We Need New consumer Laws to Protect Consumers!

It's important for a consumer to be informed of his/her legal rights. Age old debts that are past the seven years reporting time frame cannot hit an individual's credit copy. If a company is asking you to make a payment on some account, you have every right to ask for the summary of the account. In most cases, CAs try to collect on disputed or junk debts. A single payment on the debt can make you responsible for the account and it will be hit on your credit as a negative remark. One must know the laws so that any inaccurate item can be disputed and verified by the collection company.

Yes, That is very true. Consumers really need to learn the laws concerning debt among other laws also.
But at the same time we as a people need to be calling our local and federal governments, and be demanding that we have more through schooling for children and young adults. In the fields of debt, credit, how money really works, how to protect themselves from fraud. Not to mention continued education required in college, concerning these issues like consumer rights. If we as a community stand up and start putting up a fight, and start talking to the politicians about implementing new classes that are required in order to graduate. The younger generation would be more prepared for whats ahead. I mean is that not why we have schools in the first place, to prepare our children for what lies ahead. Instead they get the absolute pure basics, and nothing more beyond that. It would also be more helpful if we pay teachers more than what they do get. It's time for us as a generation to stand up and tell our government to start updating our teaching standards. We also need to start holding workshops for the younger generation, so that they can begin there education on finance and the laws governing finance.
Sincerly,
Mike

These Collection agency's, need to be prevented from buying debt's older than 7 years. This is something that needs to be fixed. We as consumer's can't stand by while these company's buy these debt's and hurt others. There's just got to be something that we can do about this. Also, what about doing something to these guys that write-off these debt's for a tax break and then turn around and sell them for penny's on the dollar. Is this not illegal and if not why can't we make it a law and start upholding it. I mean we have laws to protect them. But only laws that protect us, only and only if we have read them and understand them. We need to stand up and start looking towards our law makers and start asking why!!
I mean company's can afford the cost to sit there and look for loopholes and lobby congress to make changes that benefit them. But, the common person does not have all the time in the world to goto a library and sit down and read the thousands of law books that govern this concept of law. So in just these companys go about with there extensive knowledge in the law of loopholes and litterally rip people off as much as they can to make a quick buck. Why can't there be laws to prevent them from doing this even if the consumer does not know the law!!

After 4 years a debt should be obsolete and uncollectable in all states.

You account is sold long before 7 years. It's probably first sold off in the first year of default. The creditor is going to get something of the debt that you owe them back even if it isn't in full.

A debt is a debt until it is paid.

a debt is a debt until it is no longer a debt, however that may be.

I believe that you all are correct. But, a debt should not be able to be sold to another company. Except in the form of representing the original creditor. What I mean by this is, CA's can????????t buy old debt or debt in general form the original creditor. They can only represent the original creditor, but not BUY or/and OWN the debt themselves. In a way, prevents fraudulent collection practices.

By doing something like this prevents people from taking advantage of others. Thus, when a debt goes uncollected for 7 years, the debt can thus be written off through taxes buy the company. Then wiped off the consumers report.

What do you guys think?

Keep on Trucking!!
Mike

I love you mike otr, that is perfect and I agree 100%.

I also agree that the credit,collection,and credit reporting laws need to be reformed.These laws don't have enough teeth in them to prevent violations by creditors& collectors.

I believe that some of the laws need to be reworked to tighten the belt on creditors and collection agencies.

The penalty for fdcpa violations on collection agencies should be harsher. It should also punish the collector more than the company because it is the collector doing most of the violations.

There should be a law that says a consumer has to sign each paragraph of a credit contract and then also waiting a full seven days to think about it before a credit card is mailed out or any type of credit is issued.

I agree on making things harder for people to aquire debt and not pay it back ever. But it is going to make it a lot harder for those who truely have fallen on hard times and do intend to make good on their debt when they can.

This is not a black and white world that we live in and the grey areas tend to outweight every aspect when it comes to collections and creditors.

The only ones who will be punished in the end will be the people who really are just trying to make it. This society isn't going to change because America is a for profit state.

I agree with every word of your post, FYI. But I don't think the credit card companies would ever go for a 7-day cooling off period as you propose--just because more people would back out and they would lose money.
And the laws do need to be reformed--but probably never will, because of the strength of the lobbyists representing the cc companies in DC. Also, there are many of our fellow Americans who have no interest in the political system and mistakenly believe that it doesn't affect them--and are even so lazy that they don't even vote.
If politicians knew that future votes would be riding on bills they'd pass, you can bet your bottom dollar that they would vote the way we want. And this is the real challenge of our political system....

kscornell is right. I agree that there is a great need for reforms, such as an increase to $10, 000 per violation, and regulation of junk debt buying. I wouldn't look for it anytime soon though. Credit card lobbyists brought us the "bankruptcy reform" of a couple of years ago.

I would also submit that we need federal, not just state laws, for ursury rates. It would make dealing with PDL's much more simple and streamlined.

Everyone here makes such a good point. I wished our voice could be heard, what a change we could make. Maybe we are right now at this very moment, I think so, how about you?

I think all of these points are good. We do need a 7+ day cool of period.

Increased violation cost to the CA.

All this is good, but it WILL NOT HAPPEN, untill we all stand up and start writing congress and demanding change.

Of course at first they will not listen or they will say they are listening, but in truth all falls between the cracks.
But there is a qoute:

"It's better try and fail, then to fail to try!"

"Anything is possible, if you just put your mind to it."

Don't forget to visit my other threads. I need help on one. We need better educaion in the field of money!

Im, trying to start a non-profit organization, to help kids fully understand all aspects of money via information, books, workshops, and through their parents.
Please go read my other threads.

Thanks,
Mike