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My payment was due July 15, 2013. The bank contacted the business I deal with on July 24, 2013.
Thank you for the information. Your initial post: My bank contacted a business owner where I trade and said he was looking for me and has been unable to contact me. The owner said the bank was looking for me to repo my apts or I had past due payments, he was not quite sure what was going on. I do a lot of buying and selling of real estate and I am afraid this is now out all over town. What are my rights? Response: You can sue the bank for violation of your privacy. The bank has no basis to contact your business partner and divulge sensitive financial information even if you are past due on your obligation. In this case, you were not even 30 days late when the bank starting to make the call. If the bank genuinely had trouble contacting you, (which is doubtful) all the bank was supposed to do was to leave a message for you with your partner to contact the bank and nothing else. Regrettably, you cannot sue the bank under Fair Debt Collection Practices Act (“FDCPA”) for communicating to a third party regarding your debt because business debts are not covered under Fair Debt Collection Practices Act. However, you can sue the bank for violation of your privacy. However and realistically speaking, litigation is not cheap and you would have to spend money to make it happen.
Correction. The business is not a partner but someone I buy stuff from.
Also does it make a difference as to 30 days or more to talk to outsiders?
Also does it make a difference as to 30 days or more to talk to outsiders? Response: No, it does not. The bank is not supposed to disclose your financial information to anyone. I was making a point that the loan was not even due for that long for the bank to even start to contact you or third parties for your whereabouts. I think the bank's representative who called knew exactly what he/she was doing. He was trying to embarrass you to force you to pay the past due amount. In any event, the disclosure of your financial information to a third party unconnected with the debt is highly improper
Educator, Esq: Follow up question: Is the following
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