Millions of people have been hard hit by the recession. People who once had high paying jobs are now out of work and are facing foreclosure on their homes and being sued by Junk Debt Buyers.
There are reports all over the Internet about people who has committed suicide due to their homes being foreclosed on and Junk Debt Buyers suing and taking everything a family has.
If the debtor doesn’t pay, the jdb can sue the debtor for the full amount. if they win, they can then garnish the debtors wages, bank account and take any assets they want including the debtor’s vehicle. they can even get a court order to go into the debtor’s home and take all of their belonging.
Jdb’s don’t care why someone was not able to make the payment, be it job loss, sickness, the economy or what ever. They have no concern if taking someone’s vehicle makes it impossible to go to work. They don’t care if taking all of the money in someone’s bank account causes the family’s utilities to get shut off or if it causes a family to lose their house and become homeless…
They just want the money and will do what ever it takes to get it.
As the law now stands, a jdb can buy a debt worth $50,000 for $1,000 then demand the full $50,000 from the debtor.
It is wrong that they can buy a debt which the original creditor wrote off, for pennies on the dollar, then expect to be paid the full amount of the debt including interest, late fees, penalties, etc.
This is highway robbery and these jbd’s are getting rich off of the misfortune of those already stretched to the breaking point due to the recession and bad economy. Laws need to be passed asap to put a stop to these jbd’s “shake down” operations.
As everyone knows, the banks and financial institutions received billions in tax payer bailouts, while people hard hit by the rescission (which was caused by banks) received nothing.
These high paid wall street sob’s, bankers and rich bastards gave themselves pay raises, bonuses, bought jets and have lived high off the hog at the expense of people struggling to pay their bills.
Since these banks which are now foreclosing on people homes received tax payer money, I feel they have already been paid and i feel home owners and people who has loans should stop paying. If everyone stops paying their mortgage, credit cards and loans it will show these rich bastards and the government that us regular folks are boss.
Remember, 3% of the population has most of the wealth and have been calling the shots for a long time. they are the ones who got us in this mess.
Please sign this petition to pass legislation to put junk debt buyers out of business. This may be a matter of life or death for many people.
http://www.change.org/petitions/stop-junk-debt-buyers-and-bill-collector-abuse