Despite a federal law many legal scholars believe to be the consumer Bill of Rights, many debt collection agencies continue to violate one or more provisions of the landmark consumer protection law. Why do so many third party debt collectors violate the consumer protection law?
The debt collection business is highly lucrative.
Bill collectors have two options to make money off debt collection efforts. The first option is to receive a commission for settling outstanding credit card and personal loan accounts. By far the most profitable option, purchasing a consumer debt for a fraction of the original amount owed is the preferred business model for debt collection agencies. For example, Sequium Asset Solutions, Inc. can purchase a debt worth $1,000 for a mere $500. If the third party debt collector receives the entire $1,000 debt balance, it makes a hefty 100% profit.
If a bill collector comes after you using overly aggressive debt collection tactics, you are protected by a federal consumer protection law that was passed in September of 1977.
Sequium Asset Solutions Cannot Threaten Legal Action
Under the Fair Debt Collection Practices Act (FDCPA), Sequium Asset Solutions, Inc. must follow every provision written into the landmark consumer protection law. Dozens of FDCPA provisions outlaw previously acceptable debt collection practices. For example, a debt collection agency is prohibited from using deception to trick you into taking care of a delinquent credit card or a personal loan balance. Deception can come in the form of lying about the amount of a debt balance.
In addition, Sequium Asset Solutions is barred from threatening to take legal action, whether the threat is implied or made in a direct manner. If you have received a threat of legal action over a consumer debt, you should speak with a licensed FDCPA to go over your legal options.
What a FDCPA Attorney Can Do for You
Your FDCPA lawyer will perform a thorough examination of the evidence in your case to determine whether you have a strong enough case to file a claim. Evidence can be in the form of a letter sent by Sequium Asset Solutions, Inc. and/or a tape recorded phone conversation that clearly proves the third party debt collector threaten you with legal action. If your FDCPA attorney believes there is enough evidence to move forward, he or she can file a claim seeking statutory damages that cannot exceed $1,000.
The threats of legal action might have taken a considerable physical and/or emotional toll on you. Physical distress symptoms include skin rashes, bleeding ulcers, and frequent migraine headaches. A certified medical professional will have to sign a document confirming the existence of physical duress symptoms. It is up to your FDCPA lawyer to link your physical distress symptoms with the illegal conduct of a bill collector. Emotional duress is much harder to prove, which is another reason you should hire an experienced consumer protection lawyer.
Do not allow Sequium Asset Solutions, Inc. violate one or more provisions of the FDCPA. Schedule a free initial consultation with a highly rated FDCPA attorney today.
*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 Sequium Asset Solutions, Inc. or any other third-party collection agency, you may not be entitled to any compensation.