By: Robert J. Nahoum THE PROBLEM: You have just been served was a summons and complaint. Cypress Financial Recoveries, LLC is suing you for an old debt. WHO IS CYPRESS FINANCIAL RECOVERIES, LLC?: Cypress Financial Recoveries, LLC is an infamous “debt buyerâ€, buying up portfolios of old debt from banks, credit card companies, hospitals, doctors, cell phone companies and car […]
Sued By Cypress Financial Recoveries, LLC In New York or New Jersey?
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 […]
What is the Debt Collection Statute of Limitations in New York?
By: Robert J. Nahoum THE PROBLEM: A debt collector has been sending you letters, calling you on the phone and may have even sued you. It’s been like pulling teeth to get the debt collector to explain what the debt is and where it came from. As it turns out, the debt collector is not the company that originally extended […]
“Bad Paper” is a Decent Start
By: Robert J. Nahoum A new book entitled “Bad Paper†by journalist and author Jake Halpern has introduced his readers to the seedy and often criminal side of the debt collection industry. Through accounts of ex-con debt collectors strong-arming consumers and intimidating competitors, Halpern illustrates the worst players in a very dirty debt collection business. Bad Paper has gotten a […]
What’s The Difference Between A Loan Servicer And A Debt Collector?
By: Robert J. Nahoum Federal debt collection laws known as the Fair Debt Collection Practices Act (FDCPA for short) regulates the collection of consumer debts by third party debt collectors.  The FDCPA precludes debt collectors from using false, misleading, deceptive and harassing debt collection tactics. A “debt collector†is defined under the FDCPA as “any person who . . . […]
How To Ensure Debt Collection Lawyers Obey The Law
By: Robert J. Nahoum Federal debt collection laws known as the Fair Debt Collection Practices Act (FDCPA for short) regulates the collection of consumer debts by third party debt collectors.  The FDCPA precludes debt collectors from using false, misleading, deceptive and harassing debt collection tactics. A “debt collector†is defined under the FDCPA as “any person who . . . […]
Subsequent Debt Collectors Must Provide FDCPA Validation Notice
By:Â Robert J. Nahoum THE PROBLEM: The debt collection industry moves fast – a debt collector calling you today may be different from a debt collector that called you the previous week trying to collect the very same debt. Â How do you know who you are dealing with? THE RULE: Federal debt collection laws, known as the Fair Debt Collection […]
Could Stronger State Debt Collection Laws be Coming to New York State?
By:Â Robert J. Nahoum On May 28, 2014, the New York State Assembly passed a series of bills aimed at debt collectors. Â Included in the proposed laws is an enlargement of disclosure requirements to consumers, stronger court filings requirements and in debt collection lawsuits and a mandatory statewide licensure for debt collectors. The Assembly is committed to doing whatever we […]
Five Ways to Stop Debt Collector Harassment
By: Robert J. Nahoum Whether it’s mounting credit card debt, unexpected medical bills or even defaulted student loans, when you fall behind on your bills, the debt collectors will harass you. Understandably, anyone who has dealt with debt collectors feels abused, harassed and bullied. This is due in large part to the heavy-handed tactics of the debt collection agents. Most […]
A Free Pass From Washington For Debt Collection Attorneys On Misleading Consumers?
By: Robert J. Nahoum U.S. Senator Pat Toomey (R-Pa.) introduced a bill, with bi-partisan support, that would exempt debt collection attorneys from compliance with federal debt collection laws known as the Fair Debt Collection Practices Act (FDCPA) during specific litigation related debt collection activities. Sen. Toomey’s bill would “amend the Fair Debt Collection Practices Act to preclude law firms and […]