Carrying past due debts can have many consequences, but one of the worst is the non-stop phone calls from debt collectors. People with past due debts may begin to recoil in horror every time the phone rings. Borrowers in the US are protected by the Fair Debt Collection Practices Act (FDCPA), which governs how collection agencies can interact with people who owe past due consumer debts. However, the protections under the FDCPA are not perfect, and some lawmakers are seeking changes. Debt collectors working on behalf of federal agencies, such as the IRS, will exploit legal loopholes and bypass some of the restrictions found in the FDCPA. Past due taxes, parking tickets and other government debts are not considered ‘consumer debts’, meaning it is much more difficult to enforce protections found under the FDCPA. To help prevent harassment from debt collectors contracted by the federal government, two U.S. Senators have…
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Defaulting on debts can lead to credit collection agencies calling your home and mobile phone constantly, causing great amounts of frustration. In extreme cases, debt collectors will use threatening language, call at late hours of the night, contact you at work and give misleading statements. Under the Fair Debt Collection Practices Act, these actions are illegal and give you options for fighting back. Document harassing phone calls and illegal actions by debt collectors. Create notes every time they call, and if possible, have another person present. When debt collectors use mafia tactics, it is time to file complaints with the Federal Trade Commission or your state Attorney General’s Office using any information you have collected. If you really want to be heard, it cannot hurt to contact both. If enough people have complained about the collection agency, it is possible the FTC or Attorney General will take action. Hire an…
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The Consumer Financial Protection Bureau (CFPB) has publicly released thousands of complaints filed against banks, credit card companies and other financial institutions. Over 7,700 complaints are now part of an online database of people who wanted to air their grievances publicly. Although the CFPB does not vet the posts before they go into the database, some of the stories show tales of horrendous abuse by financial institutions. In some of the stories, posts describe credit card companies attempting to collect nonexistent debts, collection agency harassment and threats of legal action against consumers. One woman wrote about her young son being given a credit card with a $4,500 limit. Some bank industry leaders have criticized the move as being a “public shaming” of banks and other financial institutions. However, if the stories of attempts to collect nonexistent debts and harassment are correct, the complaints are justified. According to the CFPB, they…
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