Oak Park Real Estate & Estate Planning Blog

While many Americans do suffer from legitimate debt problems and worry about being harassed by debt collection agencies, others often are falsely targeted by debt collectors. Regardless of whether you owe the debt or not, you don’t deserve to be harassed by creditors, and you have certain protections under the Fair Debt Collection Practices Act .  According to an article in The Morning Call , the Consumer Financial Protection Bureau (CFPB) plans to consider new rules aimed at “protecting consumers from unfair and harassing debt collectors.” In fact, the CFPB has asked consumers to provide it with information about their debt collection experiences, which it will use to “determine what rules would be appropriate to protect consumers who are subject to debt collection,” according to a news release from the CFPB. What led to the CFPB’s interest in new rules for debt collection? And how will they work? Who’s Being Targeted by Debt Collectors? The CFPB’s heightene...

Just before the turn of the new year, an article in the Wall Street Journal reported that consumer debt has “picked up” substantially in previous months. In most cases, an increase in borrowing indicates that there’s “stronger consumer demand,” the article reported.  But are old debts being repaid? During the same third-quarter period, more Americans “fell further behind on repaying the nation’s $1 trillion in student loans.” Statistics from the New York Fed indicate that student loan debt has increased steadily since 2003, when it began to track these borrowing figures.  But is student loan debt different from others kinds of debt? And does increased borrowing actually mean that fewer consumers face the possibility of loan defaults and bankruptcy ? Many Americans continue to deal with debt collection problems. While increased borrowing in some areas might depict an economy that’s bouncing back, it’s important to speak to an experienced Illinois consumer lawye...

Are you concerned about your substantial amount of debt? Are you having difficulty making credit card and mortgage payments? Perhaps you’ve been getting phone calls from debt collection companies such as Midland Funding or LVNV Funding. If so, you might be a primary target for a credit repair scam or consumer fraud . According to a press release from the Federal Trade Commission (FTC), credit repair scams often involve ads that promise consumers a “new credit identity,” or a “fresh start for your credit history.”  Such a prospect might sound pretty good if you’re drowning in debt and being hounded by creditors. However, you’re likely dealing with a credit repair scam, and you could end up paying fines or going to jail if you take them up on their offer. If you’ve being harassed by creditors and are dealing with extensive debt problems, you don’t need to turn to a credit repair scam for relief.   Contact an experienced Chicago consumer attorney today . ...

A recent press release from the Federal Trade Commission’s (FTC) Bureau of Consumer Protection reported that a debt collector violated federal law when they used misleading text messages to collect consumer debt.  The two debt collection agencies, National Attorney Collection Services, Inc. and National Attorney Services LLC, are based out of California.  However, Illinois residents are no strangers to large debt collection companies, such as CACH, Calvary SPC, or Midland Funding. Debt collectors must abide by the Fair Debt Collection Practices Act when they seek to recover money from consumers, and when they don’t, they can beheld liable for their actions.  In the recent FTC case, the California-based debt collector agreed to pay $1 million to settle the charges that involved violations of both the Fair Debt Collection Practices Act and the FTC Act.  If you believe you have been harassed or abused by a debt collection company, you’ll need an experienced c...

Many Illinois residents face debt collection companies regularly, and indeed, Americans have seen a rise in the number of debt collection cases since the recession began.  Even as homeowners face difficulty finding the money to pay their mortgages and other bills, debt collectors aggressively seek payments.  The American Bar Association (ABA) released an article about harmful debt collection practices in the ABA Journal .  In the article, one consumer attorney referred to modern collection companies as “scavengers, buzzards picking at the decaying carcass of a debt.” In many cases, these collection companies harass consumers and use other deceptive or fraudulent practices .  In these situations, it is extremely important to have an experienced consumer attorney on your side. At the Emerson Law Firm , we know how difficult it can be to deal with relentless debt collection companies.  If you believe you have been the victim of an unfair collection pract...

Consumer Finance Protection Bureau Fines Payment Processor According to an article in American Banker , the Consumer Financial Protection Bureau (CFPB) recently charged Meracord LLC, one of America’s “largest payment processors,” with a fine totaling $1.4 million.  The company received the fine after processing about $11.5 million “in illegal upfront fees from consumers on behalf of debt-relief service providers,” the article reported.  While Meracord LLC is based in Washington, there are several payment processors and debt collection companies that operate in Illinois, such as Midland Funding and Portfolio Recovery Associates.  In some cases, debt collectors and payment processors illegally solicit funds from debtors.  As the recent Meracord fine makes clear, these companies can be held accountable if they act in ways that hurt consumers. If you have been harassed by a debt collector or if you believe you have been forced to pay illegal upfront fees...