Why Chat, etc., what do you make of this?????

Posted by tuffenuff (68.33.0.198) on February 11, 2004 at 14:15:50:

February 11, 2004 — Credit card holders who thought their delinquent accounts had been settled and then were dunned years later for accumulated interest by firms that purchased those accounts cannot get relief under the Truth in Lending Act and the Fair Debt Collection Practices Act, according to a decision by the U.S. Court of Appeals for the Seventh Circuit (Neff v. Capital Acquisitions & Management Co., 7th Cir., No. 02-4186, 12/15/03).

The mere purchase of the open accounts did not make the purchasers "creditors" within the meaning of TILA, Judge Terence T. Evans holds. Therefore, the purchasers did not violate TILA by seeking to collect years of accrued interest without having sent the cardholders monthly billing statements. Under the terms of TILA, a "creditor" must have either "issued a credit card" or become the issuer's "agent," and the purchasers in this case did neither.

Follow Ups:

• Re: Why Chat, etc., what do you make of this????? Bob3 02/12/04 (0)
• Re: Why Chat, etc., what do you make of this????? clotho 02/12/04 (0)
• Re: Why Chat, etc., what do you make of this????? Why Chat 02/11/04 (2)
• Re: Why Chat, etc., what do you make of this????? catballou 02/11/04 (3)
• Re: Why Chat, etc., what do you make of this????? clotho 02/11/04 (0)
• Re: Why Chat, etc., what do you make of this????? Why Chat 02/11/04 (5)

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