What Does It Mean When a Debt is Charged Off?

February 1, 2017 Brian V. Lee 0

Many people experience a feeling of relief when they see on their credit reports that an old debt has been marked as “Charged Off.” Some think that these debts have been forgiven because a creditor has charged off the debt. [ . . . ]

Top 5 Worst Debt Collection Defenses

January 11, 2017 Brian V. Lee 0

Good debt collection defenses flow from the specific circumstances of the debt. Bad debt collection defenses merely delay the lawsuit without changing its outcome. And the worst debt collection defenses are irrelevant, waste the court’s time, and possibly add costs and fees to [ . . . ]

The Debt Buying Industry

October 27, 2016 Brian V. Lee 0

Delinquent debt has given rise to an entire debt buying industry. When a debt becomes seriously delinquent, the bank holding the debt will write it off then sell it to a debt buyer, like Midland Funding, for a tiny fraction of [ . . . ]

Can a Debt Collector Message Me on Facebook?

August 26, 2016 Brian V. Lee 0

If you are being pressured to pay a debt, you know that collection agents can be relentless. A collection agency may be constantly bombarding you with demands for payment. Letters, phone calls, and . . . Facebook? That’s right. Social media makes [ . . . ]

DC Area Tops List for CFPB Complaints Nationwide

May 28, 2016 Brian V. Lee 0

As of March 1, 2016, the Consumer Financial Protection Bureau (CFPB) handled approximately 834,400 complaints, including approximately 22,800 complaints. The Washington, DC area has three of the top seven jurisdictions for CFPB complaints per capita. By a wide margin, Washington, [ . . . ]

You Can’t Go to Jail for a Debt

September 22, 2013 Brian V. Lee 0

A long time ago, when our country was very young, the U.S. had separate prisons for people who could not repay their debts. We called these jails “debtors’ prisons.” Today, we think it preposterous to throw someone in jail for [ . . . ]

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