Court Ruling Could Impact Collection Methods for Time Barred Debt

A business named Midland Credit Management failed to get a case dismissed, questioning their collection process about time barred debt. The case addresses the question of what information companies must disclose to consumers regarding their “stale debt”, which has had no activity on the account for a number of years. While this ruling did not […]

Should You Use Peer to Peer Lending for Debt Consolidation?

Peer-to-peer (P2P) lending is one of the newest resources in the credit market and began around 2006 when initially Prosper and Lending Club began offering a new form a lending to the general public. The companies began with the concept that average borrowers could bypass traditional lending channels (banks) and borrow from average investors, through […]

Court Ruling Could Impact Collection Methods for Time Barred Debt

A business named Midland Credit Management failed to get a case dismissed, questioning their collection process about time barred debt. The case addresses the question of what information companies must disclose to consumers regarding their “stale debt”, which has had no activity on the account for a number of years. While this ruling did not […]

Preventing Zombie Debt from Rising Again

Buying old debt is a multi billion dollar industry, putting millions of customers at risk for “Zombie Debt” collection efforts. When old debt is sold, the debt buyer typically only pays pennies on the dollar for these charged off accounts. These companies then engage in collection actions against consumers to try and get them to […]

Ins and Outs of Wage Garnishments

Wage garnishments are a last resort for creditors in an effort to collect a debt from a consumer. Once in place, garnishments can be a tremendous financial burden as the payments are automatic and reduce your take home income significantly, making it difficult to pay basic living expenses. How Wage Garnishments Occur When you are […]