Under the Florida Fair Debt Collection Practices Act (FFDCPA) 559.553, consumer debt collection agencies must be registered.
Florida debt collection laws require debt collection agencies to be duly registered to engage in debt collection business in the state. These companies are requires to maintain a proper valid registration to do business in Florida. This statute came into existence from January 1, 1994 that demands each consumer collection agency in the debt collection business in Florida to renew registration annually (FFDCPA 559.555)
Registration by debt collection should be complete in all respects and applicable registration fee should be paid. The registrar's office may reject an application by a prospective registrant if the registrant or any principal of the registrant held a professional license or state registration and that was revoked or suspended and was not explained by the registrant. Not explaining the revocation or suspension to the satisfaction of the registration office or after a notice from the office attracts a rejection of the application. Such rejection is informed to the debt collection company.
This registration process is not applicable to any original creditor trying to collect debt or a member of the Florida Bar. This process is also not applicable to financial institutions authorized to do business in the state or their subsidiaries, real estate brokers, insurance companies authorized to do business in the state or any consumer finance company and wholly owned subsidiary thereof. This registration process also exempts out of state consumer debt accounts for collection from creditors with business presence in Florida and FDIC insured institutions.
Read Full article at : http://www.westopdebtcollectors.com/blog/post/Florida-Debt-Collection-Laws-require-valid-registration-by-debt-collection-companies.aspx
Monday, December 27, 2010
Student debts are on an increase in our country
Student debts are on a rise in our country per the National Center for Education Statistics (NCES) reports. According to these reports two thirds of students in America have debts with an average of $19,237 student loan debt after graduation. The median debt load is $17,120 with a quarter of undergraduates borrowing more than $25,000 and a tenth borrow more than $35,000.
These debt totals are much higher for students pursuing graduate degrees. Graduate students add tens of thousands of dollars on top of their original student debt. Depending on the degree, average debts range from $42,000 to $126,000. It makes one consider if it’s really worth going for that MBA.
College education in our country is expensive and every year students going to college get into loans for their tuition. Tuition every year is increasing at an alarming rate which is more than the rate of increase of cost of living.
Read full article at : http://yourcollectionrights.com/post/Student-debts-are-on-an-increase-in-our-country.aspx
These debt totals are much higher for students pursuing graduate degrees. Graduate students add tens of thousands of dollars on top of their original student debt. Depending on the degree, average debts range from $42,000 to $126,000. It makes one consider if it’s really worth going for that MBA.
College education in our country is expensive and every year students going to college get into loans for their tuition. Tuition every year is increasing at an alarming rate which is more than the rate of increase of cost of living.
Read full article at : http://yourcollectionrights.com/post/Student-debts-are-on-an-increase-in-our-country.aspx
Wednesday, November 24, 2010
Provisions of the FDCPA should be revised
The Fair Debt Collection Practices Act (FDCPA) has stringent provisions to punish the unfair practices of debt collectors. The FDCPA is a federal law that is enforced for the protection of consumer rights against unlawful debt collection practices. According to this Act, the creditor or the debt collection agency that bought your debt from the original creditor has the right to collect the debt legally from you. However, debt collectors must use fair debt collection procedures while attempting to collect from you.
Despite strict guidelines in the FDCPA to protect debtors against the unethical practices, the consumer lawsuits against debt collection process are increasing everyday in our country.
The reasons for this are many. Some of them are due to the FDCPA statute becoming outdated in today's society compared to the society of 1977 when this Act was enacted. The FDCPA was established much before the arrival of cell phones, e-mail and auto dialers. With these technological advancements one is unsure if the FDCPA can be validated with these in the backdrop. The FDCPA prohibits debt collectors from repeatedly contacting debtors for payments. Now e-mailing and auto dialing have added a new dimension to debt collection process.
If we examine carefully, there is another side to debt collection harassment. Creditors sell debts to debt collectors without giving the exact nature of the debt. This often leads to majority of debt collectors being ignorant about the legitimacy of the debt. The whole situation gets worsened by debt collectors attempting to collect debt which is not legally collectible.
While this is a cause of embarrassment for genuine debt collectors, this is like a passport to con collectors to indulge in harassing collection activities. Hence, an increase in debt collection harassment cases.
It has become imperative now to upgrade the FDCPA provisions to accommodate the present progress. The FDCPA must also look at enforcing stricter guidelines and penalties for law violations to ensure fair collection process.
On the other hand a consumer may lose a lawsuit and court may determine that the consumer filed the case in bad faith and for harassment, the court may then award attorney's fees to the debt collector.
Consumers should be aware of their rights under the state and federal law. At the same time they should understand if their case can take the legal standing. Their protection from unfair debt collection processes being the most important, consumers should not file frivolous lawsuits or sue in the hope of not paying for a legitimate debt and end in legal hot waters.
The shift in times definitely has necessitated a change in guidelines of the FDCPA. Going by the times, the Federal Trade Commission (FTC) which enforces the FDCPA should look at the prospect of adding new guidelines to the already existing ones in order to accommodate the latest in technology.
Despite strict guidelines in the FDCPA to protect debtors against the unethical practices, the consumer lawsuits against debt collection process are increasing everyday in our country.
The reasons for this are many. Some of them are due to the FDCPA statute becoming outdated in today's society compared to the society of 1977 when this Act was enacted. The FDCPA was established much before the arrival of cell phones, e-mail and auto dialers. With these technological advancements one is unsure if the FDCPA can be validated with these in the backdrop. The FDCPA prohibits debt collectors from repeatedly contacting debtors for payments. Now e-mailing and auto dialing have added a new dimension to debt collection process.
If we examine carefully, there is another side to debt collection harassment. Creditors sell debts to debt collectors without giving the exact nature of the debt. This often leads to majority of debt collectors being ignorant about the legitimacy of the debt. The whole situation gets worsened by debt collectors attempting to collect debt which is not legally collectible.
While this is a cause of embarrassment for genuine debt collectors, this is like a passport to con collectors to indulge in harassing collection activities. Hence, an increase in debt collection harassment cases.
It has become imperative now to upgrade the FDCPA provisions to accommodate the present progress. The FDCPA must also look at enforcing stricter guidelines and penalties for law violations to ensure fair collection process.
On the other hand a consumer may lose a lawsuit and court may determine that the consumer filed the case in bad faith and for harassment, the court may then award attorney's fees to the debt collector.
Consumers should be aware of their rights under the state and federal law. At the same time they should understand if their case can take the legal standing. Their protection from unfair debt collection processes being the most important, consumers should not file frivolous lawsuits or sue in the hope of not paying for a legitimate debt and end in legal hot waters.
The shift in times definitely has necessitated a change in guidelines of the FDCPA. Going by the times, the Federal Trade Commission (FTC) which enforces the FDCPA should look at the prospect of adding new guidelines to the already existing ones in order to accommodate the latest in technology.
Friday, October 29, 2010
Toyota and Honda launch recalls for the same issue - over brake fluid leaks
Toyota launches another massive recall on Thursday over a safety issue of brake fluid leaks. This time Toyota is not alone. Honda keeps it company over the same issue. Toyota, the world's largest car manufacturer is going to recall 1.53 million 2005 to 2007 model year cars globally. Most of the models affected are in the United States and Japan. The recall affects 728,544 cars in the US alone and 599,000 in Japan are affected. According to Toyota Canada nearly 29,000 vehicles get affected in Canada by the voluntary recall. Thursday's recall affects the 2005-2006 Toyota Avalon, 2004-2006 Toyota Highlander and Lexus RX 330, and the 2006 Lexus GS300, IS 250 and IS350 about brake fluid and fuel pump problems. Honda plans today to officially file with regulators its recall of certain 2005-07 Honda Odyssey minivans and Acura RL sedans.
This recall is aimed at fixing an issue with a rubber seal that can degrade and cause brake fluid to leak. This leak can weaken the power of its brake. Toyota feels that a "possibility" of the brake fluid slowly leaking out of the brake cylinder in the vehicles. Drivers will get an early warning of the problem when the 'low brake fluid' warning light flashes. In its news release Toyota warns that a low fluid level could eventually lead to declining braking performance, Both Toyota and Honda said they have no reports of accidents, although Toyota said it found 14 instances in which the leak occurred. A Toyota spokesmen has admitted that their cars in Japan and elsewhere have an electrical problem with the fuel pump, which could stall the engine. So far this kind of problem has not been reported in the US.
Read Full : http://www.yourlemonlawrights.com/blog/post/2010/10/22/Toyota-and-Honda-launch-recalls-for-the-same-issue-over-brake-fluid-leaks.aspx
This recall is aimed at fixing an issue with a rubber seal that can degrade and cause brake fluid to leak. This leak can weaken the power of its brake. Toyota feels that a "possibility" of the brake fluid slowly leaking out of the brake cylinder in the vehicles. Drivers will get an early warning of the problem when the 'low brake fluid' warning light flashes. In its news release Toyota warns that a low fluid level could eventually lead to declining braking performance, Both Toyota and Honda said they have no reports of accidents, although Toyota said it found 14 instances in which the leak occurred. A Toyota spokesmen has admitted that their cars in Japan and elsewhere have an electrical problem with the fuel pump, which could stall the engine. So far this kind of problem has not been reported in the US.
Read Full : http://www.yourlemonlawrights.com/blog/post/2010/10/22/Toyota-and-Honda-launch-recalls-for-the-same-issue-over-brake-fluid-leaks.aspx
Is recession a reason to stop paying your bills?
Like it or not, if you have a credit card and have spent on it, you are a debtor. You have to repay what you have spent and not paying attracts debt collectors calling you. The recession in the recent years or the sky rocketing cost of living are not reasons for not repaying debts. Typically, debt problems have not fallen from the far and wide sky but are a making of your own bad spending habits, unemployment and credit card theft.
Whatever your reasons for ending up in credit card debt are, you are entitled to a fair collection of debt under the Fair Debt Collection Practices Act (FDCPA) enforced by the Federal Trade Commission (FTC). You may consider the following options to eliminate debt.
The first option to consider when you are unable to pay debts is to talk to your creditors directly. A direct conversation is always appreciated. Seek debt reduction rates and negotiate to as low a rate as possible that would lead to lowered outstanding balance to be paid over a period of time. During such negotiations you may get a chance to set your own debt reduction rates.
Read Full: http://www.westopdebtcollectors.com/blog/post/Is-recession-a-reason-to-stop-paying-your-bills.aspx
Whatever your reasons for ending up in credit card debt are, you are entitled to a fair collection of debt under the Fair Debt Collection Practices Act (FDCPA) enforced by the Federal Trade Commission (FTC). You may consider the following options to eliminate debt.
The first option to consider when you are unable to pay debts is to talk to your creditors directly. A direct conversation is always appreciated. Seek debt reduction rates and negotiate to as low a rate as possible that would lead to lowered outstanding balance to be paid over a period of time. During such negotiations you may get a chance to set your own debt reduction rates.
Read Full: http://www.westopdebtcollectors.com/blog/post/Is-recession-a-reason-to-stop-paying-your-bills.aspx
Business debts are not covered under the FDCPA
The Fair Debt Collection Practices Act (FDCPA) has guidelines enforced by the Federal Trade Commission (FTC) to regulate and ensure fair debt collections. This act came into existence to address consumer complaints of overly aggressive and abusive behavior by debt collectors. Any personal or household debt that is not related to a personal or family owned business is covered under this act. This includes money owed for personal loans, auto loans, mortgages, credit cards and medical bills. Unfortunately,the FDCPA guidelines do not apply to your business debts. Understanding the FDCPA guidelines can shield you from many troubles and strengthen you with the information to report violations of the act.
Third party debt collection agencies and debt collectors employed by these agencies are guided by the FDCPA guidelines. There are some debt collectors, whose activities are not restricted by the FDCPA guidelines. The parties who are excluded from the Act are:
* In-house collection agents i.e. the creditors who collect their own debts
* Banks that collect their own debts
* Certain credit card companies
In all this a debt incurred for a business purpose and the debtor who incurred the debt for business purpose are not protected by the FDCPA.
Read full: http://www.yourcollectionrights.com/post/Business-debts-are-not-covered-under-the-FDCPA.aspx
Third party debt collection agencies and debt collectors employed by these agencies are guided by the FDCPA guidelines. There are some debt collectors, whose activities are not restricted by the FDCPA guidelines. The parties who are excluded from the Act are:
* In-house collection agents i.e. the creditors who collect their own debts
* Banks that collect their own debts
* Certain credit card companies
In all this a debt incurred for a business purpose and the debtor who incurred the debt for business purpose are not protected by the FDCPA.
Read full: http://www.yourcollectionrights.com/post/Business-debts-are-not-covered-under-the-FDCPA.aspx
Tuesday, September 14, 2010
Things You Should Know about Illinois LEMON Law
It may not always be a happy story when you purchase a new vehicle. Your brand new car may be spending more time at the dealership then in your possession. If your new vehicle is shuttling between the dealership and your home, it may be time to seek the protection afforded to you by the Illinois New Vehicle Buyers Protection Act which is more commonly referred to as the “Lemon Law.”
A vehicle is a lemon under the Illinois lemon law if:
* It has a nonconformity that substantially impairs its use, market value or safety; and
* The nonconformity is not repaired by the dealer/manufacturer after at least four (4) repair attempts within the first 12 months or 12,000 miles, whichever occurs first; or
* Your vehicle is at an authorized dealership for repairs for a total of thirty (30) or more business days within the first 12 months or 12,000 miles, whichever occurs first.
The Illinois lemon law protects:
* Newly purchased or leased automobiles;
* Light trucks and vans under 8,000 pounds;
* Recreational vehicles excluding its trailers; and
* Vehicles purchased only in Illinois.
The Illinois lemon law DOES NOT cover:
* Used Automobiles;
* Altered or modified vehicles; and
* Motorcycles and boats.
Compensation if you win your Illinois lemon law claim
* A replacement vehicle; or
* A refund of the purchase price of your vehicle.
Options other than the Illinois lemon law: There is in place federal legislation to deal with warranties for new and used consumer products should you fall outside the parameters of the Illinois Lemon Law. The Magnuson-Moss Warranty Act, 15 U.S.C. Section 2301, et. seq. (“Magnuson-Moss”) is one such law that is widely utilized should you fall short of being protected by the Illinois Lemon Law. Before deciding on a particular course of action, you should definitely consult an attorney who is knowledgeable in the area of both the Lemon Law and Magnuson-Moss to discuss your best option and to determine what your actual rights are against the manufacturer of your vehicle.
Most importantly, document all the events relating to your vehicle. Make sure to receive and retain repair receipts each and every time you bring your vehicle to a dealership for repairs. These records are critical to your success.
A vehicle is a lemon under the Illinois lemon law if:
* It has a nonconformity that substantially impairs its use, market value or safety; and
* The nonconformity is not repaired by the dealer/manufacturer after at least four (4) repair attempts within the first 12 months or 12,000 miles, whichever occurs first; or
* Your vehicle is at an authorized dealership for repairs for a total of thirty (30) or more business days within the first 12 months or 12,000 miles, whichever occurs first.
The Illinois lemon law protects:
* Newly purchased or leased automobiles;
* Light trucks and vans under 8,000 pounds;
* Recreational vehicles excluding its trailers; and
* Vehicles purchased only in Illinois.
The Illinois lemon law DOES NOT cover:
* Used Automobiles;
* Altered or modified vehicles; and
* Motorcycles and boats.
Compensation if you win your Illinois lemon law claim
* A replacement vehicle; or
* A refund of the purchase price of your vehicle.
Options other than the Illinois lemon law: There is in place federal legislation to deal with warranties for new and used consumer products should you fall outside the parameters of the Illinois Lemon Law. The Magnuson-Moss Warranty Act, 15 U.S.C. Section 2301, et. seq. (“Magnuson-Moss”) is one such law that is widely utilized should you fall short of being protected by the Illinois Lemon Law. Before deciding on a particular course of action, you should definitely consult an attorney who is knowledgeable in the area of both the Lemon Law and Magnuson-Moss to discuss your best option and to determine what your actual rights are against the manufacturer of your vehicle.
Most importantly, document all the events relating to your vehicle. Make sure to receive and retain repair receipts each and every time you bring your vehicle to a dealership for repairs. These records are critical to your success.
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