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 […]
What is a Deficiency Balance?
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. Â 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 […]
What Does it Mean to be “Sent to Collections”?
By: Robert J. Nahoum I have often heard consumers tell me that they have been “sent to collections†or that a creditor has threatened that if a payment is not made, he or she will be “sent to collectionsâ€?  I think at one time or another we’ve all heard this threat but what exactly does it mean? What happens at […]
Bock v. Pressler & Pressler – 4 Seconds is Not Meaningful Attorney Review
By: Robert J. Nahoum Federal debt collection laws known as the Fair Debt Collection Practices Act (FDCPA for short) protects consumers from unscrupulous debt collectors. The FDCPA establishes a general prohibition against the use of “false, deceptive, or misleading representation or means in connection with the collection of any debt.” The various subsections of the FDCPA, sixteen in total, provide […]
Debt Collection Calls To Your Cell Phone?
By: Robert J. Nahoum THE PROBLEM For so many people these days, the cell phone is the primary means of telephonic communication. Many people don’t even have landlines any more. However, cell phones are different from landlines in a variety of ways the most important of which is that most cell phone plans apply per charge calls or per minute […]
The FTC Has Published a Debt Collector S#@t List
By: Robert J. Nahoum The Federal Trade Commission (FTC) is the “nation’s consumer protection agencyâ€. Among its many duties, the FTC enforces federal debt collection laws known as the Fair Debt Collection Practices Act (FDCPA for short). The FDCPA regulates the conduct of third party debt collectors and prohibits them from using abusive, unfair, or deceptive practices to collect from […]