Stop Junk Debt Buyers and Bill Collector Abuse
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Millions of people have been hard hit by the recession. People who once had high paying jobs are now out of work and are facing foreclosure on their homes and being sued by Junk Debt Buyers.
There are reports all over the Internet about people who has committed suicide due to their homes being foreclosed on and Junk Debt Buyers suing and taking everything a family has.
If you are not familiar with Junk Debt Buyers or JDB’s, they buy debts (which a debtor for what ever reason stopped making payments) for pennies on the dollar from an original lender who wrote off the debt as a loss and tax deduction. The Junk Debt Buyers then can go after the debtor for the FULL amount of the debt including interest, late fees, penalties, etc due to a loophole in the laws.
If the debtor doesn’t pay, the JDB can SUE the debtor for the FULL AMOUNT. If they win, they can then garnish the debtors wages, bank account and take any assets including their vehicles. They can even get a court order to go into the debtor’s home and take ALL of their belonging.
Most of the banks and financial institutions received Billions of Dollars in Bail Outs which in many cases they used to buy jets, give themselves pay raises, bonuses etc, while the tax payers / debtors who are suffering from the economy (caused by the banks excesses) got NOTHING.
JDB's don't care WHY someone was not able to make the payment, be it job loss, sickness, or what ever.
They have no concern if taking someone vehicle makes it impossible to go to work.
They don't care if taking all of the money in someone's bank account causes the family to lose their house or get their utilities shut off.
THEY JUST WANT THE MONEY AND WILL DO WHAT EVER IT TAKES TO GET IT.
Something has got to be done to STOP these Junk Debt Buyers NOW.
It is WRONG that they can buy a debt which the original creditor wrote off, for pennies on the dollar, then expect to be paid the FULL amount of the debt including interest, late fees, penalties, etc.
This is HIGHWAY ROBBERY and these JBD’s are getting rich off of the misfortune of those already stretched to the breaking point due to the recession and bad economy. Laws need to be passed ASAP to put a stop to these JBD’s “shake down” operations.
If an original creditor wrote off a debt / loan, that should be the end of it and no JDB should be allowed to pursue a debtor for a debt / loan which was written off.
Please sign now and let everyone you know about this petition.
Copies of this petition will be given to President Obama, Congress & State Lawmakers to ask them to pass legislation to STOP Junk Debt Buyer abuses.
This may be a matter of life or death for some one you know. People are committing suicide. PLEASE save someone's life! This is URGENT
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