Archive for September, 2007

On the same day that National Arbitration Forums posted a report describing “facts about the fairness and affordability of arbitration,” the Public Citizen posted a report detailing the harm done to consumers by mandatory binding arbitration clauses. Summary, full report (PDF).

“Media” is the industry name for “evidence that proves a consumer owes a particular debt.” As Rick at Locate Services, LLC, points out in this article on debt media (PDF copy), this is important.
Many new debt buyers are shocked when they discover the limited availability of media in the debt buying industry, especially when dealing [...]

This article from Rick at Locate Services, LLC (PDF copy), an Ohio debt buyer, discusses how debt collectors calculate their “debt collection formula,” or the percentage of the debt for which they will settle.
In addition to an interesting look into the collection process, the article contains valuable information for consumers who may be trying to [...]

According to the Motley Fool, the RIAA’s “scorched earth” litigation strategy might be nearing its end, forcing the music industry to focus on making money again instead of enemies.
For those who may not know what has been going on, apparently people really are passionate about music. Passionate enough to fight the RIAA’s ridiculous lawsuits at [...]

In potentially groundbreaking news, the Software Freedom Law Center has filed the first lawsuit seeking to enforce the GNU General Public License, or GPL. The GPL is a software license for free software (not free as in no money, but free as in freely-distributable, -modifiable, etc.) that requires derivative software to be release under the [...]

Messerli & Kramer and Pipestone Financial, two major debt collectors in Minnesota, took a big hit last week in a Fair Debt Collection Practices lawsuit. Pipestone and Messerli sued Douglas Munoz and demanded, among other things, attorney fees in the amount of $2,105.35. However, Messerli had a contingent-fee arrangement with Pipestone, and Judge Erickson concluded [...]

Consumerist commemorates the fall of Ameriquest, one of the scummiest subprime lenders with this apropos graphic:

Also from the Consumerist article:
Ameriquest, the lender the epitomized everything that was f*cked up about the subprime mortgage meltdown, is dead.
The lender stopped taking loan applications Aug 1st and its assets (including $45 billion of loans) were sold to Citigroup [...]

Quite frequently I receive phone calls from potential clients who, having called another attorney to ask what they should do about a debt collector calling them, were told “just pay the debt.” This is a terrible answer, and could even the attorney delivering this advice up to potential liability.
The debt collection industry is largely comprised [...]

The Federal Reserve has a list of resources for consumers facing foreclosure.
Consumers in this situation may also want to check out Don’t Borrow Trouble and Acorn, two organizations that can help.
[via CL&P Blog]

I love libraries, but every time I go to one, this nightmare plays out in my head, instilled there by–well-meaning, I am sure–librarians and, actually, my parents. It involves finding a long-overdue library book under my bed and returning it, only to find out I owe the ten-year-old equivalent of a million dollars.
A commentary piece [...]

I just started up the Caveat Emptor playlist on YouTube, with serious clips on credit, debt collection, housing, and humor. You can check it out on YouTube or right here:

The Cell Phone Consumer Empowerment Act would curtail the cellular industry’s worst practices, and makes so much sense it can’t possibly survive. If only cell phone companies …

Had to pro-rate early termination fees, cutting them in half at least by the end of the first year.
Provided coverage maps with street-level detail so consumers could choose [...]