| Comment Number: | 529233-00062 |
| Received: | 11/18/2007 12:59:01 AM |
| Organization: | none |
| Commenter: | Punit Kumar |
| State: | WI |
| Agency: | Federal Trade Commission |
| Rule: | Debt Collection Workshop |
| Attachments: | 529233-00062.pdf Download Adobe Reader |
Comments:
I am concerned about some of these debt collection companies are trying to collect debt that is either over the statute of limits or has been discharged by a bankruptcy court. There is an active market for this kind of a debt, what worries me is these debt collection companies are buying debt for a penny on the dollar (debt which is already discharged by a bankruptcy court). Then they are going back to harass people, even after the bankruptcy. I believe we should ban the financial institutions from selling these kinds of "written off debts". We should also ban these debt collectors from collecting this kind of debt. Please read the Businessweek story (Prisoners of Debt) on this practice. The journalist has done an excellent job of describing the problem. Thanks. Sincerely, Punit Kumar