The FCPB has recently launched an investigation into third party collection companies which purchase debts from creditors then vigorously pursue judgments against debtors. According to reports, banks are assisting collectors in obtaining faulty judgments by not providing all of the necessary information to the debt buyers. These debt buyers then turn around and file law suits against debtors and obtain judgments without ever having all of the necessary information to prove the debt exists. These judgments are then used to garnish wages and levy bank accounts.
Working with an experienced debt settlement attorney can greatly increase the chances of avoiding a judgment, and not being held responsible for debts that are inaccurate. An attorney can force the collector to validate the debt, and in cases where collectors are not able to, can obtain a favorable settlement for their client. Many people do not know how to respond to law suit, or are intimidated and do nothing. A debt settlement attorney can file the necessary answers and can ensure that their clients are properly represented.
Latest posts by Kevin Fallon McCarthy (see all)
- Public Servants’ Second Chance at Federal Student Loan Forgiveness - April 10, 2018
- CREDIT CARD LOSS FOR SMALL BANKS AT AN EIGHT YEAR HIGH - March 22, 2018
- Rise of the Jumbo Student Loans - March 17, 2018
- Credit Card Market: Now and Then - February 23, 2018
- Make Your Credit Cards Work for You - January 23, 2018