Topics: Creditor/Debtor - 58 results

Looking for a new car? What if I told you the only way you could qualify for a car loan was to let the finance company track your movements with a GPS device installed in the car? Would you break down and agree? Don’t think too long, because it’s coming. Consumer protection officials in Maine have received an inquiry from a finance company about the legality of doing just that.   Finance company wants to track borrowers’ whereabouts Stated goal …

The IRS announced yesterday that it will no longer provide a key measure of a filer’s creditworthiness to providers of refund anticipation loans. The "debt indicator" told the lender if any part of the filer’s refund could be taken to pay tax or other government debts, like child support. Consumer advocates hailed the move, but RAL industry players said it will just cost filers more to get the loans.   Refund Anticipation Loans get filers refunds fast, for a fee …

Charles Dickens must be turning in his grave. The author of literary classics like "Nicholas Nickleby" wrote about the injustice of debtors’ prisons 150 years ago. The Great Depression passed without them. But now in the 21st century courts often jail persons on debt-related charges.   Persons jailed for contempt of court in garnishment and other debt cases Big business of bad debts behind abuse of court system Federal Trade Commission acts on debt collection complaints Copy this link to …

An honest debtor deserves a fresh start in bankruptcy. A disbarred attorney who hid $70,000 a year in lottery payouts from his personal bankruptcy filing probably does not. As the Boston Herald reported Friday, he may deserve jail time.   Bankruptcy forces trade-off between what you have and what you owe Wiping out debts depends on full disclosure of income and assets False statements and hiding funds can land you in jail   Attorney Charged with Bankruptcy Fraud The attorney …

The Federal Trade Commission issued a report yesterday calling for reform of debt collection practices. The report concludes that the system is broken and fails to provide adequate protection for consumers in litigation and arbitration.   Debt collection increasingly an automated process Legal system failing to protect consumers from false claims Most claims go uncontested   Bad Debts Just Got Worse: Collection Goes High Tech Call it digital dunning. A law firm that employs 14 lawyers can file over 80,000 …