Debt Elimination Can Stop Debt Collectors in Their Tracks

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Debt Elimination can stop debt collectors in their tracks

Consumer Debt $2 Trillion

America's appetite for borrowing money bloats U.S. consumer debt to a record high almost every month. As of September 2006, the tab stood at $2 trillion and was spurting at an annual rate of 10 percent. Through good times and bad, spending tomorrow's dollars today never goes out of fashion.

But all that borrowing produces a lot of financial heartburn. Every year, banks, retailers and other consumer lenders write off more than $70 billion in uncollectible debt, mostly hopelessly overdue credit-card balances. From there, the debts are bundled for auction and purchased by companies that pay next to nothing for the opportunity to take one more shot at collecting from debtors.

It is through that process that about $9 billion in secondhand debt has landed in the offices of third party debt collectors.

They Cannot Collect One Penny!

If you see "charge off" on the account they are trying to collect on your credit report it is illegal for these debt collectors to collect one penny. The original creditor took the bad debt as a loss when they filed their income tax and got a credit benefit from the IRS. See: Bad Debt Expense and Allowance for Bad Debt

A decade ago, few creditors tried to collect on old accounts, figuring it wasn't worth the effort.

Today, however, collecting on old debts is a rapidly expanding industry. Aggressive companies can buy charged-off credit card accounts from the original lenders for pennies on the dollar or less. Then, they use credit-scoring and other new technologies to identify which debtors are most likely to pay. The players in this "junk debt" market range from fly-by-night outfits to well-established companies funded by Wall Street investors.

It's a business that's exploded in recent years as collectors discover gold in old bills. Debt buyers are expected to snap up $110 billion in face value of delinquent debt this year, said Paul Legrady, director of research for Kaulkin Ginsberg, a company that advises the debt collection industry. That's twice what was purchased in 2000.

Sleazy New Debt Collector Tactics

It may not be your debt, but it could be your problem. Collection agencies are bullying blameless consumers into paying debts they never owed.

Wolpoff & Abramson Defense

We have perfected a defense against the 4th "worst debt collection agency in the United States," Wolpoff & Abramson.

Debt Collectors: What You Can Do to "Get Them Out of Your Life"

Here you will find ingenious tricks and traps that can be used by you to win your case against the debt collectors.

Debtors Rights

A federal statute known as the Fair Debt Collection Practices Act (often called the "FDCPA") gives you specific legal rights to sue debt collectors who unlawfully threaten, berate, intimidate or harass you; call you during odd hours, make false representations about the debt or their intentions, or otherwise act in ways proscribed by the act (and there are many).

Stop Debt Collectors

Most debt collectors are not internal debt collectors at banks or loan companies but third party debt collectors working for collection agencies. It's their job to get results. It may not be your debt, but it could be your problem. Collection agencies are bullying blameless consumers into paying debts they never owed.

Using the Fair Debt Collection Practices Act Against Debt Collectors.

The Fair Debt Collection Practices Act (FDCPA), 15 U.S.C.1601 is a federal statute, which regulates debt collection practices. The statute seeks to protect consumers and prevent abuse in their interaction with debt collectors. This act covers debt collectors and lawyers who do regularly collect debts (Before 1986, lawyers were excluded).

Debt Collector

A person who works in the in-house collections department of an original creditor or a collection agency to track down debtors and get them to pay what they owe. Debt collectors can be relentless, often using scare tactics, humiliation and repeated phone calls to extract payments or promises to pay.

Third Party Debt Collector

The Fair Debt Credit Practices Act (FDCPA) is a strict liability Congressional Act created to help keep third party debt collectors from engaging in debt collection practices that are abusive, misleading, false, deceptive or violate your right to privacy. But what defines "third party debt collector"?

Well, in the case of Heintz v. Jenkins, 514 U.S. 291 (1995) the Plaintiff sued a Bank on the basis that the Banks law firm violated the FDCPA by sending her a correspondence in attempt to collect a debt amount on behalf of the Corporation Bank, not owed and the Court agreed.

Traditionally, we think of a "third party" entity as being someone other than an employee of the creditor (the person owed the money). However, in Henitz the United States Supreme Court made a surprising landmark ruling that holds Attorney's strictly liable in the capacity of a debt collector even if he or she is an employee of the creditor. Don't get too excited here.

In August 2005, Congress amended the Act to include a clause for Attorney's to try and argue out of being held strictly liable in so far as having an "incidental fiduciary duty or relationship" with the creditor, which comes automatically in their duty of loyalty to their client, i.e. the creditor.

What is plainly visible is that Federal Courts take the words "strict liability" very seriously when enforcing the FDCPA. In essence, it is a Congressional Act with a serious bite even in its' 2005 amended form.

Credit Repair Is Your Right under the Law

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