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We have seen the emergence of a DCA called PRA Group - Portfolio Recovery Associates, in the USA, they are one of the largest debt purchasing companies.

 

The USA are not tolerating this company and the articles below show how the Regulators and Courts are dealing with them.

 

Pity the FCA in the UK are not taking note ?

 

 

Debt collectors ordered to refund millions to consumers

 

The two largest debt collectors in the country are refunding millions of dollars to customers over allegations they used deceptive practices to collect bad debts.

 

The Consumer Financial Protection Bureau charged that Encore Capital Group and Portfolio Recovery Associates bought potentially inaccurate debt, attempted to collect unverified debts and used illegal litigation practices to collect debts.

 

"Encore and Portfolio Recovery Associates threatened and deceived consumers to collect on debts they should have known were inaccurate or had other problems," said CFPB Director Richard Cordray in a release Wednesday.

 

The companies buy outstanding debts from creditors at highly-reduced rates and then attempt to collect on them. According to the CFPB, the companies have purchased the rights to collect more than $200 billion in various defaulted consumer debts.

 

http://money.cnn.com/2015/09/09/pf/cfpb-action-debt-collectors/

 

 

and...

 

Jury Awards KC Woman $83 Million In Debt Collection Case

 

A Jackson County jury has ordered a debt collection agency to cough up nearly $83 million to a woman it mistakenly pursued to collect a credit card debt of little more than $1,000.

 

The jury found that Portfolio Recovery Associates LLC, one of the biggest debt buyers in the country, had acted maliciously in suing the woman, Maria Guadalupe Mejia, when the actual holder of the debt was a man with a similar-sounding name.

 

The jury then determined damages, hearing evidence for five days before assessing actual damages against the company of $250,000 for violating the Fair Debt and Collection Practices Act (FDCPA) and punitive damages of $82,990,000 for malicious prosecution.

 

http://kcur.org/post/jury-awards-kc-woman-83-million-debt-collection-case#stream/0

 

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2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

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Shame the toothless regulators over here let the DCA's do what they want or so it would seem.

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The bailiff: A 12th Century solution re-branded as Enforcement Agents for the 21st Century to seize and sell debtors goods as before Oh so Dickensian!

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Shame the toothless regulators over here let the DCA's do what they want or so it would seem.

 

Hence why so many American DCAs and debt purchasers entered the UK market, flouting their muscle with gay abandon.

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