It’s just one mans opinion of course, but the NY State
assembly just passed a bill that if finally signed into law
may well not only help New York residents have improved
outcomes in debt settlement, but allow consumers to help
regain control over their financial lives that much quicker and
easier. According to insidearm.com the newsletter for the
debt collection industry, the NY State Assembly just passed
a proposal to reduce the statute of limitations on the time allowed
for a collector to take you to court from 7 years to 3.5 years.
“There is an epidemic of unfair debt collection lawsuits in New
York State,” said Assembly Speaker Sheldon Silver. “In many instances, these actions
are brought against low and moderate income New
Yorkers who are not aware a lawsuit has been filed against them, leaving them
with little recourse and ruining their credit for many years.
It is true that many times
debt collectors subpoena consumers
without having the necessary ability to validate the debt. It has
really become an epidemic.
The Consumer Credit Fairness Act (A.2678)
was introduced by Judiciary Committee Chair Helene Weinstein and passed the
General Assembly on a vote of 90-45. If signed into law, it would curb abusive
debt collection lawsuits by:
· requiring notice of a pending consumer credit action to be mailed to the defendants by the clerk of the court;
· requiring court filings to include more information about the debt targeted in a lawsuit, such as identifying the debt or account and providing proof that the debt is owed to the plaintiff;
· lowering the statute of limitations for consumer credit transactions from six years to three years, and eliminating the right to collect the debt once the statute of limitations is expired; and
· terminating the ability of debt buyers to sue on expired debt.
The bill now goes to the States Senate Judiciary committee for further action. I suggest that if you find yourself oppressed by debt you visit:
Free
credit counseling and explore your options. If you can afford it,
get into a debt relief program that will remove the stress of being debt oppressed.
The
ADE Debt Relief Phone Numbers
Free Credit Counseling--- 877-766-2465
Student Loan Consolidation---877-766-2465
Free Bankruptcy Counseling-- 516-204-4640 (National Number)
Credit Restoration Counseling-888-586-2661 Inc. Credit Report Review
Each of these numbers provides Free Counseling.
Yours Truly
Steven Ciantro
Consumer Advocate
American Debt Enders
Rated 3rd Nationally
Certified Credit Counselor
TalkShoe Radio Host
Member National Association of Certified Credit Counselors
Debt Expert for Gail Kasper's Top 1% Club
Top 1 Percent Club
Linkedin Profile
Author #1 Ranked Debt Relief
Newsletter
877-766-2465