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A Victory over Purchase Debt

People are often sued by credit card companies or banks but frequently, especially if the debt is old enough, debts might get sold off to another company. These companies are commonly called "debt purchasers" and the debts they buy are sometimes referred to as "purchase debt". The companies which buy debts from banks and credit card companies rarely if ever get all of the paperwork they need to win a lawsuit and make most of their money fighting against people who don't hire lawyers.

A big win for the little guy just happened in New York, debt purchasers were just forced to pay nearly half a million dollars in fines and give up on trying to collect on sixteen million dollars worth of consumer debts!

http://www.bloomberg.com/news/2014-05-08/sherman-pra-drop-16-million-debt-collection-in-new-york.html

This document has been provided for informational purposes only and is not intended and should not be construed to constitute legal advice. Please consult your attorney in connection with any legal issues related to the matters discussed in this article as the applicability of state, local and federal laws may vary.

  • ABC News
  • American Civil Liberties Union
  • CBS 4
  • CNN
  • Daily Business Review
  • Florida Trend's - Florida Legal Elite 2014
  • Florida Trend's - Florida Legal Elite 2014
  • National Association of Consumer Advocates
  • National Association of Consumer Bankruptcy Attorneys
  • NBC News
  • National Consumer Law Center
  • The New York Times
  • Avvo
  • Avvo
  • Avvo
  • Avvo