Ah, one of my favorite topics: payday loans. Reuters is reporting that the payday lenders are making the housing crisis worse. Some disturbing facts from the story: In one section of Cleveland, banks have been replaced by payday lenders; Ohio…
Posts Categorized In: News
California Debt Blog: FTC Releases New FDCPA Report
The Federal Trade Commission just released its annual report on the Fair Debt Collection Practices Act. This report has some interesting tidbits: Debt collection complaints are the #1 type of complaint the FTC receives; Total number of complaints in 2007…
California Debt Blog: The Softer Side of Debt Collectors?
I remember a few years ago when Sears had the slogan “The Softer Side of Sears.” Very cute. Well, apparently, the debt collection industry wants to show its softer side. According to Walletpop, a website I admit to not having…
California Debt Blog: Zombie Debt III: Still There!
I have written about zombie debt a few times. This is a fascinating topic to me. Imagine – people with no proof you owe anything still demanding you pay them. And these people are serious about it. And if you…
California Debt Blog: Debt Collector Using Illegal Tactics
News10 in Sacramento reported on a debt collector, Jeff McCoon, who is alleged to have used illegal liens to get people to pay on debts. Apparently, Mr. McCoon is facing 132 felony charges in Orange County this summer. His illegal…
California Debt Blog: More Information on Zombie Debts
I wrote before about zombie debts. Now Clark Howard posts this on his useful website: “SCAM ALERT: Zombie debt is a lucrative and illegal part of the debt-collection world that Clark wants to warn you about. Scavenger collectors buy up…
California Debt Blog: Zombie Debt II: The Return
No, it is not the latest movie that is going to be written because all of the good movie writers are on strike. Rather, there is a great, new article on zombie debt from Richard Dalton at Newsday. Dalton writes…
California Debt Blog: How cheap is that debt in the window?
Have you ever wondered how collection agencies can offer you 50%, 60% or more off of your debt and still make money? The answer: the price of buying a debt. Hypothetically, assume you have a $1,000 debt. The collection agency…
California Debt Blog: DA Debt Collector Can Be Sued
In an interesting case out of California, the Federal 9th Circuit ruled that a debt collection company that collects debts on behalf of several counties can be sued. (Thanks to the San Jose Mercury News for this story.) The debt…
California Debt Blog: Foreclosures on the rise in California
Dale Kasler at the Sacramento Bee has written an interesting article on the state of real estate. The headline, “Foreclosures soar to state record,” tells the entire story. Foreclosures statewide in California are up 565%. In the Sacramento region, foreclosures…