article thumbnail

Debt Collectors Banned From Industry In Settlement With FTC

Account Recovery

A debt collection company based in Atlanta and its owners have been permanently banned from the industry and will pay $266,000 out of a $3 million penalty under the terms of a settlement announced by the Federal Trade Commission, which had sued the company and its owners for threatening to have consumers arrested and imprisoned … The post Debt (..)

article thumbnail

FTC settement bans bogus debt collectors from collections

Public Citizen

An Atlanta-based debt collection company and its owners will be permanently banned from the debt collection industry under the terms of a settlement with the Federal Trade Commission. The FTC's press release is here.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Concerns over prohibition against debt collection service

Collection Industry News

Such measures are to push debtors close to the dead-end and, despite having no assets, they must borrow or seek money, even by breaking laws to escape the pressure from debt collecting companies. As a result, they have to create other business models, other disguised activities to continue to collect debts for customers.

article thumbnail

Director banned for taking money from Company with Unpaid CCJ’s

UK debt collections

This in turn caused the creditors to delay Commercial Debt Collection and enforcement action. The company continued to trade and accrue further debts. The company had also notched up 7 Unpaid CCJ’s and had total debts of over £140,000.

Trade 64
article thumbnail

FTC Strips Debt Collector’s Assets and Requires Deletion of All Reported Debts as Penalty for “Debt Parking”

Troutman Sanders

Midwest Recovery Systems (“Midwest Recovery”), a debt collection company, must cease its alleged debt-parking practices, delete all reported debts, and surrender its remaining assets in partial payment of a $24.3 million monetary judgment, under a stipulated order filed by the Federal Trade Commission (“FTC”) last week.

article thumbnail

New Mexico Joins Operation Labeled “Corrupt Collector” and Sues Three Collection Agencies

Troutman Sanders

New Mexico’s Attorney General Hector Balderas announced on September 29 that his office has filed three lawsuits against debt collection companies. In his statement , Balderas explained that these lawsuits are part of a larger “crackdown” aimed at educating consumers and eliminating abusive debt collection practices within the state.

article thumbnail

Action by FTC and Pennsylvania Leads to Permanent Ban For Debt Collectors That Targeted Businesses, Non-Profits, First Responders

Collection Industry News

As a result of actionby the Federal Trade Commission and the Commonwealth of Pennsylvania, debt collection company International Credit Recovery, Inc. The Federal Trade Commission works to promote competition and protect and educate consumers. ICR), officer Richard Diorio, Jr.,