Oak Park Real Estate & Estate Planning Blog

Have you received calls from a debt collector like CACH, Calvary SPC, LVNV Funding, or Portfolio Recovery Associates about an old debt?  A recent Seventh Circuit decision made clear that debt collectors are going to have to be more careful about collecting on old debts.  The cases involved in the decision were McMahon v. LVNV Funding and Delgado v. Capital Management Services .  Specifically, the Seventh Circuit court explained that dunning letters might be misleading, and thus can violate the Fair Debt Collection Practices Act (FDCPA), in situations where the statute of limitations has run out. Have you been harassed by a debt collector?  Has a collection agency attempted to collect an old debt without letting you know that it’s time-barred?  When the statute of limitations has run out, a debt collector can’t file a lawsuit against you to recover the money you owe.  And if a debt collector like LVNV Funding doesn’t make clear that your debt is...

From March 2nd through the 8th, federal and state governments observe “National Consumer Protection Week,” a designated period to increase awareness about consumer rights and obligations.  According to a recent article in eNews Park Forest , the Illinois Department of Financial and Professional Regulation (IDFPR) has partnered with the Federal Trade Commission (FTC) to help Illinois residents understand the implications of borrowing money, owning a home, having accounts at Illinois depository institutions, and hiring licensed Illinois professionals. The IDFPR has three different divisions to address these consumer issues, including banking, financial institutions, and professional regulation. The IDFPR has a goal to “help prevent fraud an unprofessional behavior by regulating thousands of businesses and by providing assistance to Illinois residents who have had unsatisfactory experiences with professional licensees.” In short, the department teaches consumers about thei...

Have you received a call from a debt collector but you’re certain you haven’t missed any payments?  You could be one of many Illinois residents who have been victims of mistaken identity when it comes to debt collection or a harmful debt collection scam . According to a recent report from the Illinois Public Interest Research Group (PIRG) Education Fund, “debt collectors trying to collect debt from the wrong person were the top source of complaints to the Consumer Financial Protection Bureau.” The recent report, summarized in an Illinois PIRG news release, was the last one in a long series of reports that sought to analyze complaints received by the Consumer Financial Protection Bureau (CFPB).  According to the news release, the CFPB’s public Consumer Complaints Database opened for business, so to speak, to July 2011 and currently accepts complaints about most all “financial products and services.” Have you been unfairly targeted by a debt collection company? ...

While signs continue to point toward economic recovery, many Americans still are dealing with the aftermath of the crisis when it comes to maintaining and repairing credit reports, dealing with debt collection issues, and trying to secure new loans.  Some borrowers, however, might be more likely than others to find themselves unable to obtain a mortgage in the current climate, even if they have always made timely payments and have stayed on top of their debts.  In short, according to a recent report in the Wall Street Journal’s Market Watch , student loan debts are “stopping first-timers from buying homes.”  And for many Illinois residents, these are high debts that are tough to eradicate. As you may know, student loan debts are among the only debts that cannot be discharged in bankruptcy . If you are looking for ways to discharge other current debts you may possess, speaking with one of our Illinois consumer lawyers can help you find a path towards relief. ...

In early March, Illinois and the rest of the country will find itself in National Consumer Protection Week . In “recognition” of this week, Illinois Attorney General Lisa Madigan issues a press release that summarizes an annual “top ten list of consumer complaints .” Last year, the Consumer Protection Division received more than 26,000 complaints from Illinois residents. We’ll have to wait a couple of weeks to have a clear idea about the number and type of complaints from 2013. In the meantime, if you have questions about consumer fraud or debt harassment, you shouldn’t hesitate to speak to an experienced Illinois consumer protection lawyer . Illinois Debt Top Ten For the past five years, consumer debt was the number one complaint among Illinois residents, and that didn’t change last year. According to Madigan, the many consumer debt complaints “reinforce the financial challenges that continue to plague Illinois residents amid economic uncertainty.” What kin...