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What is a Debt Buyer?

The basic business plan of the debt buying industry is to buy debt at pennies for the dollar. They usually by a list of consumer account without original documents to support these claims and without any documentation of how the “amount owing” was calculated.  
The problem with this practice is that the debt buyer, has no incentive to obtain the proof required in a court of law because its investment is minimal. Typically a debt buyer sues consumers without any documentary proof that this particular consumer was indebted to the original creditor. . In every credit card account, the original creditor will possess:
-           the debtor’s signed application/request for a credit card, 15 U.S.C. 1642
-           required monthly account statements, 15 U.S.C. 1637(b) 
-           the credit card contract, amendments to the contract and
-           charge slips or other evidence of each purchase and cash advance.
         We always recommend our clients to defend these type of lawsuits so they don't ended up

  paying for something they don't owe.  

For more information  please contact our office at 201-880-5563 or visit us at www.ruizdoolanlaw.com for a consultation.

Disclaimer: The contents of this website are of general nature and not intended to be a substitute for legal advice or the formation of a lawyer-client relationship. In order to be properly represented, please contact your local professional. In addition, the information given on this web site has been composed by a New Jersey attorney practicing exclusively in New Jersey. None of the information contained herein should be deemed to apply in other states, nor should this website be construed as an attempt by the author to practice law in any state other than New Jersey. If you have any question regarding this website please contact our office directly at (201) 880-5563.
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