Debt Collection Agency Executives Plead Guilty in MultiMillion Dollar Client ... LoanSafe
“These defendants carried out a significant fraud scheme through which they stole millions of dollars from their company’s clients, lenders, and investors,” stated U.S. Attorney Fein. “We are committed to working with IRS-Criminal Investigation, the FBI, and SIGTARP, and the other members of the Connecticut Securities, Commodities, and Investor Fraud Task Force, to root out these schemes and prosecute responsible individuals.”
According to court documents and statements made in court, Oxford Collection Agency was a private financial services company that engaged in accounts receivables management, primarily debt collecting, with offices in New York, Pennsylvania, and Florida. Businesses and other entities contracted with Oxford Collection Agency to collect debts on their behalf. Between approximately January 2007 and March 2011, Richard Pinto served as the chairman of the board and was the de facto head of Oxford Collection Agency, and his son, Peter Pinto, served as the president and chief executive officer, overseeing Oxford Collection Agency’s daily activities. During that time, the Pintos collected debts on behalf of various clients, including Washington Mutual Bank, Dell Financial Services, Cogent Communications, Labcorp, and others, under the pretense that they would report all such collections to their clients. Instead, the Pintos and others caused Oxford Collection Agency to routinely withhold collected debts from certain clients, running up what was referred to internally as a client’s “backlog.” The Pintos and others then diverted various funds from their client remittances and used them for their own ends.
3 Debt Collection Agency Tips
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Is it normal for 2 collection agencys to report same debt?
I noticed the first collection agency name "Arrow Financial Service' was reporting on my credit report for a debt and was updated in July 2006, then I recieved a letter from in infamous Ken Hughes ( Merchants Credit Guide} on July 6, 2006, about the same debt for First Premier Bank. I have been keeping up copies of my credit report and it shows that account was 30 days late as of Oct. 2000 and it led to a charge off in Feb. 2001. What I want to know will "KEN" try to re-age this debt? I hear rumors about him all the time. The SOL in my state is 7 years.
I don't know of any state that has 7 years for either written or open accounts. Or where you found your SOL. (Unless this is from a judgment.)
If this is with First Premier, I'm guessing that this is for a credit card debt. And there is no judgment? If it is a cc it may be an open account SOL.
I haven't looked at the statutes for each state, as far as how many have cc's as open, but many do. If the states have statutes that show them as open, and if the debtor (or their atty) doesn't push the open statutes, the collectors usually try to go by the written statutes. (I hope I made sense with that last paragraph, it's late and I'm a bit tired lol)
You might go to the link I've provided. Go to the bottom of the page and look up your state. On many (if not all) of the states that are listed, if that state has statutes for a credit card as an open account, the statutes may be listed also.
The site owner is very knowledgeable and has done extensive research on all states statutes, gleaning as much info as possible to prove that cc's are open.
The second site I've listed is Bud Hibbs site. Read about what he has to say about Merchants Credit and click on the Read Customer Comments button and read what others have gone through with this company.
The third site I've listed is a "free" credit repair site. All of the info on there is free to read and use. Do some reading in the newbie forum than in the credit forum and learn your rights and how to deal with Arrow and Merchants.
i am being bothered alot by debt collection agencys about an amount that has been cleared 7 yrs ago?
i have sent receipts to prove this but they wont accept this, they have sent it to 5 agencys so far , they wont give up any one else have problems like this ? i`m just glad i` ve the receipts to prove this i pity the ppl who dont
What seems to be happening here is,the company you had the actual debt with has not closed the account and it has therefore gained small interest,these files are then sent in bulk for a collection agency to sort out,the amount which has been paid still remains as unpaid when sent to the collection agency,so what you need to do is make contact with the persons,company or who ever the debt originated from and in turn they should inform the collections company,the fact that you say you continue to get them off different companys also backs this,has what is also happening one you explain the situation to one collection company and they then send it back to the originator who then sends it to another collection company,this is because the left arm hasnt got a clue what the right arm is doing and in any case dont worry about it,if seven years have passed you can tell them to take a run and jump
Especially if you havent had the debt for a while now.
or talk to your trading standards people in case they have a case file. Or you could try a consumer affairs team at your local paper or TV station.
Trouble is that unless it's sorted to your satisfaction you might be affected at a later stage.
Perhaps there should be a blacklist of 'poor' debt collectors!!
If they fail to accept your letter, then follow through, and ask the Citizens advice bureau how to word your letter to the financial ombudsman.
The way it works is low life debt collectors buy this legally uncollectable debt for a few pennies on the dollar and then harass people like you into paying them.
Go read the info in the link I supplied.
BTW, ignore all the advice about calling the debt collector and "explaining" things to them. These kinds of debt collectors aren't nice people and you will get nowhere talking to them. Also, don't write to the original creditor, it isn't their account anymore. The ONLY way to deal with these clowns is to follow the steps outlined by the FTC and send them a letter telling them DO NOT CONTACT ME AGAIN. You don't need any explanations of why. Don't deal with these scum debt collectors. They WANT to talk to you so they can lie to you and convince you to send them some money.
Here is a good article you can read more: http://www.expert-credit-advice.com/junk_debt.htm
I would send them a validation letter. There is one in this free kit #17 --- http://www.expert-credit-advice.com/free_credit_repair.htm
Also a cease and desist letter to get them to stop bugging you, letter #16 --
If its reporting to the credit bureau, dispute it! Use letter # 3 (same page)
Debt Collection Agencys?
My mother has run up alot of debt's with catalogues, I still live with her, and that's her to run up debts, But she also has letter's from debt collecting agency's.
If a debt collecter, Break's into my mother's house, OR walk's in is it possible for them to take my stuff? That I paid for myself.
If a debt, collecter has a warrant to take items from your house, it is possible for them to break in, if no response to letters ect. Its the law and it's bad.
Luckily I have reciept's for my 40 inch TV and my xbox 360, So all should be well ;)
debt collectors are scum!!!!!!!!!
if they come round and its your mums addres then unles you can prove you bought the items them the can take them to the value of money owed. there are items they cant
You do not have to let anyone in your home. If they bust in, call the police.
They would need a court order or warrant, and would be accompanied by a sherrif.
Your mom might want to consider bankruptcy, or credit counseling.
What can I do about debt collection letters wrongly sent to me?
I keep letters from collection agencys trying to get me to pay debts that are not mine. Is there any way to stop them or maybe charge them for the harassment. Each time it is always the wrong social security number,not mine.I cant believe that it is legal to send people a bill for a debt that is not them.
They think they have found the debtor because you have the same or similar names. Send a certified letter to them pointing out they have the wrong SS#. You DO NOT need to provide your SS#, only state that they have the wrong person, it is not your SS#, and that you know nothing of the debt.
Send a copy to your state Attorney General's office.
Just shred them. If it's not you you don't have to worry about it.
I've been getting calls and letters for 3 years over an old roommmate's debts. I just ignore them.
Why can collection agencys report a debt that is past the time limit for my state(4 yrs in TX)?
Federal laws and regulations govern, not Texas: Fair Credit Reporting Act (FCRA), Fair Debt Collection Practices Act (FDPA), Fair and Accurate Credit Transactions Act (FACT Act).
When you say the limit for Texas is 4 years, I think you mean the statute of limitation for bringing a collection suit to court -- not credit reporting.
Accounts generally remain on credit reports for at least 7 years. Collections, bankruptcies, chargeoffs, liens can be reported longer. As a consultant for banks and mortgage companies, I have seen law suits and collections as far back as the 1990's.
Are there limits on how much collections agencys can add to a debt?
I owed $5.99 and when it went to collections because of a missed e-mail I now owed an additional $18.95.
ignore the collection agencys by law you do not owe them any money at all send the 5.99 to the original debtor. unless the extra money is from late fee added by the origanil debtor you do now owe it. i had a friend who owed about 5k to a company and a collection agency took them to court for the money and it was declared that they did not have to pay the collection agency anything because it was owed to the original creditor and not them.
REQUESTION: Maine debt collection laws?
So i asked this question yesterday and didnt get the specific answer i was looking for... By law i would think that collection agencys can only send you collection notices for a certian number of years... I doubt If i had a debt from 30 years ago that legally someone could mail me or call me and try to collect... Is this statemment wrong?
f I live in Maine, how many years can a collection agency try and persue a debt? Looking for specifics here... And any resourses supporting this
Thanks!
A collection agency can pursue a debt for an unlimited number of years. You have no legal responsibility to pay the debt once the statute of limitations (varies by state and type of contract) has expired on that debt.
The debt will drop off your credit report 7 years from the date of last activity (typically the charge off date).
If you are being pursued for a debt that falls outside of the statute of limitations, send them a cease and desist order to end all collection attempts. You should get competent legal confirmation that you no longer are liable for the debt.
If they violate the terms of the Fair Debt Collection Practices Act, sue them. You may be able to get a waiver of the debt as well as win an additional fine from the violator.
Can collection agencys withdraw money from my joint bank account even though...?
I have nothing to do with her collections/debt?
Since we are both on the account, can:
-child support
-car repos'
-medical bills
get into our account and recover their money? Do they have to send us to court first? Who can withdraw money from our account with out permission?
No one answered my question correctly last time so i won't give the 10 points. Please i want details and my question answered correctly.
Can any of those get into our account and withdraw the money, If one of them can please tell me, thanks for your time.
They can if they can prove your debt 100% or you agree to the debt in a phone conversation or you agree to pay smaller amounts and then fail to pay. If you have received letter, write back that you want validation that the debt is yours. Insist that they provide you written documentation with your signature that the debt is yours. If they cannot do this they need to stop pursuing it. (unless you agreed to go on a payment plan)
Here is a link you might want to look at for what they can do in NY state: http://wiki.answers.com/Q/Can_a_joint_bank_account_be_seized_by_a_collection_agency_in_New_York
Here is more links on what they can do
http://www.blurtit.com/q451997.html
The most important thing to do is write letters to the collection agencies. NEVER TALK TO THEM. To validate debt by letter take a look at this link for a sample letter: http://www.creditinfocenter.com/forms/sampleletter9.shtml
Most collection agencies are hired by the original company you had debt with. Example, a phone bill with MCI that you never paid. They sell your debt to collector who earns profit if they can collect the money, but these collection agencies rarely have 100% on file that the debt is yours. The older the debt the harder it is to prove.
You can also contact a free credit counseling session in your area where a counselor can make recommendations based on your needs and answer specific questions like yours.
http://www.cccsatl.org/index.asp
What does one do about a collection agency trying to collect on an 81/2 year old debt?
The debt is no longer reported to the 3 credit agencys, but they are checking my report bi-monthly, and now they are trying to contact me by phone. The statute of limitations is way past, and the debt has been charged off by the original creditor. I want to pay it off, but I need a house asap, and my FICO score has improved enough to do so! If I talk to them will they start reporting it again, and what can I do if they do? I lost 2/3 of my income 81/2 years ago due to downsizing, and am just now recovering from it.
If the debt is that old, it is OFF your credit report unless the collection agency has illegally redated the debt and placed it back on. If so, send them a certified letter telling them to remove it or face legal action for illegally damaging your credit. Also write to each of the 3 credit reporting agencies informing them of the date of the original debt and that it was illegally redated.
If it is OFF you credit report, it is not affecting your FICO score. Your FICO score will recvoer over time from the writeoff, paying on the debt now will do nothing to affect that.
Unless you feel a stroing moral obligation to pay the debt, tell the collector to pound salt.
Also remember, the company who you originally owed the debt to will get NOTHING from you paying it off. The credit agency paid them a fee for the information and only the collection agency makes money. So there should be no strong moral drive for you to pay a gambler for taking a fisk that they can bully you into submission.
Mega Debt Question?
I have recently moved into a house and the previous tenants have not left an address, not that I am one to pry but they have had loads of letters from debt collection agencys some for £20k. They have obviously not told these people they have moved. Does anyone know what will happen to them and my address. It has been nealry a year now and no one has been round or done anything serious. Will they just get away with it.
Cleocat is wrong. Your house should not be affected as credit scoring is on the person (name/dob etc) and merely linked to the address with time checks. You will not be linked to their debt.
I had this exact problem too, I bought a house and at the time they told me some story about going to live with family, then they told me they'd gotten a council house nearby, then they changed the date of the removal. It was all a bit funny. They also took down the for sale sign as soon as I offered (before exchange of contracts) and told me it had been stolen. When I moved for the first week I was visited by two debt collection agents and got a rake of mail from banks, credit companies etc. I returned them all to sender and got back a few letters asking me for information about them i.e. if I knew where they now lived. I gave them the solicitors name (figure they must have given him an address to get the money from the house sale) and heard nothing more about it. The council house they had told me they were in was never occupied by them as far as I could see and I never found out if they "got away with it" Very frustrating although it never caused me any problems apart from having to return some letters.
PS I spoke with the postman and he told me to put a note on my door with my name (i.,e. Mail for Smith only) and I never got any more mail for them again.
National Credit Adjusters breaking Fair Debt Collections Act?
Question by Zach: National Credit Adjusters breaking Fair Debt Collections Act?
Hey everyone,
About six months ago I took out a payday loan through Cash Net USA. I was unable to pay the debt off entirely and am on the line for 611.63. Since I defaulted on the loan, they have transferred my debt to National Credit Adjusters.
On April 7, 2010 a woman from NCA contacted me at work. I immediately indormed her I could not accept personal phone calls at work. I gave her an alternative number to contact me at. She called my alternative number the next day, but I was at work and could not answer my phone. After she didn’t reach me at my personal line, she called my work. I wasn’t able to answer as I was not near my phone, but we have shared lines and my coworker had answered the call.
I reported the company to the FTC as well as my state attorney for them breaking the Fair Debt Collections Act. I didn’t receive a phone call for almost two weeks on either my cell phone or work phone.
Today, a man in the “legal” department called me at work. I again informed him I could not take personal phone calls at work. He asked me when I would be available to speak with him and I told him tomorrow before 4pm. He said he needed to talk today and said for my lawyer to call him today.
I am wanting to know where I go from here. I want to pay on the debt but may not be able to for a little longer, but if they break the law I want to make sure they are held accountable just as much as I can be. What advice do you have for going forward? Thanks.
Best answer:
Answer by Credit TraumaDealing with a debt collector can be one of life’s most stressful experiences. Harassing calls, threats, and use of obscene language can drive you to the edge. What’s worse, a collector may embarrass you by contacting your employer, family or neighbors. You may even be hounded to pay a debt that is not rightfully yours. Collection agencies have a job to do, but there are limits on how far a debt collector can go.
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