Recession Finds Banks Collecting Debts More Aggressively
banks-collecting-debt-more-aggresively collections
Recession Finds Banks Collecting Debts More Aggressively
While economists continue to disagree on whether the U.S. economy is ‘formally’ in a recession, banks apparently believe that it is and have stepped up their debt collection processes as a result. In fact, some of the largest banks in the country are getting downright aggressive.
Why you may get that collection call earlier.
Some of the largest banks in the nation such as Citigroup and Bank of America have reportedly stepped up their debt collection practices by hiring more collection representatives and by contacting late paying customers much earlier and more frequently than they would have in the past. Economists say that due to the troubles in the lending market, financial institutions which also extend credit are feeling the crunch and doing everything in their powers to collect on that debt – and they’re getting creative.
Gift cards, online plans & special incentives
According to a recent article in the Wall Street Journal, banks are increasingly finding it more difficult to contact their debtors by phone due to caller id telephone systems. As a result, some banks are sending debtors gift cards that can only be activated by calling the company – and forcing them to talk with a representative.
Others are providing websites that allow you to pay your bill or work out a payment plan online to avoid having to talk with a collection representative. Still others are providing special, and quite substantial, incentives to those who owe a great deal of money or are severely past due on their account such as agreeing to accept less than is due if payments are made now. However, some banks are simply selling their accounts to debt buyers who, instead of offering a free gift, may use harassing tactics to get you to pay.
How debt buyers operate
According to Steve Recordon, an attorney from San Diego, California whose firm represents individuals who have been sued or harassed by debt buyers, “Sellers will sell their debt, or account, for pennies on the dollar depending on the age of the account. The older it is, the cheaper it is. I’ve seen some that have been sold for a-half a cent on the dollar.”
“For example, let’s say that [a credit card company] has an account that’s not being paid. It then goes into default, and [that company] tries to collect. If [it's] unable to collect, [it] sells the account to a debt buyer. Debt buyer No. 1 picks it up and tries to collect. If they’re unable to collect, they’re going to sell it to Debt Buyer No. 2.” Recordon says that the tactics that these debt buyers use also get progressively worse the further down the line the debt goes – including tactics such as calling co-workers, neighbors and showing up at your home.
While it would be better to get a gift card, chances are that you may be getting calls from debt buyers instead. If you’ve been sued or harassed by a debt buyer / collection agency, contact an attorney whose practice focuses in this area of the law to discuss your situation. Consultations are free, without obligation and strictly confidential. To contact an experienced attorney, please click here. We may be able to help.
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1. Pal, PK, et al: Manganese neurotoxicity: a review of clinical features, imaging and pathology. Neurotoxicology; 1999:20:227-38 2. Mergler D, Baldwin M: Early manifestations of manganese neurotoxicity in humans: an update. Environ Res. 1997; 73:92-100
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Debt Buyers: A New Breed of Collection Agencies That Will Do Anything to Collect a Debt
debt-buyers collections
Debt Buyers: A New Breed of Collection Agencies That Will Do Anything to Collect a Debt
There have always been creditors and debtors. In the old days, the creditor was also the debt collector if the debtor didn’t pay back the money or pay for their goods or services. Today, many debts are sold to private companies called debt buyers who, unfortunately, will do anything to collect a debt – including breaking the law.
Why are debt-collection practices an issue in today’s society?
To answer this question, we asked Steve Recordon, an attorney from San Diego, California whose firm represents individuals who have been sued or harassed by debt buyers. In a recent interview, he explained what used to happen and what happens today:
What used to happen. In the old days, collectors rarely used strong arm tactics or threats to collect the debt. They would typically send out collection letters, which are now called dunning letters. After that, they would graduate to phone calls. That’s how the collection process should work, and in does work, in most situations – but not all. Initially, if the original creditor couldn’t collect, then he would sometimes sue, and if he didn’t want to do that, if it was a business decision not to sue, then the debt would just die a natural death.
What happens today. What’s happened now is that we have the original creditor selling the debt to what we call a debt buyer, then, the debt buyer, owning the debt, going after the debtor personally. This has really been a phenomenon that started back in the early 1990s. Over the years, debt collection has become big business – and because it’s big business, you have both the good and the bad. Unfortunately, it’s loaded with abuses for the bad.
The Fair Debt Collection Practices Act: What is it and how does it work?
The Fair Debt Collection Practices Act (FDCPA) is a federal statute that was enacted by Congress in 1978 when the Federal Trade Commission started getting swamped with complaints by consumers about debt collection and the abuses that some debt collectors use to collect debts. The Act is designed to police the collection industry because the federal government just didn’t have the resources.
Recordon explained how attorneys become involved in FDCPA cases:
The collection industry got so big that the government simply couldn’t do it themselves. So, part of the Act contains a private attorney general provision which means that if the debtor is being harassed under the Act, meaning the Act has been violated, the debtor can have an attorney sue the debt collector and the debt collector has to pay the attorneys’ fees for the debtor.
Since a debtor normally doesn’t have the money to pay his debts, he certainly doesn’t have enough to pay an attorney. However, this provision shifts the burden to the debt collector and allows the private attorney general part of the statute to kick in allowing attorneys like me to enforce the FDCPA.
If you’ve been sued or harassed by a debt buyer / collection agency, contact an attorney whose practice focuses in this area of the law to discuss your situation. Consultations are free, without obligation and strictly confidential. To contact an experienced attorney, please click here. We may be able to help.
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