Consumer News
Senate Moves to Severely Restrict Payday Loans
Seeking to extend protections afforded to military service members, the Senate could be poised to restrict payday loans for other consumers. The introduced bill, Protecting Consumers from Unreasonable Credit Rates Act, seeks to limit interest rates charged at 36%. If passed it would amend the Truth in Lending Act (TILA) and provide a national usury [...]
DoE Signals that It is Almost Ready to Collect $600 Million in Defaulted Student Loans
Students who borrowed under federal student loan programs and who subsequently defaulted on their loans are about to experience the power of federal government debt collection. In late 2011, the US Department of Education (“DoE”) intended to receive $1.1 billion in defaulted student loans as the guarantor of last resort from lenders, guarantors, and servicers [...]
Lingering Economic Malaise Means Expansion for PRA
Portfolio Recovery Associates LLC, a subsidiary of the publicly-traded Portfolio Recovery Associates, Inc., is a debt collection agency that trades in the junk debt markets. It purchases old, defaulted consumer debts from credit card companies, car finance companies, and others often for just pennies on the dollar. It is a competitor of Asset Acceptance, LLC, [...]
Annuities Are Partially Protected Against Creditor Garnishment in New Jersey
Sometimes a New Jersey consumer may give a sum of money to an insurance company or other entity in exchange for a promised stream of income usually paid monthly (an annuity contract). Other times, an insurance company is given a sum of money on behalf of a consumer to compensate for a personal injury. In [...]
Asset Acceptance Pays Nearly 3 Cents Per Dollar to Control $2 Billion in Consumer Debt
Asset Acceptance Capital Corp. (NASDAQ: AACC), the parent company of the increasingly familiar “Asset Acceptance, LLC,” is a publicly-traded junk debt buyer located in Warren, Michigan. Through its predecessors, it has been in existence in one form or another since 1962. Asset Acceptance is one of the few debt collection agencies where ownership can be [...]
More Consumer News
- Consumer Federation of America Publishes Report Concerning Fraud and Debt Collection Abuses
- Government Accuses National Credit Adjusters of Collecting Usurious and Invalid Payday Loans
- In Introducing EDCAA, the Senate’s Funnyman Al Franken Sees No Humor in Debt Collection Abuses
- Industry Advocate Says 80% of Debt Collectors Use or Will Use Text Messages to Collect Debts
Fair Debt News
Junk Debt Buyer LVNV Funding LLC Busted to the Tune of $12.5 Million Dollars to Resolve Alleged Violations
LVNV Funding LLC is a junk debt buyer, aptly named, because its business model is built entirely … [Read More...]
Federal Appeals Court Upholds Finding that Midland Funding Violated the FDCPA
The consumer allegedly secured a Gateway credit account in Pennsylvania to purchase a computer for … [Read More...]
Consumer Wins Spectacular Victory Against Debt Collector Stock & Grimes
A consumer was alleged to owe a Discover Bank credit card after she defaulted and was unable to pay … [Read More...]
Recent Lawsuits
Discover Bank May Not Be Able to Sue PA Consumers Who Defaulted More than 3 Years Ago
Today, our client won a decisive FDCPA victory against Stock & Grimes, LLP and, indirectly, … [Read More...]
Midland Funding or Pressler & Pressler to Pay A Lot of Money
Our client came to us alleging that the junk debt collector Midland Funding, LLC and its debt … [Read More...]
N.J. Federal Court Enters Judgment Against Collectcorp
Consumer Litigation Group successfully obtained a judgment on behalf of its consumer client against … [Read More...]