Debt Collectors Lie – Here’s a favorite.
August 12, 2009
If you are negotiating your own settlement with a debt collector, beware of this common lie. Here’s how it goes: Let’s say the collector is seeking $5000 from you. You negotiate a 65% lump sum settlement and are pleased to get it over with for that price. The collector takes a check over the phone for $3250, and tells you that settles the case. “Can you send me something in writing?” you ask. “Sure. I’ll send something out as soon as the funds clear.”
The New Credit Card Law: Are We Really Alright?
August 5, 2009
President Obama recently signed into law a major new credit reform bill which, among other things, limits the ability of credit card issuing banks to crank up your interest rates, imposes restrictions on over-limit fees, mandates a minimum 21 days to make payment, and provides more transparency regarding payment terms and deadlines. All good.
But you don’t get something for nothing in politics, or in banking, unless you’re a CEO. So here’s the price we’ll have to pay for our new credit card protections:
RIP National Arbitration Forum. But what’s next?
August 1, 2009
The National Arbitration Forum, a Minnesota based swindle-mill, recently agreed to end its consumer arbitration scammery in response to a lawsuit by the state attorney general alleging massive consumer fraud. It seems that some of the debt collectors who relied on the NAF to render unbiased consumer arbitration awards in their favor, actually owned the company. Didn’t disclose it though. Imagine that. So after fleecing consumers for years, the NAF finally packed up and left the barn.
