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Creditors Financial Group lawsuit - Will the CA sue you for a credit card debt?

Date: Wed, 08/30/2006 - 09:24

Submitted by anonymous
on Wed, 08/30/2006 - 09:24

Posts: 202330 Credits: [Donate]

Total Replies: 29


I have a credit card debt of $18K that has been sold to Creditors Financial Group. They have offered me a settlement of 40% over three months. I am hesitate about entering into this agreement at this time because 1) $7200 by 10/31 will be a great strain (six months would work better) 2) I have settled many accounts during the last year (lost a job in 2002 - ran up big debt) and believe a 30-35% settlement is possible. My question is for those who have delt with this company - are they quick to file a lawsuit? My experience has been lawsuits are always threatened, but rarely filed. Will Creditors Financial Group sue me?This is the last $18K of $132K in debt. All other debt has been settled and paid. Any comments on them would be appreciated. Thanks.


I did a search in the forum and found someone telling about Creditor Financial Group.

http://www.debtconsolidationcare.com/forums/deal-cfg.html

Before you send a payment, have you confirmed that they have your file and are authorized for collections? You can write a debt validation letter to their address and get the details of your accounts. Verbal agreements don't prove that this CA is actually authorized for collections. Know your legal rights written in the FDCPA when you are making any commitments to the CA.


lrhall41

Submitted by ArDeN on Wed, 08/30/2006 - 12:42

( Posts: 496 | Credits: )


i have been getting calls from this company as well, i send monthly payments because i can not afford to pay in full, if i had been able to i wouldnt of racked up a high bill, they will say they are lawyers and they are filing a law suit if i was you i would call the company that sold your account and ask if you can deal with them instead of this company, this company has lawsuits against them for the way they are.. becareful of them


lrhall41

Submitted by on Sat, 01/24/2009 - 08:33

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Creditors financial group had one of my credit card debts that was $15,000. before they got the account a Creditors Interchange had the account. They were the ones threatening legal action and offering nothing but the balance in full. When I dealt with CFG they let me pay $100 a month for 3 months and than renegoiated arrangements from there. The man I spoke with said that they always get mixed up with this creditors interchange. After the 3 months they gave me a settlement on the account for 30%. They took 70% off my debt. Put everything I needed in writing and send me the paid letter as soon as the check cleared. I dealt with several different people there and everyone I spoke to was very professional and honest. They also gave me advise on clearing my credit. I recommend dealing with CFG.


lrhall41

Submitted by on Sat, 02/28/2009 - 12:09

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I requested in writing by certified mail that Creditors Financial Group not telephone me, my place of business or any members of my family. I received a (signed) return receipt, then received a call from this organization, 888-298-7107. It's a direct violation of the Fair Debt Collection Practices Act. I have already reported them to the Federal Trade Commission, their State Attorney General's office and the Collection Board, plus the BBB. Do not be intimidated by unlawful collection practices.


lrhall41

Submitted by on Mon, 05/04/2009 - 18:52

( Posts: | Credits: )


I'm experiencing the same chaos. what is CFGs mailing address and what type of letter should I be sending CFG? I have not received any correspondence from CFG regarding my account with Chase, except for the harassing phone calls.
I contacted Chase and was informed that my account is still with them & did not send it to CFG
Please advise


lrhall41

Submitted by on Thu, 10/15/2009 - 21:10

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Please proceed with extreme caution when dealing with Creditors Financial Group.

I have heard more than a couple stories of them offering "settlements" and then trying to collect on the rest. What they have done to a couple different people I've spoken with is tell them that the person they entered into the agreement with was not authorized to approve a settlement.

Please do not send them a penny until everything is in writing.


lrhall41

Submitted by Collect This on Mon, 11/23/2009 - 13:21

( Posts: 55 | Credits: )


All you have to do is send a Cease and Desist letter via certified return receipt. Just to insure they sign for the letter, I put "Attn: Payment Processing Center" on the front of the envelope. :) Works everytime. Yes, it sucks when bad things happen to good people. I am one of those good people. My goal is to keep food on the table and roof over my kids' head. The creditors can just deal with it.... It doesn't affect my credit forever...


lrhall41

Submitted by on Mon, 11/23/2009 - 13:29

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I have an account with Usaa and they forward to this creditors financial and i settled ( payed) with my account in sep 2009.I still havent received any paper work from the Creditors Financial Group. now when i contact the office, they are forwarding calls to different people in the office and playing games with me.
One of the Person ( i have all the names) work there told me on the phone and said if you call one more time " i will snap.. and then repeat what he said, he said " if you call one more time here am going to snap..." anyhow i want to report this harassment to the authority who can handle them.
At this point, i payed and settled the account and still am not getting any paperwork or right answer from Creditors Financial Group so i need to move forward to make a complaint to the District Attorney's office..


lrhall41

Submitted by on Tue, 11/24/2009 - 15:53

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thank you so much for the information. the creditors Financial Group called my landlord and asked information aboaut me. my landlord called me to tell me and he said they asked if he knew me. i know this is a violation of my rights (calls to friends, neighbors or co workers, calls at work etc.) i am going to send them a Cese and Desist Letter with return receipt to stop their calls and i will call the company that sold them my credit card debt and ask if i could deal with them instead. again, thank you!!!


lrhall41

Submitted by on Wed, 11/25/2009 - 13:06

( Posts: | Credits: )


I am the same problem. I had a USAA account refered to them and the offered to settle for 30%. I accepted and paid. All via phone. Now USAA has refered the account to another collection agency. CFG says they were not authorized to settle for 30%...everytime I call I get the run around


lrhall41

Submitted by on Tue, 01/05/2010 - 11:28

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Ted, it would depend on what you want. If you want to get hounded by the creditors and collection agencies, then don't pay. But when it is a right debt, then I think it is wise to pay it off before any legal action is taken against you. It'd ensure peace of mind.


lrhall41

Submitted by SC on Sun, 01/10/2010 - 21:59

( Posts: 3937 | Credits: )


Quote:

Originally Posted by Anonymous
Creditors Financial Group doesnt purchase debt so to offer 40% would be a good offer

Do not get involved with this company. They are liars!!!. They tell one thing on the phone, take your money and never send you a letter of satisfaction. BEWARE!!!!

I am reporting them to Better Business Bureau.


lrhall41

Submitted by on Thu, 02/18/2010 - 14:52

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Do not do any business with Creditors Financial. They are CHEATERS and LIARS. I settle a debt with them just to find out that it was not a settlement but a deposit towards my settlement. I am reporting them to BBB, Federal Trade Commission , State Attorney and the Collection Board.
BEWARE!!!


lrhall41

Submitted by on Thu, 02/18/2010 - 14:59

( Posts: | Credits: )


This place is ruthless. I had a business card of 12800.00 sold to CF. They must have called 12000 times. I am no longer a part of the business that the card was semi-attached to. Never the less, I summonsed the energy to talk to the rep. I told them my story, for the 10000th time, and made an offer. I stuck to my guns, all the while reminding these people of how Bank One and Chase had received billions of dollars of taxpayers hard earned money, and they settled with me for 25%. You can do this. Be firm. You do not need someone else to handle this for you.


lrhall41

Submitted by on Thu, 03/25/2010 - 13:27

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I have employed all legal means of trying to stop these guys from calling my home, cell, work, neighbor,etc; to no effective ends. Recently, I learned from a friend that I can call them back and put my phone on mute without saying anything. I did that for about 40 time. Of course they know it is I who called, but (they said they know where I live who's my neighbor, where I work,etc.), but I continued to call without speaking. They even pleaded with me to "not call them back." Can you imagine the gratifications that I got from hearing this? I did this every time they called me and soon after they stopped completely.

I'd say the revenge is definitely sweet. So, do get annoyed, get even... If you have friends that don't care of these guys knowing their names, have them call too... Eventually, these pest would be out of business...


lrhall41

Submitted by on Thu, 06/17/2010 - 16:50

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I called cfg to make payment arrangements. When "Mr sergeant" read back to me the payment dates and payment amounts, the date of the first withdrawal was a week earlier than what we agreed on. When I corrected him on the date, he became very irate, told me to shut up and let him talk. When I told him not to speak to me that way. He said that I needed to keep my mouth shut and listen and that was why I was in this debt. Mind you, I'm the one who called them to make payment arrangements, not the other way around. He ended up telling me he was done with me and that I would be served with a lawsuit, then hung up on me. I'm sure that was illegal but I'm not a lawyer and have no idea about the rules of collection procedures. But I'm pretty sure they're not supposed to threaten and harass people that way! I know i created this debt and should have to pay it but would someone pleasep tell me how much of this I have to put up with? What is legal and illegal?


lrhall41

Submitted by on Fri, 09/10/2010 - 16:47

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Quote:

Originally Posted by Anonymous
thank you so much for the information. the creditors Financial Group called my landlord and asked information aboaut me. my landlord called me to tell me and he said they asked if he knew me. i know this is a violation of my rights (calls to friends, neighbors or co workers, calls at work etc.) i am going to send them a Cese and Desist Letter with return receipt to stop their calls and i will call the company that sold them my credit card debt and ask if i could deal with them instead. again, thank you!!!


As far as I know, companies do have a right to contact your friends, family, landlord and others, but only if they don't have a current means contacting you directly. If for some reason you moved with no forwarding address, changed phone numbers and/or emails, then companies can call others to find out how to get in touch with you.

However, they can't use that contact as a means to "involve" the 3rd in the collection process. They can't ask for financial info about you, and they can't disclose the nature of why they are trying to reach you. For example... They can't say " I am calling from CFG collection agency, and your sister Susan defaulted on a Payday Loan and we are trying to find out how to reach her. By the way, do you know what bank she uses ? Do you know where she works, and how long she has worked there? ...etc"


lrhall41

Submitted by on Thu, 09/23/2010 - 07:04

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Quote:

Originally Posted by Anonymous
what should u do if u owe a bill and they call you to pay it...should u continue to run from the debt or pay it and get a letter so the phone calls stop and i then have no reason to blame anyone or agency for my debt that i caused? any answer or suggestions?


If that debt you owe is a legally obtained debt by you, and if you have a means of paying it back - either in whole, in part in settlement, or in installments, then you should pay it back. It the right thing to do, and you'll avoid the hassle of trying to stop the calls from the creditor, and/or the collection agency - which may turn out to be one of the collection agency who buys the debt from the original lender, and they may not operate via legal means or follow Federal Consumer Protection laws.

If however it is an illegal debt (like a Payday loan), and/or if you don't have the means to pay back a debt (legal or illegal), in whole, or in part, then you have options.

You can not pay any money at all on the debt, and don't even acknowledge the ever again if they call you or write. Most consumer debts have a expiration date of 6 years - at least in New York State. You'll have to check the laws of your state. But in New York, a company has 6 years to collect, or the debt is considered voided. It is however important that you not pay on, or acknowledge the debt in any way during that time, because if you do, then the 6 year clock restarts again from the date of you last payment on the loan, or the last time you acknowledge it exist - either verbally or in writing.

You can also file bankruptcy, but that is a more extreme thing and you will need to prove to the court you that you have no reasonable means to pay all or a part of your debts in your current situation. If is the best way out of debt for some, but it will be on your credit report for like 10-12 years or so, depending on which type of bankruptcy you file for.


lrhall41

Submitted by on Thu, 09/23/2010 - 07:22

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Quote:

Originally Posted by Collect This
Please proceed with extreme caution when dealing with Creditors Financial Group.
I have heard more than a couple stories of them offering "settlements" and then trying to collect on the rest. What they have done to a couple different people I've spoken with is tell them that the person they entered into the agreement with was not authorized to approve a settlement.
Please do not send them a penny until everything is in writing.


I have gotten a couple of calls from CFG, one was several months ago, and then just another yesterday. They say they are calling about a payday loan I defaulted on like a year and a half ago. I think the amount is like $390 bucks. It was from a company called PDL - which I think operates out of Florida.

I didn't acknowledge the debt when CFG called, nor did I varify any of my personal contact information for them. All I said to them is that if they are collecting a debt for soemone, then they will need to send me a letter stating their company name, contact info, and license number and authority to collect this or any debts. Also the name & address of the original lender and their license number to issue payday loans to New York residents ( although I already know payday loans aren't legal in NY).

I told them this several months ago when they called, and they said the would send me the letter in the mail, but of course they never did. They just sent an email attachment, but I never opened the attached because I feared then might have had some type of info mining program in that attachment. You can never be to careful with companies like this, and what means they may go to to collect info.

Now they call me again yesterday asking me how I want to take care of the debt to avoid "litigation". I said I didn't know what they were talking about. The lady then started to ask me if I held a bank account ending in the numbers XXXX... But just then I lost the connection on my cell. They didn't call right back though. But I wouldn't have confirmed my bank account anyway - even though that bank account number was closed many months ago, I still would never confirm any personal info over the phone with anyone.

If they call me back, I'll just say the same thing... Send me a debt varification letter by postal mail, and if it is a legal debt, and a legal debt that you have a legal right to collect, then I will get back to you about it. If not, then I won't.

I am not worried about litigation. I know they aren't going to attempt to sue me over a $390 payday loan. First and foremost because they'd have no legal standing, since payday loans are illegal in New York State. And secondly, they likely just bought this debt outright from PDL for pennies on the dollar, and are trying to scare into paying something on it - which I won't.

Even if I decided to pay the $390 debt, I wouldn't trust CFG. I could pay the $390, and then 6 month or a year later, they could call me claiming I still owe it, or owe more...etc. If I were going to payoff a payday loan, I'd always to it with the original company.


lrhall41

Submitted by on Thu, 09/23/2010 - 07:48

( Posts: | Credits: )


Quote:

Originally Posted by Anonymous
I have a credit card debt of $18K that has been sold to Creditors Financial Group. They have offered me a settlement of 40% over three months. I am hesitate about entering into this agreement at this time because 1) $7200 by 10/31 will be a great strain (six months would work better) 2) I have settled many accounts during the last year (lost a job in 2002 - ran up big debt) and believe a 30-35% settlement is possible. My question is for those who have delt with this company - are they quick to file a lawsuit? My experience has been lawsuits are always threatened, but rarely filed. Will Creditors Financial Group sue me?This is the last $18K of $132K in debt. All other debt has been settled and paid. Any comments on them would be appreciated. Thanks.


I wouldn't trust CFG. I read way to many stories of how they operate with illegal tactics. You could pay off, and then they could come back a year later saying you owe more.

I read where a Texas firm sued CFG and Bank of American for violating a lawful bankruptcy order. As you may know, once a bankruptcy is approved/"discharged", creditor are prohibited from ever trying to collect the debt again.

Well, this couple had done a bankruptcy, and like a year or something later, CFG contacted them trying to collect a debt, that was originally a debt with Bank of America, but had been passed over to CFG for collection.

Well, the couple won the case and was awarded $2,500 for the time and hassle of having the file the law suit. They were also awarded $79,000 in legal fees for their lawyers.

CFG and Bank of America were both fined for violating a legal bankruptcy order. A Bank of America employee confessed to having sent this debt to CFG, in spite of knowing they were prohibited by the courts from doing so. CFG confessed to contacting the couple even though there was a legal bankruptcy order in place prohibiting it.

Bank of America was fine $100,000 for this violation. CFG was fined $50,000

I love it. People standing up for their right, and making these companies pay for breaking the law. I can't recall what the original amount of the loan this couple had, but it wasn't more than a few thousand bucks I think. I mere fraction of what it ended costing CFG and bank of America.


lrhall41

Submitted by on Thu, 09/23/2010 - 08:04

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Know your rights under the Fair Debt Collection Practices Act, You have no contract with CFG hence they have no right to collect anything from you except that which they paid to purchase your debt for collection ( about 5cents on the dollar) which you need an original copy of their purchase agreement before you know it's valid. (by the way, they will never show ANY debtor their purchase contract) hire an attorney if you are to mentally incompetent to handle the laws effectively. (no pun intended, it takes some time to read AND understand your rights.) Good Luck.


lrhall41

Submitted by on Sat, 10/16/2010 - 21:39

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