Articles Tagged ‘collection agency’
In the midst of the real estate boom, many homebuyers extended their finances to purchase a house that might have been beyond their means. With the market on fire, people were apt to buy with low introductory interest rates and interest-only loans. They believed that their income would increase to meet their payments and predicted that real estate prices would never fall. Unfortunately, adjustable-rate mortgages have adjusted and monthly mortgage payments have gone up. Couple that with the fact that income hasn’t increased, and you will see why more people have fallen behind with their mortgage payments.
It was recently shown in through research that legislation banning cell phone use while driving fail to reduce crashes. According to the new Highway Loss Data Institute, there have been no reductions in crashes since cell phone bans have taken effect.
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And you thought your debt collection company was bad! A recent website compiled a list of bad debt collection experiences and these were among the worst. Karen Garrett, the public relations coordinator for Pittsburgh-based nonprofit Advantage Credit Counseling Service thought she had heard it all until her agency received a call from a senior citizen late last year. She had called in tears and told Garrett that bill collectors had called her and told her that they had the police outside. If she did not pay, they were going to drag her to jail.
It was revealed in recent news that top legal prosecutors in Washington and Louisiana announced actions they had taken against accounts receivable management firms and their owners and managers.
The new credit card bill that takes effect in February will have huge ramifications for both issuers and cardholders. Restrictions on rate increases, fees and increased disclosure requirements will bring about many changes for issuers. Borrowers should learn about the crucial stipulations in the law and the loopholes.
