In Oct 07, I was contacted by North American Asset Investigation Bureau LLC who represented themselves as a collection agency collecting on a delinquent loan which was in fact mine and was threatened with summons to court for a civil suit if I did not comply with payment. I contacted them at the end of that week and we both agreed to settle on a lesser amount which was to made in 4 payments. I gave them a couple of check numbers to start payments and they honored the payment dates and took the appropriate funds as agreed. On Jan. 14 I attempted to call them to confirm final payment and to my dismay, their phone numbers were all turned off. I then proceeded to find out what was going on and was informed by the original bank that I had the original loan through, that NAAIB was a fraudulant company and that they never had rights to collect on the loan. Nobody seems to know how North American Asset Investigation Bureau had all of my information including the original account number to the loan. I have filed a dispute with my bank and is currently under investigation and I have also filed a report with the Colorado Springs, CO Police Dept, both on Jan. 14. This company has since left the area and to the best of my knowledge is now operating under the name of Morestar Consultant LLC, unless they have changed the name again. I have made several attempts to get in contact with this company and with no luck. There is NO legitimacy to the lies and threats they spew out over the phone and please do NOT give them any banking or credit card information; they WILL steal your money!
The Fair Debt Collection Practices Act (FDCPA) governs collection agency practices. The FDCPA prohibits abusive, unfair or deceptive debt collection practices. Under the FDCPA, a debt collector may not discuss the debt with anyone other than the consumer and certain other persons, such as the consumer's attorney or spouse; use obscene, abusive, or profane language; or contact a consumer at inconvenient times, such as before 8 A.M. Or after 9 P.M. Also, debt collectors may not make false statements, use false company names, or threaten any action they cannot or do not intend to take.
Some collection agencies focus on the collection of very old or time-barred debts. Time-barred debts have passed the statute of limitations (the amount of time allowed to file suit to collect a debt). Each state sets its own statute of limitations. While there is no prohibition on the collection of time-barred debts, the FDCPA must still be followed.in some states, the statute of limitations starts over if the debtor makes a payment on the debt.
One type of collection agency is commonly referred to as "Scavenger" or "junk" debt collectors. These agencies purchase uncollectible, written-off debt for pennies on the dollar and often use aggressive techniques to collect. Tactics reportedly used by scavenger debt collectors include representing themselves as a "litigation firm", offering to settle immediately or face legal action and other types of intimidation.
The BBB offers this advice:
Know your rights under the Fair Debt Collection Practices Act. A copy of the Act is available at www.ftc. Gov.
If you are contacted by telephone, do not immediately provide any personal information (including bank account or credit card account numbers) or acknowledge the debt. Ask for documentation of the debt in writing. Within five days of the first contact with you, the debt collector is required under the FDCPA to send you a written notice telling you the amount of money you owe; the name of the creditor to whom you owe the money; and what action to take if you believe you do not owe the money.
When the debt is paid or settled, ask for confirmation in writing and keep it for your records in case another agency pursues the same debt again.
Contact an attorney or state consumer protection office to determine the statute of limitations for the debt. If the time limit has passed, the debt is no longer collectible.in fact, a payment may start the statute of limitations "clock" again. Ohio has a 15 year statue of limitations on promissory notes and written contracts.
You may write the agency and tell them not to contact you again. They will only be able to contact you to let you know that they are not pursuing your debt any more or that you are subject to legal action.
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