Junk Debt buyers are a group
of investors, attorneys, speculators that make offers to banks, credit card
companies and anyone that has a significant number of customers on their books
that still owe old debt.
Now we know that certain debt such as credit cards, gas
cards and most store merchant cards are categorized as "open end
debt" by the Truth in Lending Act. How does all of this affect your daily
life?
When we talk about "Sued For Debt" we are talking about those types of accounts
where you never know what the monthly payment will be. Now, here is how it
enters into your daily life and how these junk debt buyer's get into your life.
Most of these entities are comprised of attorneys that
fully understand the law. For instance if you are sued for collection on a debt
that has survived the statute of limitations, your ONLY defense is that you
must appear and defend yourself to the courts by referring to that particular
debt as "time barred by statute". IF, you fail to appear, look what
happens. Here is a debt that you legally do not owe, yet this junk debt buyer that
bought this debt for pennies on the dollar, wins a default judgment against
you. So, by not showing up, these sharks are awarded (100 cents) on the dollar
for something that they only paid pennies for. Example $5,000.00 debt purchased
for $150.00 is awarded a judgment for $5,000.00 because you failed to appear
and defend yourself.
Even though the law is on your side, you still have to
show up in court for Debt Defense. I
will give you some good sources which can be useful to you. Visit http://www.scribd.com/KenGib/. This site provides
information, articles and reports for people being sued for debt and gives them
help defending themselves without hiring a lawyer.
