The Consumer Credit Fairness Act (CCFA) strengthens consumer protections in debt collection proceedings by:
Requiring a notice to be mailed to the defendants in consumer credit actions by the clerk of the court, ensuring that defendants are given notice of the lawsuit; Requiring court filings to include more information about the debt targeted in a lawsuit, such as identifying the debt or account and providing proof that the debt is owed to the plaintiff; Lowering the statute of limitations for consumer credit transactions from six years to three years, compelling creditors to file claims in a timely manner and protecting consumers from excessive interest charges and late fees; Establishing specific requirements for applications for default judgments in consumer credit actions to prevent debt buyers from suing on expired debt.
Consumers did great job paying down credit card debt during pandemic. That may be ending.
Ok, I just got an unsolicited $5,000 CLI on my CITI Simplicity MC, bumping me up to $23,000. I have been using this card recently because they gave me a 0% on all purchases and BTs deal until April 2021. This has come in handy, as we're selling our house and had to make some repairs along with paying moving and storage costs. The CLI is just gravy on top.
For a few years now I have been in credit card debt with Gap. I had gone through a period paying some of it off to the creditor, Synchrony Bank, then for other reasons became broke and started to neglect my finances. After several months of radio silence with the store and the creditor, I received this email by a third party, TrueAccord, claiming the creditor, LVNV Funding LLC, now has my account and may take legal action. These agencies look legitimate through my own background check but I'm still suspicious they didn't contact me by mail and I also want to be sure they have the correct information on my case.
Fortunately, I am now in a position where I can make payments again and would like for this to be a one-time settlement to whom ever holds my account.
Can anyone vouch for Trueaccord and LVNV Funding LLC and for those that have been in a similar situation how should I proceed?
Any advice will be helpful.
Credit Cards Start Cutting Limits for People Facing Tough Times