Some debt collectors are so predatory that the consumers they target declare bankruptcy, never realizing that the law protects them from being mistreated over a debt. If this is happening to you, learn more about your rights here.
Your Rights Under the FDCPA
The Fair Debt Collection Practices Act, or FDCPA regulates how debt collectors can communicate with consumers. Since 1977, when the law took effect, approaches like the following have been illegal.
● Swearing and calling you names
● Failing or refusing to identify themselves
● Calling before 8:00 a.m. and after 9:00 p.m.
● Pretending to be attorneys or police officers
● Refusing to validate the debt
● Threatening to have you arrested
Company Profile: Portfolio Investment Exchange
If you are being called by Portfolio Investment Exchange, a general company background is below.
Portfolio Investment Exchange is a collection agency in Destin, Florida. It was founded in 2013, has fewer than 10 employees, and is managed by John Maloney. Legal records at the PACER website indicate that those who felt that they were being harassed by Portfolio Investment Exchange proceeded to court.
Alleged Violations against Portfolio Investment Exchange*
According to PACER, on or around March 15, 2016, Portfolio Investment Exchange sent a collection letter to a New York consumer seeking payment for a debt that was over three years old, making it legally uncollectible in New York.
Feeling harassed by Portfolio Investment Exchange, the consumer obtained counsel and sued the agency for:
● Trying to collect a time-barred debt
● Using deceptive means to collect a debt
● Misrepresenting the legal status of the debt
The case was later settled.
Hire a Consumer Lawyer
The phone number for Portfolio Investment Exchange is 1-404-668-2427. If you ever see it on your caller ID, it confirms that Portfolio Investment Exchange is trying to call you. If they chase you over a time-barred debt, hire a consumer lawyer and file a claim against Portfolio Investment Exchange. If the judge decides in your favor, you could win $1,000 per FDCPA violation. When debt collectors forget that you have rights, the law helps you send them a reminder.
*Case taken from PACER (www.pacer.gov). File number is Case 2:17-cv-01453-ADS-AYS from the United States District Court for the Eastern District of New York.
Disclaimer: The content of this article serves only to provide information and should not be constructed as legal advice. If you file a claim against Portfolio Investment Exchange or any other third-party collection agency, you may not be entitled to any compensation.