New York AG to Make Announcement on Debt Collection Probe
The New York attorney general is to announce significant developments in his ongoing probe of the ARM and debt settlement industries Tuesday at a press conference in Buffalo.
Andrew Cuomo, New York Attorney General, will be making an announcement Tuesday concerning a “new development” in his statewide probe of the debt collection industry.
insideARM confirmed that Cuomo is scheduled to give a press conference in Buffalo, N.Y. to discuss the development at 11:45am Eastern time.
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But the attorney general’s press office did not return calls seeking further information in time for publication Tuesday.
The office of the attorney general announced in May that it had shut down two collection agencies and subpoenaed 20 others in what it called a “statewide inquiry into debt collection companies.” (“NY Attorney General Shuts Down Collection Agencies; Subpoenas 20 Others,” May 28) Less than a week later, the office said that it had settled with three more collection agencies under investigation (“NY Attorney General Settles with Three Collection Agencies for $245,000 Total,” June 3).
In the June announcement, Cuomo said that his office will “continue to investigate the myriad deceptive practices that debt collection companies, debt settlement companies and others employ as a means to exploit consumers who are already down on their luck.”
Be sure to check back with insideARM.com for developments arising from the press conference.
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Comments
Comment from skiptracer on June 23, 2009 at 11:17AM EST
i guess he wants to get elected Governor.His father put us in the poor house and now he wants to keep us there. I guess it is time for me to get out of debt revovery and become a debtor, and ask Andrew Cuomo to save me from the big bad bill collector.New York State will soon Join Texas as a debtor haven.If you do not know your history, Texas was fomred by Debtors fleeing their debts inVirgina and other states.They then Formed Texas. The great Debtor state.
Comment from Barry on June 23, 2009 at 11:40AM EST
I am a debt collector and if these companies are doing it the wrong way,then they are getting what they deserve. They make us all look bad. There is no reason we cant collect debt without breaking the law. Personally I am happy they are probing into these companies, as long as the Attorney General is fair and looks at each company individually, then I am all for it.
Comment from Ontrack Financial Group llc on June 23, 2009 at 12:07PM EST
It's about time the state cracks down on deceptive practices. Both industries must employ a primum non nocere outlook towards consumers. We welcome further regulation. Recently Ontrack Financial Group llc posted a phone call on "Youtube" that proves the collection industry needs reform.
www.youtube.com/watch?v=sl7bj2EShp8
By sticking to our core values we avoid the fundamental conflict between individual interest and the common good. Ontrack Financial Group llc will continue to function as a successful company by sticking to our six core value drivers:
Trust Authenticity Transparency Listing Responsiveness Affirmation
Comment from Gina McNaughton on June 23, 2009 at 1:41PM EST
ATTORNEY GENERAL CUOMO SHUTS DOWN NEW YORK DEBT COLLECTION OPERATION THAT USED ILLEGAL SCARE TACTICS TO THREATEN CONSUMERS ACROSS THE COUNTRY http://www.oag.state.ny.us/media_center/2009/june/june23a_09.html
Comment from Lethal on June 24, 2009 at 11:33AM EST
Most of the debt we attempt to collect is after insurance or medicare/medicaid paid. We understand and welcome the opportunity to help people resolve their debts only commensurate to their ability. No scare tactics needed, period. I never fear being shut down or "reformed" since we always maintain the highest degree of ethics with strict adherence to all federal, state, and local laws.