Preview

PA 261 BK Law Unit 1 Assignment

Satisfactory Essays
Open Document
Open Document
654 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
PA 261 BK Law Unit 1 Assignment
Kaplan University

PA 261 Unit 1 assignment

Jennifer Claire

Creditors and Debtors

The Fair Debt Collection Practices Act, often referred to as the "FDCPA", was passed by Congress due to the massive disputes and complaints in regards to abusive behaviors by collection agencies, and concern that the abuses were the cause of an increase in the number of filings of personal bankruptcies. The purpose of the Act is to provide guidelines for collection agencies which are seeking to collect genuine debts, while additionally providing protection and certain remedies for debtors. The words debt and debt collectors generally invoke fear and anxiety in people, and the topic of money and debt collections is worthwhile and advantageous for everyone to know in detail. According to Robert C. Hobbs, deputy director of Boston's National Consumer Law Center, the overwhelming rise in debt can be attributed to such factors as stagnant personal incomes, rising interest rates, unemployment, identity theft, and Internet fraud. As of Feb 2012,
National interest rates were indicative of where consumers stand in terms of debt and high interest; going further into debt:
National Average 14.91% - Low Interest10.40% - Balance Transfer 12.60%
Business 13.13% - Student 13.77% - Cash Back 14.45% - Airline 14.54%
Reward 14.73% - Instant Approval 15.49%, - Bad Credit 23.41%
Furthermore, $84,454 is the average household's personal debt, including mortgages, cars loans, credit cards, and other personal debt.
One outcome of increased debt has been an explosion of debt-collection agencies, which in turn has resulted in an increased number of criticisms against such agencies. Correspondingly, the changes to the bankruptcy laws of 2005 required debtors filing bankruptcy to attend these classes. The Federal Trade Commission reported 70,951 complaints against debt collectors in 2007, more than six times the number of complaints registered in 1999. (Chan, S,

You May Also Find These Documents Helpful

  • Good Essays

    LEGT2741 assignment

    • 1138 Words
    • 5 Pages

    management had a meeting in November 2009 to discuss ways to source debt finance in a…

    • 1138 Words
    • 5 Pages
    Good Essays
  • Satisfactory Essays

    Pt1420 Unit 3 Assignment

    • 298 Words
    • 2 Pages

    2. Consider the following two vectors: x =  1  and y =  1 .…

    • 298 Words
    • 2 Pages
    Satisfactory Essays
  • Satisfactory Essays

    PA201 Unit 7 Assignment

    • 570 Words
    • 2 Pages

    I am representing a group of citizens from the Village of Howard City concerning the lead levels in the drinking water supplied by the city’s municipal water system. I am writing you because we are here requiring some changes to the water system to lower the lead levels to the proper requirements and samples for testing to assure the village is adhering to the Federal Code of Regulations (C.F.R.).…

    • 570 Words
    • 2 Pages
    Satisfactory Essays
  • Satisfactory Essays

    Melanie Velez A & P unit 1 Assignment Anatomy Physiology Pathology Syndrome Glucose Set point Hypothalamus Prognosis Anatomical Prefix, suffix, word root Inferior Dorsal Medial Necrosis Pubic Supine Superficial Right upper quadrant Diaphragm Respiratory…

    • 41 Words
    • 1 Page
    Satisfactory Essays
  • Satisfactory Essays

    Unit 33 assignment 3 P3

    • 380 Words
    • 2 Pages

    When visiting the website www.nielsen-netrating.com you are taken straight to a page in which you decide which country you want to search business solutions for. This then takes you to a page relevant for that. By sectioning the website by country’s it will mean the user will only be getting answers relevant to the country they want them for which is a useful filter for them. It works by getting people to become a member of the site in order for them to monitor internet behaviour. This information is then used by businesses operating in this industry in order to improve internet performance. They are able to access from this information through the website when they become a client of it and provides them with data of the relevant country’s market they are looking for. The aim of this is to help drive the internet forward.…

    • 380 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    Crt 205 Unit 1 Assignment

    • 666 Words
    • 3 Pages

    Writing Assignment: Read for Tuesday 1/29; then, using Mukhopadhyay & Henze’s essay as a central text, take up the project that Joseph Harris lays out on p. 24, “Translating a Text into Your Own Terms.” Write a 1-2 pp. critical summary and assessment of Mukhopadhyay & Henze’s project, in which you identify their aims, methods, materials, moves, and flashpoints (see Harris and refer to sample critical summary).…

    • 666 Words
    • 3 Pages
    Good Essays
  • Better Essays

    Cabot Assignment

    • 1496 Words
    • 6 Pages

    This law mainly regulates collection companies, however, if a business is acting as a collection agency themselves, they too must follow these regulations. Arkansas Statute 17-24-101, states that “a “collection agency” means any person, partnership, corporation, association, limited liability corporation, or firm which engages in the collection of delinquent accounts, bills, or other forms of indebtedness owed…” (“Arkansas Code,” 2010) From 1977 to 2010, the FDCPA was enforced by the Federal Trade Commission (FTC), however, the Dodd-Frank Act of 2010 moved this enforcement to the Consumer Financial Protection Bureau (CFPB), giving it power to issue rules and regulations. Beginning January 2013, the CFPB started overseeing debt…

    • 1496 Words
    • 6 Pages
    Better Essays
  • Good Essays

    Aj Davis Department Stores

    • 1213 Words
    • 5 Pages

    Average household size is about 3.4. Based on the graph above, 15 of the 50 sampled have a household size of 2 (the most common household size). The standard deviation is 1.739.…

    • 1213 Words
    • 5 Pages
    Good Essays
  • Good Essays

    The weight of obligation goes on from era to era. The quantity of those in the hold of this awful issue is even now substantial, regardless…

    • 299 Words
    • 2 Pages
    Good Essays
  • Good Essays

    Fair Debt Collection Practice Act: The Federal Trade Commission (FTC), the nation's consumer protection agency, enforces the Fair Debt Collection Practices Act (FDCPA), which prohibits debt collectors from using abusive, unfair, or deceptive practices to collect from you [ftc.gov]. FDCPA became effective in March 1978; it also protects reputable debt collectors from unfair competition and encourages consistent state action to protect consumers from abuses in debt collection [federalreserve.gov]. In 2013, approximately 30 million individuals had debt in or subject to the collections process averaging approximately $1,400 [consumer finance]. The most common debt that consumers have is medical debt. In addition to medical debt mortgage, auto and student loan debt is increasing in collections.…

    • 712 Words
    • 2 Pages
    Good Essays
  • Powerful Essays

    Debt Collection Industry

    • 15345 Words
    • 62 Pages

    WWW.IBISWORLD.COM DebtCollectionAgenciesintheUS October 2012 Paying off: Debtors had trouble paying out, but the recovery will return balance to the industry IBISWorld Industry Report 56144 Debt Collection Agencies in the US October2012 EbenJose 2 AboutthisIndustry 18 International Trade 36 KeyStatistics 2 Industry Definition 19 Business Locations 36 Industry Data 2 Main Activities 2 Similar Industries 21 CompetitiveLandscape 2 Additional Resources 21 Market Share Concentration 36 Annual Change 21 Key Success Factors 4 IndustryataGlance 36 Key Ratios 37 Jargon&Glossary 22 Cost Structure Benchmarks 23 Basis of Competition…

    • 15345 Words
    • 62 Pages
    Powerful Essays
  • Powerful Essays

    A manufacturing company is a company that is engaged in the transformation and conversion of raw materials (inputs) into finished product known as outputs.…

    • 8586 Words
    • 35 Pages
    Powerful Essays
  • Good Essays

    Payment challenges aren’t limited to retail banks, either: National regulators are cutting telecom service charges, dropping revenue streams by more than 8%—as the industry moves to consolidate. The Collections & Recovery Best Practices Manual 3 The New Normal What do all these organizations have in common?…

    • 3201 Words
    • 30 Pages
    Good Essays
  • Satisfactory Essays

    21 What Is The Best Way

    • 168 Words
    • 1 Page

    In 1977, a consumer law was passed by Congress called the Federal Fair Debt Collectors Practices Act to protect you from unfair collectors. The law technically only applies to collection agencies, but later court cases make most creditors also abide by the FFDCPA.…

    • 168 Words
    • 1 Page
    Satisfactory Essays