Real0ne
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Joined: 10/25/2004
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quote:
ORIGINAL: Sanity
"Thousands" (which is probably an exaggeration to begin with) isnt 99% of New York, by any stretch... 
you sure got a problem with them dont you?
quote:
Woman Sues Debt Collector, Wins $8.1 Million
At courthouses across the United States, it has become increasingly common during the economic downturn for lawsuits to be filed against consumers to collect old debts. Lawyers who specialize in the practice are filing thousands of suits on behalf of large firms that have acquired debts from other companies. Although most people don't fight the suits and lose them by default, a Dallas woman bucked the trend last October.
Chrystal A. Snow challenged the validity of a $9,000 debt in a Dallas County Court-at-Law and countersued the debt collector for making improper phone calls, her attorney Ross Teter said. In a case that has received no media attention, Snow won her suit against Midland Funding LLC and the jury hearing the case awarded her $8.1 million -- $250 for actual damages, $100,000 for mental anguish and $8 million in punitive damages, he said.
"The jury made a finding she did not owe the debt," Teter said in a phone interview. "We argued that they violated the Texas Fair Debt Collection Act by making harassing phone calls and the jury agreed."
Midland Funding is a subsidiary of Encore Capital Group, a company whose primary business is the acquisition and collection of "charged-off consumer receivable portfolios," according to its 2009 annual report filed with the Securites and Exchange Commission.
"We acquire receivable portfolios at deep discounts from their face values," the annual report states. "[W]e have invested approximately $1.4 billion to acquire 28.8 million consumer accounts with a face value of approximately $43.8 billion."
As the owner of millions of long-overdue accounts from credit card, auto, health care and phone companies, Encore has three call centers in the U.S. and one in India to make collection calls. When these efforts are unsuccessful, Encore has a nationwide network of attorneys to pursue legal action for the full amount of the debt. If a creditor wins a lawsuit, it can get a court order to seize bank accounts, garnish paychecks and claim other assets. Consumers can find themselves on the hook for the debt plus interest, penalties and legal fees.
"We generally refer accounts for legal action where it appears the debtor is able, but unwilling, to pay their obligations," the annual report states. "We pay the law firms a contingency fee based on amounts they collect on our behalf."
An April 1 New York Times story on the rising number of court-ordered garnishments told the story of Sidney Jones, a maintenance worker who took out a $4,097 personal loan in 2001 from the subprime lender Beneficial Virginia:
maybe should check your priorities
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"We the Borg" of the us imperialists....resistance is futile
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Yesterdays tinfoil is today's reality!
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