CFPB Sues Encore Capital Group, Midland Funding, Midland Credit Management, and Asset Acceptance Capital Corp for Collecting Debts Beyond Statute of Limitations without disclosing debts were uncollectable, and other illegal acts
MUSINGS BY DIANE:
Midland Funding and Asset Acceptance Capital are in the news AGAIN. In 2015 Encore and its subsidiaries (including Midland Funding and Asset Acceptance) signed a consent order acknowledging that they were suing consumers without providing the required loan documentation. These companies were knowingly suing consumers on debts that were noncollectable (beyond the statute of limitations). They promised not to continue with these illegal acts. Well, so much for promises – they continued these illegal acts.
You can bet that the complaints the CFPB and FTC know about are just the tip of the iceberg, because most consumers don’t know that many debt collectors are using illegal tactics to collect on debts, that may not even be their debts, or are completely uncollectable.
– Diane L. Drain
Diane is a well respected Arizona bankruptcy and foreclosure attorney. As a retired law professor, she believes in offering everyone, not just her clients, advice about bankruptcy and Arizona foreclosure laws. Diane is also a mentor to hundreds of Arizona attorneys.
*Important Note from Diane: Everything on this web site is offered for educational purposes only and not intended to provide legal advice, nor create an attorney client relationship between you, me, or the author of any article. Information in this web site should not be used as a substitute for competent legal advice from an attorney familiar with your personal circumstances and licensed to practice law in your state. Make sure to check out their reviews.*
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