By: Robert J. Nahoum In a recent survey 30% of millennials said they would sell a body part to pay off student debt. The absurdity of this statement certainly highlights the tremendous attention given to the student debt crisis facing millennials. Weighed down by hefty student debt, any hopes millennials have of ever buying a home, getting a car loan, […]
5 Careless Credit Mistakes Millennials Make
Midland Funding and Portfolio Recovery Settle Wrongful Debt Collection Claims With the CFPB
By: Robert J. Nahoum THE PROBLEM: On September 9, 2015, government watchdog the Consumer Financial Protection Bureau announced that it had reached a settlement with infamous debt buyers Midland Funding and Portfolio Recovery over illegal debt collection practices. According to a statement released by the CFPB: “Today the Consumer Financial Protection Bureau (CFPB) took action against the nation’s two largest […]
What is an FDCPA Venue Violation?
By: Robert J. Nahoum THE PROBLEM: Debt collectors usually sue consumers in the courts where the consumer lives. This is true because the law requires. However, from time-to-time, there are debt collection lawyers out there that file suits in locations other than where the consumer lives to suit its own needs. This is not allowed. The Rule: In legal jargon, […]
Are Pension Benefits Exempt From Debt Collection?
By: Robert J. Nahoum THE PROBLEM: After falling on hard times debt collectors have been after you, some have even sued. A judgment has now been entered against you. You are on a fixed budget and your only sources of income are social security and pension benefits? You’re now wondering if the debt collector levy on your pension to satisfy […]
What is a Deficiency Balance?
By: Robert J. Nahoum Secured debts are debts in which collateral (property) has been pledged as security for payment of the money lent. The two most common examples of secured debt are mortgages on home loans and title liens on car loans. In each case, if the consumer defaults on the loan, the bank can take the property and resell […]
The Federal Trade Commission Publishes Statements on the Debt Buying Industry Including a List of Banned Debt Collectors
By: Robert J. Nahoum In a blog post, the Federal Trade Commission published important statements about the debt buying industry and its efforts to self-regulate including a list of 75 debt buyers banned from participating in the debt collection industry. Below is a reprint of the post prepared by Reilly Dolan, the FTC’s Associate Director, Division of Financial Practices . “Last year the FTC […]
Does the FDCPA Cover Money Owed to the Government?
By: Robert J. Nahoum THE PROBLEM: You’ve been getting endless debt collection calls from a debt collection agency trying to collect a government resulting from a speeding ticket, a housing code violation, a criminal fine or even an overdue library book penalty. The debt collector has been harassing you with incessant calls, false threats and misleading information. Can you sue […]
Are Debt Collectors In New York Required To Communicate In Spanish?
By: Robert J. Nahoum THE PROBLEM: With more than 37 million people in the Unites Stated speaking Spanish, it has become the most commonly spoken non-English language in the United States. The number of Spanish speakers up 233% since 1980 making Spanish speaking in the U.S. the fastest growing language used. In fact, the United States is now the fifth […]
What is a Class Action Consumer Lawsuit?
By: Robert J. Nahoum Consumer lawyers are, as the name implies, lawyers who focus their practices on consumer issues. What are consumer issues? Consumer issues are those legal issues that arise when regular people (as opposed to businesses) go out into the market place to buy goods or services. For example – buying a car, getting a mortgage to buy […]
Are Debt Settlement Companies Against The Law In New York?
By: Robert J. Nahoum THE PROBLEM: Being overwhelmed by debt is an all too common occurrence. You lost your job, your hours got cut or maybe you just got behind on bills, whatever led you to this point, your debt has become more than you can handle. These days we are inundated with advertisements for debt settlement – we hear […]