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Investigation by Federal Trade Commission

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The U.S. Federal Trade Commission (FTC) has announced that it is investigating several debt collectors and debt buyers. The specific companies named in the FTC investigation are:

  • Arrow Financial Services, LLC (sometimes represented locally in central Florida by Hayt, Hayt & Landau / Robert J. Orovitz and Dana Kalman)
  • Asta Funding, Inc.
  • B-Line, LLC
  • eCast Settlement Corp.
  • Encore Capital Group, Inc.
  • NCO Portfolio Management, Inc (sometimes represented locally in central Florida by David E. Borack of Borack & Associates)
  • Portfolio Recovery Associates, LLC (sometimes represented locally in central Florida by Robert J. Orovitz from Hayt, Hayt and Landau)
  • Sherman Financial Group, LLC
  • Unifund Corp. (sometimes represented locally in central Florida by Jorge Palma or Armando Vasquez or Joseph Haynes Davis)

Many people do not recognize that debts can be bought and sold, just like cars or houses or other property. Debt buyers are companies who buy the debt from an original bank or creditor who provided credit to a consumer. It is widely known that debt buyers pay pennies on the dollar to buy the debt. However, that does not stop them from trying to collect the full amount of the debt and even filing lawsuits for more than they paid for the debt. Because these lawsuits are brought on behalf of the debt buyer, some consumers may not even recognize why they are being sued.

The documents requested by the FTC will reveal how much the debt buyers paid for the debts they bought. They also seek to recover significant additional information on what is, in my opinion, the questionable practice of debt buying and the relationship between the banks and finance companies that sell the debt and the debt buyers who buy that debt, and who often resell it to other debt buyers.

I believe the documents requested by the FTC will also be helpful in defending individual lawsuits brought by these debt collectors in Seminole County, Volusia County, Orange County, Brevard County, Lake County, and elsewhere in central Florida. Although most of the lawsuits are brought in County Court as either Small claims cases or County Civil cases, some may also be brought in Circuit Court. As a debt collection defense lawyer, I have experience in successfully defending consumers sued by debt collectors. I would be honored if you would select the Rudnitsky Law Firm to represent you as your credit card debt defense lawyer to defend you in your credit card debt lawsuit, auto and motorcycle repossession deficiency debt lawsuits, and other consumer debt lawsuits. There is no charge for our initial consultation. Please feel free to call us at 386-444-3032 or contact us by email.