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Archive for 'Credit Card Debt'
Chase To Pay $389 Million Over Illegal Charges For Credit-Monitoring Services
JPMorgan Chase has agreed to pay out nearly a billion dollars to close investigations related to the 2012 “London Whale” trading fiasco, and now is told it must pay out $309 million in refunds and $80 million in penalties over...
Read MoreDebt Collection Fears Making Americans Sick
Study Shows Many Choosing to Pay Off Debts While Sacrificing Needed Health Care to Save Money A recent study conducted by sociologists at the University of Michigan found that people who are ill and do not seek treatment because of...
Read MoreBank of America Sold Card Debts to Collectors Despite Faulty Records
In a series of 2009 and 2010 transactions, Bank of America sold credit card receivables to an outfit called CACH LLC, based in Denver. Co. Each month CACH bought debts with a face value of as much as $65 million for 1.8...
Read MoreCollection Agency Faced Sanctions After Wrongly Identifying a Debtor
The collection agency of Pressler & Pressler has a track record of wrongfully identifying consumers and strings of violations of the Fair Debt Collection Practices Act. In a recent case, Mr. Mark Hoyte was wrongfully identified by Pressler & Pressler as...
Read MoreOld Debts That Won’t Die
Timothy McCollough freely admits that he stopped making payments on his Chase Manhattan credit card in 1999. He says he did not have the means to pay after he was disabled by a head injury that cost him his job...
Read MoreJPMorgan Pulls Arbitration Clause From Card Contracts
JPMorgan Chase & Co.’s credit-card contracts will no longer require disputes to be settled through arbitration, a practice that lawmakers said was biased against cardholders, to help settle an antitrust lawsuit. After a class action suit was filed by Philadelphia...
Read MoreDebt Collectors Turn a Profit by Going After the Poor
It’s the “American Way”, turning opportunity into profit. It is certainly the way of the debt collector in these hard economic times with 15.1 million of the working class unemployed, 1/3 of which have been for six months or more....
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