CCA1974 equivalent in U.S.A?

[davey77]

I was wondering if anybody knows if there is a consumer backlash happening in the USA right now in regards to consumers challenging their credit agreements based on (our) CCA1974/improperly executed approach?

 

They surely must have a similar 'Credit Act' in place over there and if so, what's it called?

 

Are there any known cases that have been successful or are their laws to rigid to squeeze through?

 

I ask as i know someone over there with a lot of Credit Card and Loan debt and wondered if there was a way forward.

 

The closest info i can find after a brief search is this:

 

The Credit Practices Rule

 

Anyone with knowledge of American Consumer Law and their version of credit agreements please contribute.

[davey77]

bumb

[noomill060]

probably varies from state to state.

 

No idea what the Federal legislation is.

 

I do know that its is much harder to declare one's self bankrupt over there now.

[davey77]

Thanks Noom.. i think it's worth looking into and any further info i find out i'll add here. Be interesting to see if the regs are different state to state. Suggests to me more chance making mistakes.. maybe

[davey77]

After browsing online i found this recent Texas case. I will also add the case they site (Williams v. Unifund CCR Partners Assignee of Citibank).

 

Haven't read through the lot but it's interesting stuff:

 

SJ for Debt Collector Revesed - Fact Issues Created by SJ Evidence | Barajas v. Harvest Credit Management (Tex.App.- Houston [14th Dist.] Aug. 28, 2008)

 

Terms of Credit Card Agreement not established | Williams v. Unifund (Tex.App.- Houston [1st Dist.] Feb. 7, 2008)(sj for debt collector reversed)

[davey77]

Well my friend in the US, after asking about the credit regulation aspect over there, replied with this very depressing response. This is an intelligent person and not someone with flights of fancy. I am pleased i have the consumer credit act all of a sudden and for the first time in ages i am pleased i live in Britain (I don't say that very often!) instead of the "land of the free and (brave) downtrodden".

 

(Names have been changed for sake of anonymity)

 

Generally speaking, the laws over here are *massively* biased toward the corporations, and against consumers. All of the credit card companies over here now have clauses in their agreements that allow them to slam the highest possible interest rate on anyone for the slightest reason, and even for no reason. There is virtually no such thing as "consumer protection".

 

And even if you do challenge them, they have a gotcha option. There are "credit reporting agencies" (companies) that do nothing but assess everyone's creditworthiness. If, for any reason, you make those agencies decide to downgrade you, life becomes hell.

 

*Janes* sister was briefly married to a guy who was, before he even knew her, bankrupt at one time. When she married him she inherited his credit rating, and even though they are now divorcing, she will have that rating for life (even though she personally never did anything bad). As a result, if she wants an electricity supply, she has to pay several hundred dollars as a "deposit". Same for water, gas, telephone, sewage charges, internet connection, and so on. She cannot afford a normal phone line, so instead she has to rely on a pay-in-advance cellphone, for which the call rates are something like ten times the rates that *Jane* and I pay. It just goes on and on. If she wanted to buy her own car, she would have to do it with a huge deposit (*Jane* and I would pay no deposit) and then the interest rate would be 20% instead of 6%.

 

It seems too insane to be true, but that is America.

 

*Jane* missed one payment recently on one card. Or rather, what she actually did was to accidentally pay December's payment a little early, right at the end of the November period, and that meant that there was a double payment recorded in November, but then because she did not know that it had happened, she did not send any more payment for December itself. Then, when it was too late, she suddenly got a letter telling her that she missed December, and she owed hundreds in late fees, and that the interest rate was going from 9% to the default of 26% (on a $11,500 balance).

 

She made several phone calls, and eventually explained to someone who seemed sympathetic and told her that she would refund part of the late payment and put the interest rate back down.

 

But now we have had another bill and it still shows the situation before the phone call - high rate, all charges still there. So she got on the phone again, and eventually found a another person who said that the manager later denied the correction. But she said she would try to get it sorted out.

 

I haven't heard how that has played out. I hardly dare ask.

 

People did (a few years ago) mount a successful challenge to something that one company did, and they got some refunds. But a good chunk of the refund went to the lawyers (hundreds of millions of dollars!), and what happened after that was that the companies changed the wording of their contracts to make absolutely sure that no one, ever again, could take them to court like that. It is because of that court case that we now have contracts that say they can change any terms at any time, without having to give a reason.

 

The only hope we have is that Barack will get on the case. But he seems to have much bigger fish to fry right now.

[Guest dvdriley]

there PayDay loans are different. They have recently made it illegal to charge more than 36% pa. some states have outlawed these loans which is why many USA payday loans compmanies have come over here ie Quick bridge, Wonga

[noomill060]

I wouldnt put too hope on O'Bama changing too much...

 

same sh!te, different bucket- as we will all find out before too long.

 

Sorry kids. Hes not the Messiah, hes a very naughty boy.

 

*gasp-blasphemy-burn the heretic!*

[davey77]

I agree, in a Democracy, just being the president means you are unlikely to be allowed to instigate change on a fundamental level. There are people and organisations with other agendas and with far greater power and influence behind the scenes pulling the strings.

[mattyarmouth]

Rockefeller's & Rothschild's spring to mind! Be nice to get my debt wiped off the international bankers accounts lol

 

Can anyone help with my case please

http://www.consumeractiongroup.co.uk/forum/legal-issues/226535-help-set-aside-do.html#post2509926