Stop The Calls Fast

As you can see from my last post I am plowing through the Federal Trade Commission report discussed therein footnotes and all. I need lots of coffee for this. One of the facts that comes out of this report or rather just jumps off the page is the fact that debt collectors fail to inform consumers that if the consumer makes a partial payment on an out of statute or time barred debt that the statute of limitations begins anew making it possible for the debt collector to legally sue the consumer as opposed to before the partial payment when it would have been illegal to do so.  Of course how many consumers would know these important facts?

One of the offenders or entities that does not bother to inform consumers of the aforementioned is Asta Funding more commonly known as Palisades Acquisitions headquartered on Sylvan Ave. Englewood Cliffs, New Jersey. They as a matter of practice buy out of statute debt and attempt to collect on it. How do you feel about a junk debt buyer purchasing a debt that was $10,000.00 when charged off for $500.00 and demanding payment of the whole ten grand plus accrued interest?

Not informing consumers about the consequences of making a payment on an old debt according to the FTC report seems to be a common practice among debt collectors who also seem to have a pious or holier than thou attitude as if they are doing no wrong.

One of the statistical facts coming from this report is that in New York City it is estimated that as much as 95% of the debt collector lawsuits result in default judgments because consumers (defendants) fail to appear or answer the complaints. Debt collectors who participated in round table discussions maintained that the reason defendants failed to answer the complaints was because they had no defense. What a crock!! I find the reasoning coming from debt collectors to border of the absurd or moronic. It certainly is disgustingly self serving.

Finally on a more humorous note last week at a business conference involving social media I met a very interesting fellow. At the cocktail party following the afternoon session he introduced himself to me as a marketer of some product resembling Amway and also a sales representative of a discount legal service. He asked me what did for a living or what my business was. I explained what StoptheCallsFast was to him. He listened and then proceeded to inform me that if you ignored debt collector phone calls and letters that they would never sue you; rather they would just go away.  Well need I say more? I always like to end my blogs with a joke when possible and he was funny. More to follow.

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