation.
Except for one exception - A collector can speak to your employer to get "location information,. This means to get your address and phone number, or employer, if the collector doesn't have such information. However, in doing so, the collector must:
1) State that he is confirming or correcting location information, and only identify who he is calling from if requested
2) Not state that any debt is owed, and
3) Only communicate once unless further contact is needed to get the information.
Of course, you can avoid this issue by just making sure the collection agency has your current address and phone number. If, for example, you've gotten letters from the agency, there should be no reason for them to call your workplace. This is why I suggest that you always provide collection agencies your current address and phone number. That way, they are absolutely prohibited from speaking with anyone at your employment for any reason.
Questions? Get in touch with us! (954) 987-0515 jason@jasonweaverpa.com, http://www.unfaircollections.com/.
-A collector can NOT call YOU at work...if the debt collector knows its inconvenient.
What this means: You need to tell them its inconvenient. You don't need a long explanation. They can't argue with you. A simple "I cant take calls at work" will do. If they hassle you over it, it's a violation. But they need to know that you cant take calls at work. So tell them.
-Even if they can call YOU at work, A collector can only speak to YOU--NOT speak to your employer (or others at your employment, like receptionists, other employees, etc).
What this means: That if the collector speaks to anyone other than you at work, it's a violation. You don't need to tell them that it's inconvenient. That can also include leaving messages on communal voicemails, or emails to accounts that others may have access to. A collector does not need prior notice from you not to do this for it to be a violation.
Except for one exception - A collector can speak to your employer to get "location information,. This means to get your address and phone number, or employer, if the collector doesn't have such information. However, in doing so, the collector must:
1) State that he is confirming or correcting location information, and only identify who he is calling from if requested
2) Not state that any debt is owed, and
3) Only communicate once unless further contact is needed to get the information.
Of course, you can avoid this issue by just making sure the collection agency has your current address and phone number. If, for example, you've gotten letters from the agency, there should be no reason for them to call your workplace. This is why I suggest that you always provide collection agencies your current address and phone number. That way, they are absolutely prohibited from speaking with anyone at your employment for any reason.
Questions? Get in touch with us! (954) 987-0515 jason@jasonweaverpa.com, http://www.unfaircollections.com/.
Wednesday, June 6, 2012
PROOF DEBT BUYERS COLLECT ON BAD DEBT (or why you better not assume you owe what they say you do)
There's a common misconception that if a "debt buyer" is collecting a debt, it must really be owed. Say what you will about their tactics, but if a debt's being collected, it's probably owed. Right?
Think again.
Well, first, what's a "debt buyer?" Debt buyers are companies that buy huge portfolios of debt from creditors for pennies on the dollar--kind of a bulk purchase of debt. A debt buyer may buy thousands of overdue debtor accounts from a creditor at once. The debt buyer can then do what it wants with the debt it just bought. It tries to collect, and sometimes, files lawsuits against consumers to collect. Debt buyers often get civil judgments against debtors.
But a civil suit in California has revealed a dirty secret of debt buying (or rather, just confirmed what most of us already knew)--that debt buyers have no idea whether the debt they buy from creditors is legitimate or whether even owed...yet, they collect on it anyway.
The lawsuit that revealed this information was actually a contractual dispute over the purchase of debt between a debt buyer, CACH LLC, and a creditor, Bank of America (BOA), which sold bulk debt to CACH LLC. In the lawsuit it was revealed that in the contract of sale, there was an "as is" clause. In that clause, BOA essentially admitted, in writing, to CACH that some of the consumer debts CACH was buying from BOA (and of course, would eventually be collecting on, and suing consumers for), may have been discharged in bankruptcy, may have been too old to legally collect, may not have had payments applied properly....or may have already been fully paid by the consumer! BOA basically said to CACH about the debt that it was selling, "we can't guarantee the legitimacy of these debts at all," and in fact told CACH that they had no supporting documentation as to the debts at all. And the debt buyer CACH, naturally, said.... "OK."
So CACH then did what any good debt buyer would do knowing that it may be collecting on bad, unowed, miscalculated, unverified or inaccurate debt: It proceeded to collect the debts against consumers in numerous state courts by filing false affidavits (naturally, leaving out the parts about them not having records from BOA and stuff like, oh, not being sure if the debts they had bought from BOA were already paid by the consumers they were now suing).
Of course, BOA and CACH aren't alone in this fiasco; the article cites to many more situations where debt buyers have purchased debts "as is" with no idea if the debts they are buying and collecting on are valid.
We tend to think that if we used a credit card, we owe whatever the debt buyer is seeking to collect. We take for granted all our previous payments have been properly credited. That our contractual interest rate is being calculated correctly. That if we paid our debt in full, collections would have stopped. The general public thinks that everyone getting sued for a debt, must really owe it. But the revelation of debt buyer "as is" clauses, demonstrating the flippant recordkeeping of the debt buying and collection industry tell us otherwise. It's a frank wake up call that collectors and debt buyers often have little respect for the law, and little concern for the accuracy of their records, or for your rights as a consumer.
(the full article appears here http://www.americanbanker.com/issues/177_62/bofa-credit-cards-collections-debts-faulty-records-1047992-1.html?zkPrintable=true)
Questions? Give us a call. (954) 987-0515 or email at jason@jasonweaverpa.com.
Think again.
Well, first, what's a "debt buyer?" Debt buyers are companies that buy huge portfolios of debt from creditors for pennies on the dollar--kind of a bulk purchase of debt. A debt buyer may buy thousands of overdue debtor accounts from a creditor at once. The debt buyer can then do what it wants with the debt it just bought. It tries to collect, and sometimes, files lawsuits against consumers to collect. Debt buyers often get civil judgments against debtors.
But a civil suit in California has revealed a dirty secret of debt buying (or rather, just confirmed what most of us already knew)--that debt buyers have no idea whether the debt they buy from creditors is legitimate or whether even owed...yet, they collect on it anyway.
The lawsuit that revealed this information was actually a contractual dispute over the purchase of debt between a debt buyer, CACH LLC, and a creditor, Bank of America (BOA), which sold bulk debt to CACH LLC. In the lawsuit it was revealed that in the contract of sale, there was an "as is" clause. In that clause, BOA essentially admitted, in writing, to CACH that some of the consumer debts CACH was buying from BOA (and of course, would eventually be collecting on, and suing consumers for), may have been discharged in bankruptcy, may have been too old to legally collect, may not have had payments applied properly....or may have already been fully paid by the consumer! BOA basically said to CACH about the debt that it was selling, "we can't guarantee the legitimacy of these debts at all," and in fact told CACH that they had no supporting documentation as to the debts at all. And the debt buyer CACH, naturally, said.... "OK."
So CACH then did what any good debt buyer would do knowing that it may be collecting on bad, unowed, miscalculated, unverified or inaccurate debt: It proceeded to collect the debts against consumers in numerous state courts by filing false affidavits (naturally, leaving out the parts about them not having records from BOA and stuff like, oh, not being sure if the debts they had bought from BOA were already paid by the consumers they were now suing).
Of course, BOA and CACH aren't alone in this fiasco; the article cites to many more situations where debt buyers have purchased debts "as is" with no idea if the debts they are buying and collecting on are valid.
We tend to think that if we used a credit card, we owe whatever the debt buyer is seeking to collect. We take for granted all our previous payments have been properly credited. That our contractual interest rate is being calculated correctly. That if we paid our debt in full, collections would have stopped. The general public thinks that everyone getting sued for a debt, must really owe it. But the revelation of debt buyer "as is" clauses, demonstrating the flippant recordkeeping of the debt buying and collection industry tell us otherwise. It's a frank wake up call that collectors and debt buyers often have little respect for the law, and little concern for the accuracy of their records, or for your rights as a consumer.
(the full article appears here http://www.americanbanker.com/issues/177_62/bofa-credit-cards-collections-debts-faulty-records-1047992-1.html?zkPrintable=true)
Questions? Give us a call. (954) 987-0515 or email at jason@jasonweaverpa.com.
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