Tag Archive | "Debt Collection"
Can I Get Served at Work?
On the list of embarrassing things, getting served with a lawsuit has to be near the top (right below having your ex show up at your wedding or losing control of a bodily function in public). But is it illegal? Unfortunately, no. According to Rule 4(e)(1) of the Colorado Rules of Civil Procedure, a lawsuit can be [...]
Continue reading...Colorado Man Goes to Prison for Lying on Loan Application
Friday, April 30, 2010
Seems like no big deal, doesn’t it? What harm could there be in lying on a loan application? While the story below does seem pretty severe, if a lender finds out that you lied on a loan application, there will be consequences. You could lose your loan or be sued for the amount of the [...]
Continue reading...What to do if You Can’t Make Your Mortgage Payment
Friday, April 30, 2010
The Federal Trade Commission has some helpful tips if you feel like you’re on the verge of being unable to make the payments on your home: Know Your Mortgage Do you know what kind of mortgage you have? Do you know whether your payments are going to increase? If you can’t tell by reading the [...]
Continue reading...Three Lawyers Banned from Collecting Debts in Colorado
Thursday, March 11, 2010
Colorado Attorney General John Suthers announced March 9th that attorneys from the Consumer Protection Section have reached a settlement with attorneys Jack H. Boyajian, Marvin Brandon and Karen Nations, their four law firms and one associated business barring them from violating Colorado’s debt-collection and consumer-protection laws. The consent decree, approved Monday, March 8, by a Denver [...]
Continue reading...States Consider Ban on Employee Credit Checks
Monday, March 8, 2010
Tough economic times have a way of compounding problems. What happens when the unemployed can no longer pay all of their bills? Unfortunately, a debtor’s story of woe is probably not going to be enough to keep a creditor from reporting late payments or an account in default. When that happens, finding a job with [...]
Continue reading...Colorado Attorney General Sues Credit Repair Company
Tuesday, February 23, 2010
It’s bad enough to reach the end of your rope in dealing with your debt. You don’t need to feel like you’re going to be pillaged by someone who tells you they can help. So called “credit repair” companies seem to do more harm than good. In my experience, they’re no better than negotiating a [...]
Continue reading...The Cost of Payday Loans
Monday, February 22, 2010
The Denver Post has a story about a proposed bill that, if enacted, would limit the interest that payday loan makers could charge. The bill would cap interest at 36%. Borrowers can now get hit with interest rates of up to 300% under a convoluted interest schedule. While taking out a loan for $400 and [...]
Continue reading...New Credit Card Law Goes in Effect February 22
Tuesday, February 16, 2010
The Credit Card Accountability Responsibility and Disclosure Act of 2009, goes into effect next week on February 22, 2010. While the Act is supposed to protect consumers from getting in over their heads, I have to wonder if it’s going to. I don’t think it’s going to keep people who are desperate for credit, [...]
Continue reading...What Happens When a Creditor Makes a False Credit Report?
Monday, February 15, 2010
Maybe this has happened to you: You pay off a credit card. The credit card company reports to a credit bureau that you are delinquent on the debt. You dispute the report. The credit card company corrects the report. Then it happens three more times. The credit card company reports default. You dispute. Credit [...]
Continue reading...Can a Debt Collector Call My Boss?
Wednesday, February 10, 2010
Lately, your phone has been ringing non-stop. Your credit card company is calling and wants to know when they are going to get paid. Even worse, they’ve started calling you at work. Can they talk to your boss or co-workers? Human resources? It depends. Generally, without the prior consent of the consumer given directly to [...]
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Thursday, May 13, 2010
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