| Volume 123 Number 5 |
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The People’s Lawyer’s Tip of the Day
In most cases, a debt collector cannot sue you to collect a debt more than four years after you have stopped paying. But that doesn’t mean he cannot ask you to pay. Even though a lawsuit cannot be filed or threatened, you still owe the money and debt collectors may contact you to discuss payment. Click here for more.
You have the Right to be Treated Fairly in the Financial Marketplace
It is illegal for a creditor to discriminate against you in any aspect of a credit transaction based on race, color, religion, national origin, sex, marital status, age, or if you receive income from a public assistance program or exercise in good faith your rights under certain consumer protection laws. If you have been discriminated, contract the Consumer Financial Protection Bureau to help enforce your right. Click here for more.
Your Money
Research shows Baby Boomers may have a greater passion for entrepreneurship than younger generations. One report showed that, in 2014, those ages 55 to 64 had a higher rate of new entrepreneurial activity than the stereotypical risk-taking 20 to 34 age group. Experts say there are many opportunities to upstart your business. Here are some growing industries and useful strategies to get you started. Click here for more.
For the Lawyers
Purchaser of defaulted debt who then collected the debt was not a debt collector for purposes of FDCPA. The Fourth Circuit affirmed a district court’s decision that a consumer finance company collecting debts on its own behalf, which it purchased from the original creditor, is still a creditor and is not subject to the FDCPA. The court noted that the fact the debts were in default when purchased did not matter. The question was whether the collector was collecting debts for itself or another. Henson v. Santander, No. 15-1187 (4th Cir. Mar. 23, 2016). Click here for more.