A debt collector has reached a deal with the Federal Trade Commission to pay $1 million in penalties. Debt collection companies named National Attorney Services and National Attorney Collection Services were not actual law firms and did not have any lawyers on staff. Despite these facts, the companies “threatened lawsuits and or imprisonment via text messages, phone calls and regular mail to borrowers of payday loans and other financing targeted at Spanish speakers.” The FTC said these companies “broke consumer protection laws” because they did not reveal themselves as debt collectors.
Read the full article at the Arizona Daily Star here: http://azstarnet.com/business/investment/personal-finance/debt-collector-to-pay-million-penalty-for-threats-misrepresentations/article_84bc46c2-bd90-5d8d-9011-64ec619b1029.html
Often those threatened with collection lawsuits are in vulnerable positions. They don’t know who to believe and are intimidated by the collection company’s tactics. Make sure that your rights are fully protected and the debt collectors are complying with the law by contacting a debt settlement attorney today.