The debt collecting industry is exploiting a new loophole to revive old consumer debt. In most states, debt collectors cannot sue consumers three to five years after the last payment they made toward their utility bill, in-store credit debt, or other types of debt. However, many debt collecting agencies have found a way around these laws. If they can get consumers to make a payment toward a debt beyond the statute of limitations, either with or without a consumer’s knowledge or consent, they can sue to collect the debt again. Debt collectors have tricked consumers into resetting the statute of limitations on their debt in a few ways. While debt collectors cannot sue them for payment, they can repeatedly call consumers asking for the money and request a small fee to stop the calls. This small fee, however, reopens the door for debt collectors to sue for the payment. Other times, debt collectors have sent consumers credit cards that allow them to pay off their old debts. Consumer advocates argue that these methods are not fair to consumers. They can’t be expected to understand the nitty- gritty details of state and federal debt collection laws. The Walking Debt HOW DEBT COLLECTORS TRICK CONSUMERS INTO REVIVING THEIR ‘ZOMBIE DEBT’- The debt collection industry is worth around $11 billion, and it is growing. In 2018, lawsuits brought forward by the industry numbered over 100,000 — more than twice the number of similar lawsuits just two years prior. What’s equally troubling is that debt collectors can acquire debt
portfolios from holders in the financial industry for pennies on the dollar — even if the statute of limitations on the portfolio has passed. These industry trends, coupled with a lack of consumer knowledge about debt collection laws and the variance of these laws from state to state, should be a cause for grave concern. Know that you don’t have to sign up for any credit cards a debt collection agency sends you, and don’t pay any fees to stop debt collection calls past the statute of limitations. If a debt collector has filed a lawsuit against you to collect an old debt, give Jones & Hill a call. No person deserves to be haunted by debt that is already dead and gone.
TAKE A BREAK
Leftover Candy Snack Mix
This recipe from Momofuku Milk Bar chef and “Master Chef” judge Christina Tosi makes great use of those extra Halloween goodies. It’s a quick and easy way to both elevate and get rid of unwanted leftovers.
Ingredients
• • • • •
2 cups mini pretzels, coarsely broken
1/4 cup light brown sugar 2 tbsp granulated sugar 1/3 cup dry milk powder 6 tbsp unsalted butter, melted
• 12 oz mini candy bars, such as Snickers, chopped into 1/2-inch pieces
Directions
1. Heat oven to 275 F. 2. In a large mixing bowl, fold together pretzels, sugars, milk powder, and butter. 3. Spread mixture on a baking sheet lined with parchment paper and bake for 20 minutes. 4. Let cool for at least 30 minutes and mix in candy bar pieces before serving.
Inspired by Food & Wine Magazine
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