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FTC to abusive debt collectors: You’re outta business!

9/23/2014

2 Comments

 
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By: Colleen Tressler
Consumer Education Specialist

Imagine getting a phone message like this:

This is the Civil Investigations Unit. We are contacting you in regards to a complaint being filed against you, pursuant to claim and affidavit number D00D-2932, where you have been named a respondent in a court action and must appear… Please forward this information to your attorney in that the order to show cause contains a restraining order. You or your attorney will have 24 to 48 hours to oppose this matter… Call 757-555-1234.


That’s an example of the type of calls Pinnacle Payment Services, LLC, made in an attempt to pressure people into paying phantom debts — debts they didn’t owe. In its October 2013 complaint, the FTC alleged that Pinnacle used an assortment of fictitious business names that implied an affiliation with a law firm or a law enforcement agency. Pinnacle threatened many consumers by telling them their bank accounts would be closed, their wages garnished, that they’d face felony fraud charges, or would be arrested if they failed to pay the supposed debts.

The FTC said enough is enough, and a judge agreed. Pinnacle and its principals are now permanently banned from the debt collection industry. That means they can’t help anyone else engage in debt collection, or sell, offer for sale, promote or market any information related to debt collection. The court order also imposes a judgment of more than $9 million, which represents the total consumer injury caused by their illegal practices.

If you get a call about a debt that doesn’t ring true, report it to the FTC. Your complaints help us stop rip-off artists, scammers, and fraudsters. The FTC’s aggressive law enforcement efforts put the bad guys out of business, and our vigorous consumer education campaigns empower people just like you to make well-informed buying decisions and recognize frauds and scams.


2 Comments
Lee L.
10/7/2014 07:54:35 pm

Wow! This is good information to know especially for young people who are just starting out in the credit marketplace and don't know what to expect. Debt collectors can be slimy, and that's why it's important for sites like yours to publish information like this so consumers can know.

It's also important for people to know the statute of limitations in each state in which they incur debt.

Reply
Gordon,
10/9/2014 07:32:32 am

Lee,
this actually happened to me the day after I published the post on the subject. They had personal information on me; my name, phone and the last three digits of my social security number, said I had an outstanding bill for $7250 owed to a bank that I do business with when I told him that he promptly hung. I called my bank just in case someone had taken out a loan in my name but was assured that nothing had happened. Then just a couple of days ago they called again but used another bank name, these guys relentless. BTW I filed a complaint with the FTC

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