Jeffreyjon, it sounds like you are identifying how a strategic defaulter acts. However, Involuntary Defaulters don't have the income available to pay down a debt if the interest rate charges are going to keep accruing.
I am sure many judges would disagree with you. Courtrooms are not a playground. And judges do not like it when plaintiffs waste their time by filling frivolous lawsuits that do not have proof.
Welcome to RegulationRoom, jeffreyjon, and thanks for your comments. Some people are concerned that collectors don't do much more than doublecheck that the amount in the validation notice is what the creditor says the consumer owes. The FTC thinks the collector should have to do a “reasonable” investigation and CFPB is deciding whether this should be the new federal rule. Given your experience, we hope you will comment on the topic page, When consumers dispute a debt – How should collectors investigate and “verify” the debt.
Debt Neutrality Petition
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Jeffreyjon, it sounds like you are identifying how a strategic defaulter acts. However, Involuntary Defaulters don't have the income available to pay down a debt if the interest rate charges are going to keep accruing.
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stopwithspoofedcallerID
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I am sure many judges would disagree with you. Courtrooms are not a playground. And judges do not like it when plaintiffs waste their time by filling frivolous lawsuits that do not have proof.
View this comment in the discussion thread
Moderator
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Welcome to RegulationRoom, jeffreyjon, and thanks for your comments. Some people are concerned that collectors don't do much more than doublecheck that the amount in the validation notice is what the creditor says the consumer owes. The FTC thinks the collector should have to do a “reasonable” investigation and CFPB is deciding whether this should be the new federal rule. Given your experience, we hope you will comment on the topic page, When consumers dispute a debt – How should collectors investigate and “verify” the debt.
View this comment in the discussion thread