Debt Buyers

News & Analysis as of

12 of the Most Aggressive Junk Debt Buyers in Arizona

Over the years I have battled a lot of different junk debt buyers here in Arizona and while the underlying business model is generally the same between them all (they buy charged off debts and sue people), there are some...more

Community Banking Excellence - Issue 4, 2014

In This Issue: - Another Perspective - From the Editor - Executive Compensation: It May be Limiting Your Choices - Community Banks Adding Prepaid Products Face New Imperatives - Discharge, Debt Buyers and...more

Possible Tax Consequences of Debt Settlement

People want to pay their debts. If there is one thing I have learned over the last 11 years of practicing law is that people generally want to pay the debts that they have incurred. People usually hire me when they simply...more

New York Announces New Regulations of Abusive Third-Party Debt Collection Practices

On December 3, New York Governor Cuomo announced that the DFS finalized regulations to help end abusive debt collection practices. The new regulations will (i) require debt collectors and debt buyers to provide enhanced...more

How to Defeat the “Account Stated” Claim in Your Midland Funding Lawsuit

When junk debt buyers like Midland Funding file a lawsuit they often don’t have the evidence and documents they need to prove that you had a contract with the original creditor. Because of this they will often not only sue...more

“But They Owe Someone, Right?” – The Importance of Keeping the Court Focused in Your CACH, LLC Lawsuit

Recently I had oral argument on a Motion for Summary Judgment in a debt buyer lawsuit. During my presentation I was arguing that there was no evidence that my client owed any money to the debt buyer, CACH, LLC. The judge in...more

New York Issues Far-Reaching Debt Collection Regulations

The New York Department of Financial Services (DFS) published its final debt collection regulations on December 3, 2014, following an extensive rulemaking period. The regulations impose requirements on third-party debt...more

Loan to Own: A Potpourri of Bankruptcy Attacks

Colony Beach & Tennis Club Ass’n, Inc. v. Colony Lender, LLC (In re Colony Beach & Tennis Club, Inc.), 508 B.R. 468 (Bankr. M.D. Fla. 2014) – Three affiliated debtors (RMI, CBTC and CBI) proposed a plan of...more

FTC Continues Regulatory Scrutiny of the Debt Buying Industry

The Federal Trade Commission (FTC) recently obtained temporary injunctions against two passive debt buyers, which are companies that buy and sell debt portfolios and exclusively use third-party debt collectors. In complaints...more

Turning the Tables: How You Can Turn Your Debt Collection Lawsuit into an FDCPA Action Against Junk Debt Buyers

With increasing regularity I am seeing clients who initially are sued by a junk debt buyer like Midland Funding, Portfolio Recovery, or CACH, LLC turn the tables on the debt buyer and file a claim for violations of the Fair...more

FTC Settles With Debt Broker That Posted Consumer Financial Information

The Federal Trade Commission (“FTC”) has settled a complaint against consumer debt broker Bayview Solutions, LLC, as well as its principal, Aron Tomko, based on allegations that they had publicly disclosed the personal...more

Non-Direct Auto Lending: Is the CFPB Asserting Jurisdiction over the Capital Markets?

The capital markets should look closely at the proposed rule of the Consumer Financial Protection Bureau (the “CFPB”) to supervise certain larger non-bank automobile finance companies because of the CFPB’s assertion of broad...more

Over 2,900 Junk Debt Buyer Lawsuits Filed in Maricopa County, Arizona in October!

If you have been sued by a junk debt buyer like Midland Funding, CACH, LLC, or Cavalry SPV it can feel like you are the only one dealing with such stressful problems. But the reality is you are far from being alone when it...more

What is the Statute of Limitations on a Credit Card Debt in Arizona?

This question is more tricky than it might first seem. I meet with a lot of people who have been sued by one of the big debt buyers (i.e. Midland Funding, Portfolio Recovery, Unifund, CACH, LLC, etc.) who think that they are...more

Sixth Circuit: Attempt To Collect Statutory Interest Violates FDCPA If Displaced By Contract

In Stratton v. Portfolio Recovery Assoc., LLC, No. 13-6574 (6th Cir. Oct. 24, 2014), the Sixth Circuit reversed dismissal of a putative class action, holding a party’s waiver of statutory interest in favor of a different...more

Debt Buyers Win 94.3% of Their Cases by Default Judgment – How You Can Avoid Being a Statistic

A few years back four consumer advocacy groups did a study on debt buyers’ abusive collection lawsuits in New York City. The findings were pretty shocking. Here is a handful of what they found...more

UDAAP Council Weekly UDAAP Standards Report - 10/29/2014

Every week, courts around the United States issue decisions addressing aspects of civil UDAAP claims. In an effort to illuminate the UDAAP standards, below is a sampling of some of this week’s UDAAP decisions on the...more

3 Ways the System is Rigged Against Consumers

The other day I met with a family who was barely getting by – large family, large amount of debt, and underemployed for eighteen (18) months. For eighteen (18) months the husband had toiled at a job he was overqualified for,...more

California District Court Certifies “Not Inherently Unascertainable” Consumer Class

In addition to the explicit Rule 23(a) requirements of numerosity, commonality, typicality, and adequacy of representation, an implied prerequisite to certification is that the class must be sufficiently definite: that is,...more

Can I Recover My Attorney’s Fees in My Lawsuit with Unifund (or Portfolio Recovery Associates, or CACH, LLC, or Cavalry SPV) ?

Cost is always one of the main concerns when it comes to deciding whether or not you will fight your debt collection lawsuit with Unifund (or Portfolio Recovery Associates, or CACH, LLC, or Cavalry SPV). Most people being...more

Third Circuit Holds that Envelope Revealing Consumer’s Account Number Violates the FDCPA

The Third Circuit Court of Appeals recently held that an envelope revealing a consumer’s account number through a clear plastic window constitutes a violation of the Fair Debt Collection Practices Act (“FDCPA”). In doing so,...more

“It’s Just How Business is Done” – Judicial Bias in Junk Debt Buyer Cases?

This particular case was particularly bad as to the complete lack of evidence. The alleged debt had switched hands at least four times and not a single bill of sale identified a single account. The witness for Midland...more

Midland Funding is on my Credit Report? Will They Sue Me?

Long before debt buyers like Midland Funding file a lawsuit they start the whole debt collection process by showing up on your credit report. Soon after you will receive a letter or two entitled the “Pre-Legal Notification”...more

Don’t Let Debt Collectors Bully You Into a Bad Deal

The other day I had a trial against a junk debt buyer that ended in a directed verdict in favor of my client. This means that the court found that the junk debt buyer had put forth so little evidence that it was unnecessary...more

CFPB Releases Report on Fair Credit Exams and White Paper on Proxy Methodology

Along with its proposed larger participant rule for the auto financing market, the Consumer Financial Protection Bureau issued a special edition of Supervisory Highlights (the "report") describing its fair credit supervisory...more

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