Consumer Protection Law

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What is consumer debt?

Consumer debt is any outstanding debt of the consumers and not business or government. Consumer debt includes debts that incurred on purchases of goods that are consumable or do not appreciate. In more recent years, alternative analysis may view consumer debt as a way to increase domestic production by increasing credit limits, making credit readily available, or increase the overall demands for the goods. The most common forms of consumer debt that a person may have are credit card debt, payday loans, and any other type of consumer finance, which are many times set at higher interest rates than long-term secured loans, such as mortgages.

In the state of New York, what is statute of limitations for consumer debt?

In the state of New York, the statute of limitations for most debts, including credit card debt, is normally six years. If there is a company coming after a person after this cut off, then they may have been provided with the wrong information or they may be trying to implement a scare tactic to get the person to pay the debt. If the company were to take the issue to court, then it would more than likely be dismissed due to the statute of limitations.

In the state of Pennsylvania, is annuity protected against credit card debt?

To a limited extent, the annuity is protected against the credit card debt. According to the Pennsylvania statute;:

“Any policy or contract of insurance or annuity issued to a solvent insured, who is the beneficiary thereof [is exempt], except any part there of exceeding an income or return of $100 per month.” If the credit card debt exceeds the $100 limit, then the credit card company can sue to regain the amount that exceeds the $100 that is protected.

What should be done if a debt collector is sending notice of debt that is over 10 years old?

The person should notify the collection agency, by writing, to stop all communication with the person regarding the debt. The collections agency must stop contacting the person after the letter is received and if they do not then the person can sue the company for $1000 for every contact that is made after the letter is received. Contact includes mail or phone. The person would be following the terms in the Federal Debt Collection Practices Act and is recognized federally.

In the state of Maryland, if a person receives a letter from a debt collector, would it be acknowledging the debt if a letter is sent stating it was paid by a third party?

The person would be acknowledging the debt but not that the debt is valid since they believe the debt was paid by the third party. The person should start by sending a cease and desist letter to the company. If the company pursues this, then provide proof it was paid by the third party. However, if the statute of limitations has passed, in Maryland it is 3 years, then the person can state this and it should be ended.

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