New York Law Firm Sues 220 Debtors a Day

[The Straight Story]

New York Law Firm Sues 220 Debtors a Day


Cohen & Slamowitz, a New York law firm that specializes in debt collection, preys upon a system of consumer debts described by the Federal Trade Commission (FTC) as broken and in need of reform. Although it has only 14 lawyers, Cohen & Slamowitz manages to file about 80,000 lawsuits a year (or an average of 220 a day) against Americans who have fallen behind on their loan or credit card payments.

Cohen & Slamowitz manages such a high volume of civil actions through computer software that helps prepare court cases. But many of those cases rely on inaccurate or incomplete information about the debtor or the amount owed, critics contend.

To help begin fixing the consumer debt system, the FTC is proposing “that states require collectors to include more information about debts in their lawsuits, including a breakdown of the current balance by principal, interest and fees, and the relevant terms of the original credit contract, if not the contract itself,” reports The New York Times.

http://www.allgov.com/Controversies/ViewNews/New_York_Law_Firm_Sues_220_Debtors_a_Day_100718

[marmar]

1. Total Capitalist Vulture State......that's what this country has become.

nt

[hobbit709]

2. seems like they routinely violate the FDCPA

And are in legal trouble for this.

[jody]

3. Pelosi, Reid, Obama can begin by repealing Bankruptcy Abuse Prevention and Consumer Protection Act

signed by President George W. Bush on April 20, 2005.

[notesdev]

4. I second that

with all the stinkers to come out of DC over the past few decades, that's one that stands out for putridness.

[Bitwit1234]

5. I read an article on line

that says, companies write off a loan, but these collection agencies buy them up and then try to collect with triple interest added by filing a lot of these law suits. I think that is what this law firm is doing and they are cleaning up.

I thought the new law that was passed was supposed to protect the consumer from that. Does anyone know if that is true. How can they buy up a loan that is written off. I am so glad that after I retired I canceled my credit card and paid off everything I owed. Now a days with no raises in retirement( we didn't get one from my retirement this year also) and social security etc and everything going up, retirees are having a hard time paying for things. Thank goodness all I have is the regular expense. Otherwise I would be up a creek.