This is an excellent video posted to YouTube by prominent FDCPA attorney Peter Barry and taken from his appearance on the Mike and Juliet Show, a morning television show produced by Fox. The video is interesting and instructive for several reasons. It starts out with interviews of consumers who have been victims of unethical debt collection. They suffered numerous indignities at the hands of over-zealous debt collectors; the second woman interviewed even believes that her chances for a promotion at her company may have been substantially impaired by calls from debt collectors to her co-workers. The program continues with an interview of Attorney Pete Barry who indicates that the industry has been out of control since 1977, which is the reason that Congress passed the Fair Debt Collection Practices Act in 1978.
The highlight of the segment is a “confession” by a former debt collector. He admits that he underwent training which emphasized compliance with the requirements of the Fair Debt Collection Practices Act prior to beginning his tenure as a collector. However, he says his training was “thrown out the window” once he began making a living at collecting, mainly due to the fact that as a collector, his income was based upon performance, i.e., the more money he successfully collected, the bigger his paycheck was. The temptation to violate the FDCPA to earn more money was evidently too great to turn down, and he suggests that this is a fact that is endemic to the collection industry; breaking the law apparently very protifable for debt collectors.
Appearing at the bottom of this post is Part Two of the segment. Part Two is noteworthy for the interview of Rozanne Andersen, Executive Vice President and General Counsel for the Association of Credit and Collection Professionals, aka ACA International. She believes that the industry will begin to self-regulate successfully, a claim which Attorney Barry believes is dubious.
By Carmen Dellutri, Attorney at LawcloseAuthor: Carmen Dellutri, Attorney at LawName: Carmen Dellutri, Attorney at Law Email: cdellutri@dellutrilawgroup.com Site:http://www.dellutrilawgroup.com About: Carmen Dellutri is a proud member of the Florida Bar, and he is a Board Certified Consumer Bankruptcy Attorney, Certified by the American Board of Certification. He practices in the areas of Consumer Bankruptcy and Plaintiff's Personal Injury. He is the principal attorney at The Dellutri Law Group, P.A. The firm supports many charitable and civic causes by donating time and much needed capital to our community. Mr. Dellutri and the other attorneys in the firm routinely speak to students of all ages about various legal and societal issues.See Authors Posts (2) on Jul 3, 2008 | In Economy | No Comments »
A recent article in the Wall Street Journal demonstrated what has been going on in Sin City, Las Vegas, Nevada. As the saying goes, “What happens in Vegas Stays in Vegas”, unless it is financial news.
It seems the Summer slow-down began in April, and it has been getting worse. This news is not good for the banks and other financiers who bet heavily on the growing economy of Vegas by putting up additional housing, retail establishments, and yes, more casino and hotel space.
The article states that the amount of debt that the casinos are in is staggering. This debt combined with other obligations has many casinos worried about the possibility of filing for bankruptcy protection. Read the rest »
My fellow bloggers in this group helped my client this morning when a Wells Fargo collector told my client that despite my representation, and the bankruptcy filing we are preparing, they would contact her (relentlessly) until the filing was complete. I was thought that was illegal but needed the statutes to cite.
So, Wells Fargo is on notice that I represent their borrower, and that further contact with the client will have (unpleasant) legal consequences. Thanks, guys.
By Kent Anderson, Oregon Bankruptcy LawyercloseAuthor: Kent Anderson, Oregon Bankruptcy LawyerName: Kent Anderson Email: kent@kentandersonlaw.com Site:http://www.kentandersonlaw.com About: I was admitted to practice in Oregon in1978 and have practiced in the Oregon Bankruptcy Court since I was admitted to the federal court bar a few months later. I am designated as a Consumer Bankruptcy Specialist by the American Board of Certification, and have completed both the Max Gardner Bankruptcy Litigation Bootcamp and the Peter Barry Fair Debt Collection Practices Act Bootcamp. I am a member of the National Association of Consumer Advocates and have dedicated my practice to consumer advocacy. Mortgage Servicer abuse "correction" through bankruptcy adversary proceedings has become a matter of special interest in recent years. Many years of experience in practice before the Internal Revenue Service and Oregon Department of Revenue has made me a valued referral source for accountants, tax preparers and other attorneys.See Authors Posts (12) on Jul 2, 2008 | In Family Debt Problems, Featured, Personal Finance, Student Loans | No Comments »
A college degree may not be worth the cost of obtaining it for some students. College Recruiters selling the value of education aren’t telling the whole story. Despite decades of lip-service to affirmative action, earnings of college educated women remain a discouraging 61% of those of their male counterparts’.
The reasons are complex, but most are beyond individual control. For women obtaining degrees later in life, this too often translates into worsened financial circumstances lasting for the entire remainder of their working lives, and an absolute inability to repay student loans.
You’ve no doubt seen the figures on sites such as this one, or on colorful posters displayed in College Admission Offices. According to a clever graph on the above mentioned website, 2004 US census statistics show the average annual earnings of high school graduates to be $28,645 and of those with a bachelor’s degree to be $51,554.
From this, the education industry arrives at a figure of something on the order of a million dollars for the lifetime value of a bachelor’s degree. That figure assumes that income increases or decreases over the lifetime of a worker in decades to come will closely resemble those of previous decades, and that a graduate has 40-plus years of working life ahead. Read the rest »
By Eugene S. Melchionne, Connecticut Consumer AttorneycloseAuthor: Eugene S. Melchionne, Connecticut Consumer AttorneyName: Eugene S. Melchionne, Connecticut Consumer Attorney Email: eugene.melchionne@bankruptcylawnetwork.com Site:http://www.ctbankruptcy.com About: Mr. Melchionne is a graduate of The University of Connecticut (B.A. 1977) and Drake University School of Law (J.D. 1980) where he received the American Jurisprudence Award for academic excellence. Most recently, Mr.Melchionne was appointed to the Commission on Mortgage Foreclsoures by Connecticut Supreme Court Chief Justice Chase Rogers to recommend changes to procedures to protect consumers in the Conencticut Courts in foreclousure cases.
Since 1980, Mr. Melchionne has focused his practice in the areas of consumer bankruptcy, workouts and foreclosure defense in distressed real estate markets, real estate transactions, condominium law, commercial litigation, business organizations and probate. Prior to opening his office in 1990, Mr. Melchionne was the Vice President of the Waterbury Credit Bureau and was associated with Grady & Riley in Waterbury, Connecticut and DiPietro, Kantrovitz & Brownstein, P.C. in New Haven, Connecticut. From 1990-1998, Mr. Melchionne was of counsel to Bender & Anderson handling that firm's complex litigation and trials. In addition to his practice, Mr. Melchionne was an adjunct professor at the American Institute of Banking and Teikyo Post University teaching bankruptcy, real estate, commercial and consumer law. Mr. Melchionne also advised the Corporation Counsel's office for the City of Waterbury on bankruptcy and foreclosure matters and mentored junior attorneys in that office.
Mr. Melchionne was appointed State Chair for the National Association of Consumer Bankruptcy Attorneys (NACBA). He acts as liasion between the national organization and Connecticut attorneys who are members of the Association.See Authors Posts (5) on Jul 1, 2008 | In Economy, Personal Finance | No Comments »
Time to replace that gas guzzler. With fuel prices at all time highs and predictions that they will go higher, many are thinking about buying a newer, more fuel efficient car. Car sales are down, so this must be a good time to buy a new car, right? Wrong.
Here are the common mistakes many make when looking to buy a new car.
Demand. If you are looking for a new fuel-efficient car, so is everyone else. That places a premium on the demand for vehicles like hybrids and other small cars. The law of supply and demand dictates that you will pay more for that vehicle now than any other time. Think; “Will I really save that much money on gas purchases that makes this purchase feasible?”
Time. The ads scream. “Low Monthly Payments!”, “No Money Down!”, or “2.9% Financing!”. But the trick is time. With a longer car loan and a low rate, surely you will pay less every month on your payments. But how long is long? Just a generation ago, three years was the maximum time for a car loan. Now, it is not uncommon to find loans with durations of up to six years and in some cases, longer. Sure, even with a sizeable down payment, the purchase of a currently priced car could cost you $600 a month on a three year car loan. But would you be saving anything if that same car loan cost you $350 a month for six years? (Do the math; 36 months x $600 = ??? versus 72 months x $350 = ???) That car loan is $3,600 more expensive. You are better to buy a car truly within your means.
Value. With very few rare exceptions, cars go down in value over time, not up. A three year old car is worth much more than a six year old car. Since the average lifespan of a car is about 8 years at 150,000 miles, how much will your car be worth when it is paid off? Will an expensiive car loan guarantee that you become a slave to your debt?
