A survey released by the Consumer Financial Protection Bureau (CFPB) claims most consumers feel threatened by debt collectors. According to the CFPB director, debt collection harassment generates more complaints than any other consumer issue. In the survey, the CFPB asked consumers to specify what their complaints were against collectors. The results are unsettling because they suggest collection agencies are ignoring the Fair Debt Collection Practices Act (FDCPA). One in four consumers reported feeling threatened by collection agencies. Three in four claim requests to cease contact were ignored. Thirty-six percent of survey respondents claim they were contacted between 9 pm and 8 am. Fifty-three percent claim they were contacted over debts that did not belong to them, or for the wrong amount of debt. Another 40 percent claim they were repeatedly called by the same debt collector. How Can You Fight Back Against Debt Collection Harassment? You have rights under the…
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A Central Florida “debt relief counselor” recently filed for Chapter 7 bankruptcy, listing more than $100 million in liabilities. The “counselor” became infamous for launching a debt relief law firm that was later shut down for fraud. An Alabama circuit judge called it “one of the largest debt settlement scams in the nation.” Earlier this year, the fraudster behind the scam received a $107 million judgment. He is now filing Chapter 7 bankruptcy to seek protection from the claim. How did the scam work? Thousands of people sought help from the fake debt relief law firm. Instead of paying creditors, the fraudulent firm kept most of the money. This firm offered legal services, but did nothing for customers. Debt relief scams are common. The Federal Trade Commission has warned consumers these companies target people with excessive debt, and promise to settle with creditors. Debt settlement scams offer to settle what…
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Banks sometimes receive a bad rap for shady practices like issuing overdraft fees or predatory loans. Imagine if your bank went a step further by opening fake bank and credit card accounts in your name so it could improve sales quotas. The Consumer Financial Protection Bureau fined Wells Fargo $100 million after it was discovered bank employees had opened two million bank accounts for customers without their permission. This includes 565,000 fake credit card accounts that had not been authorized by customers. Wells Fargo will also pay another $85 million in penalties to the Office of the Comptroller of the Currency and the City of Los Angeles. Customers will also receive refunds. An investigation revealed 14,000 of the fake accounts accrued $400,000 in fees. For some customers, these fees and credit inquiries could have long-term financial consequences. What Could Happen to Affected Wells Fargo Customers? Lower credit scores: Each time you…
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*Credit card payments will not be accepted for bankruptcy cases, unless pre-approved by The Sader Law Firm. If you have a question about a credit card payment, please call our Office Manager at (816) 561 1818.
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