Jump to content

LWT Debt Buyers


Recommended Posts

DBA International had something to say about that segment of the show.

"While DBA International disagrees with certain broad characterizations of the debt buying industry contained in the June 5th episode of “Last Week Tonight with John Oliver,” we wholeheartedly agree with the premise of the show that unscrupulous activity within the industry harms consumers.

This position is the core of DBA International’s Receivables Management Certification Program and the reason why the association requires certification of all companies actively purchasing receivable portfolios as a requirement of membership. These standards meet, and often exceed, the already implemented state and federal laws and regulations.

The segment highlighted well-publicized problems from the past instead of discussing industry regulations and reform, benefits to consumers, and contributions to the economy. John Oliver’s producers contacted DBA International and we participated in a lengthy interview in the days before it aired providing extensive background on the industry and the certification program. This information was not incorporated into the show.

It’s important to note that the debt buying industry is one of the most comprehensively regulated financial services industries in the country, both at the federal and state level. The questionable debt collection practices highlighted in John Oliver’s program are not collection tactics—they are prohibited illegal actions.

DBA International member companies work proactively with consumers to resolve their financial condition by customizing payment plans, ending accruing interest, and offering settlements for less than the principal balance. This vital industry assists the credit economy and allows consumers to settle their legal obligations in a safe and compliant manner. Moreover, DBA International’s certification program ensures that debt buying companies treat consumers fairly and with respect and integrity."

 

Link to comment
Share on other sites

3 hours ago, sadinca said:

The questionable debt collection practices highlighted in John Oliver’s program are not collection tactics—they are prohibited illegal actions.

and the program had a debt buyers conference speaker talking about how likely you are to get caught so don't worry about it.

 

3 hours ago, sadinca said:

These standards meet, and often exceed, the already implemented state and federal laws and regulations.

which leads to the state elected official writing favorable legislation for the industry  where his wife is employed, with his consenting colleagues joking it had better be favorable to the banks or he'd be sleeping on the couch.

3 hours ago, sadinca said:

DBA International’s Receivables Management Certification Program

which could be useful when sued. http://www.dbainternational.org/certification/certified-company-search/

If the chain of title has "as-is", no warranty papers and the program states 

Representations & Warranties–Must use commercially reasonable efforts to negotiate the inclusion of four specific representations and warranties in purchase agreements
  • Like 1
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share

×
×
  • Create New...