Protecting Consumers in Debt Collection Litigation and Arbitration: A Series of Roundtable Discussions" - August, September, and December, 2009 #545921-00003

Submission Number:
545921-00003
Commenter:
JayinGR
Organization:
www.creditinforesource.com/forums1
State:
MI
Initiative Name:
Protecting Consumers in Debt Collection Litigation and Arbitration: A Series of Roundtable Discussions" - August, September, and December, 2009

Please see my comments in the attached .pdffile. I would also like to add one additional comment. Debt collectors sue more than they will admit. The reason for this is because once a lawsuit becomes a Judgment, then the SOL has now been extended, usually by many years. So if a debt collector sues me on a debt which only has a 6 yr SOL, once they obtain a Judgment in MI the SOL is now 10 yrs and can be renewed for another 10! Plus with Judgments the debt collector can garnish wages, taxes and levy bank accounts. Judgments make sure the debt collector gets paid, even if they are not entitled to it.