Thursday, July 28, 2016

Debt Collection - News to Watch - "Debt collectors could face new limits on calls"

On USA Today's website you will find an article on new rules being consider for debt collectors: Debt collectors could face new limits on calls.

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These new rules will place dramatic limitations on debt collecting practices. The article states;

"... Third-party debt collectors would be limited to up to six tries each week before a consumer is actually reached, according to proposals under consideration by the Consumer Financial Protection Bureau. Once the consumer is reached, the collector could make only three attempts total per week, including phone calls, emails and texts. 
The CFPB wants to limit excessive or disruptive calls and make sure that collectors are going after debt that someone actually owes..."
This could also help people who may be responsible for the debt but will never be able to pay it. The people I am thinking of are grandparents or senior parent stuck with a debt they co-signed for a grandchild or child. This is definitely a change to watch.

If you want assistance, legal representation, or just want to know more about Mark Medvesky or our firm of Wells, Hoffman, Holloway & Medvesky LLP, check out our website at or call us a 215-660-3170 and schedule an appointment.

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