By: Robert J. Nahoum THE PROBLEM: You are surprised to be receiving phone calls and letters from a debt collector; you thought you cleared up all your bad debts years ago. How can they still be contacting you on such old debts? The Rule: In New York, a debt collector must maintain reasonable procedures for determining the statute of limitations […]
Debt Collectors Must Tell NY Consumers if the Debt a Too Old to Collect
When Does the FDCPA One Year Statute of Limitations Clock Start Ticking?
By: Robert J. Nahoum THE PROBLEM: You have been harassed, abused, misled and lied to by a debt collector in violation of Federal debt collection laws called the Fair Debt Collection Practices Act (FDCPA for short). You’ve done your research and learned that you can sue the debt collector for its abuses. However, you’ve also learned that the FDCPA has […]
Must a Debt Dispute Under the FDCPA be in Writing?
By: Robert J. Nahoum THE PROBLEM: You’ve been contacted by a debt collection agency trying to collect a debt but you are certain you’ve already paid it. You tell the debt collector that you are officially disputing the debt? The question you are now asking yourself – is this oral dispute sufficient or must the dispute be in writing? The […]
5 Careless Credit Mistakes Millennials Make
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, […]
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 […]