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 Posted: Fri Aug 31, 2007 3:45 pm Subject: New Mexico AG Sues Collector |
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As cajun probably knows, this is from the ARMS site. Hey dodgy collectors, no excuses, pay your fines and judgments LOL. Seems to be a growing trend among state AGs.
| Quote: | New Mexico AG Sues Merchants Credit Guide
August 30, 2007
Venerable collection agency Merchant's Credit Guide is the target of a state lawsuit over time-barred debt and licensing.
by Phil Britt,
insideARM.com
August 30, 2007
New Mexico Attorney General Gary K. King has sued Chicago-based Merchants’ Credit Guide Co. for allegedly violating the state’s unfair practices law.
According to the complaint filed this week, Merchants’ Credit attempted to collect debts in New Mexico that had passed the state’s six year statute of limitations on written contracts, or the state’s four year statute on oral contracts. In addition, Merchants’ Credit failed to notify debtors that portions of their debt may have passed the statute of limitations.
The complaint further said that Merchants’ Credit knowingly made false or misleading statements, visual descriptions or other representations to consumers in connection with the collection of the debts.
In a second count in the complaint, King said that the company attempted to collect debts in 2003 and 2004, before it was licensed to do business in the state in April of 2005.
Merchants Credit Guide did not return phone calls. The family-owned firm, founded in 1896, offers contingency collection, pre-collection, skip tracing, and litigation services.
The company’s Web site said the firm “is one of the fastest growing private companies in North America, with revenues increasing by over 570 percent over the last three years.” |
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LawStudent
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| Posted: Sat Sep 01, 2007 6:34 am Subject: |
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Am i reading this right? So CA's must tell a debtor that their debt is outta SOL??? If so, that's interesting...
Ang
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Ang
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cajunbulldog
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| Posted: Sat Sep 01, 2007 7:16 am Subject: |
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I can't believe my eyes! Is this the same Merchant's Credit Guide that is on Budd Hibbs site?
Oh I know that Budd would love to see this one! From what I remember reading Merchant's is a bottom feeder and it is fact that they go after expired SOL accounts.
I got a letter from them and told them point blank the account you are referencing is 20 years old. Send a validation letter and never got anything back, not even the green card! I have my letter and receipt.
In they're letters they have a coupon at the bottom where you can pick your payment. Yeah, right! They cannot validate any of these accounts if they're that old.
I can't believe that someone has finally stepped up to the plate and have gone after them. Hats off the New Mexico AG!
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poconomoki
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| Posted: Mon Sep 03, 2007 1:32 pm Subject: |
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I've never heard of any collection agency being sued because a debt was out of the SoL. What I think they may mean by that is that the collector/company made misleading tsatements that the debt was still within the SoL and therefore they still had the right to persue legal measures.
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FYI
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| Posted: Mon Sep 03, 2007 3:59 pm Subject: |
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Ahh ok thnx FYI! Now that makes MORE sense to me!
Hope all's welll with u, ltns!
Ang
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You will not be punished FOR your anger; you will be punished BY your anger. --Buddah
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Ang
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