Perhpas the GLB act can help someone

[Anonymous]

I haven't done a lot of research into this but it may be 'useful' in dealing with CAs and even OCs.

http://www.creditwrench.com/glba1.html

Thoughts anyone? 

• In this act if the debt was sold the debor must have been given an loppotunity to purchase it at the same price as the company buying it
• CA who are assigned a debt cannot add fees above the original debt
• Privay notices must be given yearly

Message Edited by Lady_Scarlet on 01-21-2008 09:37 PM

[Anonymous]

He sounds like a kook to me.  If the advice is not coming from an attorney, you should always read the law yourself.  The Gramm Leach Bliley Act is codified under the federal statutes at 15 USC 6801-6809. 

Creditwrench is asking people to pony up $400 for his "legal" advice.  Don't be a sucker.  If you carefully read the document that Scarlet posted, it is clear that his logic is flawed and he is not interpreting the statute correctly.  Where does it require that a financial institution offer the debtor a chance to purchase the debt?  It doesn't.

[Anonymous]

I am NOT saying pay him money -  but if a violation of this can get an OC TL removed then so be it

here is the FTC site on the Act http://www.ftc.gov/privacy/privacyinitiatives/glbact.html

from WIlkpedia  "

In terms of compliance, the key rules under the Act include The Financial Privacy Rule which governs the collection and disclosure of customers’ personal financial information by financial institutions. It also applies to companies, regardless of whether they are financial institutions, who receive such information. The Safeguards Rule requires all financial institutions to design, implement and maintain safeguards to protect customer information. The Safeguards Rule applies not only to financial institutions that collect information from their own customers, but also to financial institutions – such as credit reporting agencies – that receive customer information from other financial institutions."

Message Edited by Lady_Scarlet on 01-22-2008 12:01 AM

Message Edited by Lady_Scarlet on 01-22-2008 12:01 AM

[Anonymous]

Wikpedia is hardly a reliable source of information or competent legal analysis.  Regardless, there is nothing in the quotation you posted that says that the GLB Act can be used by consumers to avoid the payment of their lawful debts. 

I do think that people should go to the FTC site.  It is an accurate summary of what the law says -- and there is nothing on that site that even suggests that consumers are able to enforce the law against CAs or any other financial institution.  There are hundreds of laws that apply to CAs, specifically and generally as businesses.  They can be breaking 10 laws in the operation of their business and it will not effect their right to collect a debt.  So unless you know that non-compliance with the GLB Act invalidates individual transactions, advising people to use it or implying it might be helpful is irresponsible and inconsiderate.

It seems to me that people come on this Board because they are at a loss for what to do next.  They don't need to be lead further astray.

[Anonymous]

GLB is enforced by the FTC via a complaint - but violations of it carry stiff penalties --  it is LEVERAGE.  FTC went after AmeriDebt for GLB violations...along with tons of others.

[Anonymous]

I don't see where Lady made any reference to avoiding legitimate debt. From what I read, she pointed out the idea of having an apportunity to buy a debt at a JDB's price, or avoiding the astronomical fees that are aften associated with JDB's. While the link's author may or may not be correct in his assumptions, Lady never implied that the law should be used to circumvent legitimate debts. The closest she ever came was her implication that violation of laws may negate a debt. The fact of the matter is that if CA's were held accountable, as described by the law, most of us wouldn't owe anything, they would owe us. There are enough of us who are being abused by creditors that this information CAN be useful, and the purpose of this forum is to share info. Everyone here is responsible for their own actions, and if they get to a point where this law may help them, they could and should seek legal advice to be sure. People seem to be getting really tense on here lately and being snappy. We're all on the same team.

Can't we all just get along?

[Anonymous]

orhippychic wrote:

I don't see where Lady made any reference to avoiding legitimate debt. From what I read, she pointed out the idea of having an apportunity to buy a debt at a JDB's price, or avoiding the astronomical fees that are aften associated with JDB's. While the link's author may or may not be correct in his assumptions, Lady never implied that the law should be used to circumvent legitimate debts. The closest she ever came was her implication that violation of laws may negate a debt. The fact of the matter is that if CA's were held accountable, as described by the law, most of us wouldn't owe anything, they would owe us. There are enough of us who are being abused by creditors that this information CAN be useful, and the purpose of this forum is to share info. Everyone here is responsible for their own actions, and if they get to a point where this law may help them, they could and should seek legal advice to be sure. People seem to be getting really tense on here lately and being snappy. We're all on the same team.

Can't we all just get along?

Well, I suppose there are people who like being mislead or misinformed, but this is not the only thread where Scarlet referred people to the GLB Act.  Having read the Act and her sources -- especially Creditwrench -- I think it is important for people to know that the Act couldn't be used to negate a debt.  Since that is clarified, I'll let it go.

[Anonymous]

let's define LEVERAGE (from dictionary.com)

lev·er·age  

1. the action of a lever. 2. the mechanical advantage or power gained by using a lever. 3. power or ability to act or to influence people, events, decisions, etc.; sway: Being the only industry in town gave the company considerable leverage in its union negotiations. 4. the use of a small initial investment, credit, or borrowed funds to gain a very high return in relation to one's investment, to control a much larger investment, or to reduce one's own liability for any loss.–verb (used with object) 5. to exert power or influence on. 6. to provide with leverage. 7. to invest or arrange (invested funds) using leverage.

VIOLATIONS of GLB are $100K PER VIOLATION and the officers can also be held personally liable for $10K per violation.

YOU DO THE MATH!  Settle somehow with the consumer or have the consumer file a legitimate FTC complaint (and have the FTC investigate and find other violations).