Lawsuits brought by what are commonly known as debt buyers have become a problem for many people across the country, including the Peoria area.
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Sometimes creditors such as credit card companies or finance companies will “charge off” a debt. By doing so, the company is saying that it is not able to collect the debt, and the company is able to take the write-off as a tax deduction. Over the recent past, an industry of what is commonly called “Debt Buyers” has emerged to buy these types of debts. A Debt Buyer goes to the original creditor and purchases the charged off debt for pennies on the dollar. In exchange, the Debt Buyer receives a list of all those people who have had their debts charged off by the original creditor. The list the Debt Buyer receives normally includes the name of the debtor, the address of the debtor, other identifying information, and the balance owed.
Debt Buying has become a multi-billion dollar industry; and one that can easily lead to abuses. For example, there have been reported cases where a single charged off debt has been sold to more than one debt buyer leading to the debtor being sued multiple times for the same debt.
Debt Buyers are very active in Small Claims and LM court rooms around the country. With names of debtors and purchased accounts they sue debtors in multiple jurisdictions. Debt Buyers can be awarded money judgments that far exceed what it costs them to purchase the debts.
What should someone do if he or she is sued by a Debt Buyer, and how does one know when they are being sued by a Debt Buyer? One is able to tell if it is a Debt Buyer who is suing them by the allegations contained in the complaint and attached documents. The allegations will state that the Debt Buyer is the “assignee” of the original creditor – someone like a Visa, MasterCard, or Discover Card.
How does someone defeat a Debt Buyer? One way is to call us. We have had significant success in defending cases brought by Debt Buyers. Because Debt Buyers pay so little for the information concerning the debt they are buying, they lack much of the documentary evidence needed to prove their case. If you believe you are being sued by a Debt Buyer call us for a free, no obligation consultation. We will be able to offer advice, and represent you at reasonable rates. You want to avoid a judgment that can lead to garnishment of wages and worse. Give us a call. We offer satisfaction guaranteed.
How can we help you? Contact us for a free consultation. We’ll answer all your questions, and explain your options. There is no obligation.
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There was no way we could negotiate with our creditor, or understand the complexities of our situation. Smith and Weer took care of all of this for us, and saved our home.
Attorney Ed Weer with Smith & Weer, P.C. provided me with guidance and knowledge to resolve my student loan debt in an affordable way. Attorney Weer was very knowledgeable of what options, other than bankruptcy, were available to me. I was surprised to learn that options exist outside of bankruptcy. With Attorney Weer’s help, I created a plan that reduces my monthly loan payments to an amount I can afford. Because I work in a school district, Attorney Weer selected a plan that will enable me to pay off my student debt in 10 years, tax free. I couldn’t have accomplished this without Attorney Weer’s help.