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Sued by Pressler? Read this.

March 23rd, 2019 by

If you were sued by Pressler & Pressler you may have the opportunity to sue them for up to $1,000, plus any actual damages you have suffered.

Denbeaux Will Help Consumers Sue Pressler for FDCPA Violations

For a free evaluation of your case, click here now.

Your responses will allow us to identify all potential claims and quickly evaluate your case.  This evaluation is at no cost to you, of course, and if we can identify an actionable violation, we will be able to take your case.

Federal law penalizes debt collectors such as Pressler & Pressler for violations of the Fair Debt Collection Practices Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act, which prohibits unfair and deceptive acts or practices in the consumer financial marketplace.

On April 25, 2016, the law firm Pressler & Pressler, LLP and debt buyer New Century Financial Services, Inc. were fined by the Consumer Finance Protection Bureau, a federal agency, for sending out deceptive, intimidating, and illegal collections lawsuits to collect money from people in New Jersey.

You may be able to collect up to $1,000 at no cost to you if a debt collector violated the FDCPA while trying to collect a debt from you.


RESOURCES

CFPB Takes Action to Halt Illegal Debt Collection Practices and Lawsuit Mill and Debt Buyer – CFPB Press Release April 25, 2016

So Sue Them. What We’ve Learned About the Debt Collection Lawsuit Machine – by Paul Kiel Pro Publica May 5, 2016

$2.5 Million CFPB Action Ratchets Pressure on Debt Collection Suit – by Chris Bruce Bloomberg BNA April 26, 2015

CFPB Announces Consent Orders Against Law Firm and Debt Buyer – by Tim Bauer insideARM.com accounts receivable management April 26, 2016

Feds Take Action to Stop Illegal Debt Collection Practices bu Morris County “Lawsuit Mill” by Dave Schatz New Brunswick Today April 26, 2016

New Jersey Lawsuit Mill Fined $2.5 Million by Teresa Lo JD Journal April 26, 2015


Category:Press Release

CFPB Takes Action to Halt Illegal Debt Collection Practices By Lawsuit Mill and Debt Buyer

CFPB Bars Law Firm, Debt Buyer from Churning Out Illegal Collections Lawsuits and Imposes $2.5 Million in Penalties

WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today ordered the debt collection law firm Pressler & Pressler, LLP, two principal partners, and New Century Financial Services, Inc., a debt buyer, to stop churning out unfair and deceptive debt collection lawsuits based on flimsy or nonexistent evidence. The consent orders bar the companies and individuals from illegal practices that can deceive or intimidate consumers, such as filing lawsuits without determining if debts in question are valid. The orders also require the firm and the named partners to pay $1 million, and New Century to pay $1.5 million to the Bureau’s Civil Penalty Fund.

“For years, Pressler & Pressler churned out one lawsuit after another to collect debts for New Century that were not verified and might not exist,” said CFPB Director Richard Cordray. “Debt collectors that file lawsuits with no regard for their validity break the law and violate the public trust. We will continue to take action to protect borrowers from abuse.”

Pressler & Pressler is a New Jersey-based law firm that collects consumers’ debts for creditors through lawsuits and other means. New Century Financial Services, also based in New Jersey, buys and collects defaulted consumer debts and hands off those accounts to Pressler & Pressler for collection. To collect alleged debts on behalf of New Century and others, Pressler & Pressler filed hundreds of thousands of lawsuits against consumers.  Sheldon H. Pressler and Gerard J. Felt, partners of the firm, each participated in the firm’s debt collection litigation practices.

The CFPB found that to mass-produce these lawsuits, Pressler & Pressler used an automated claim-preparation system and non-attorney support staff to determine which consumers to sue. Attorneys generally spent less than a few minutes, sometimes less than 30 seconds, reviewing each case before initiating a lawsuit. This process allowed the firm to generate and file hundreds of thousands of lawsuits against consumers in New Jersey, New York, and Pennsylvania between 2009 and 2014. The CFPB found that the respondents violated the Fair Debt Collection Practices Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act, which prohibits unfair and deceptive acts or practices in the consumer financial marketplace. Specifically, the CFPB found that Pressler & Pressler, the firm’s named partners, and New Century Financial Services:

  • Made false or empty allegations about consumer debts: The CFPB found that the firm, the named partners, and New Century filed lawsuits against consumers without sufficient basis. Neither the firm nor New Century reviewed documents supporting the validity of debts.
  • Filed lawsuits based on unreliable or false information: Some consumers had previously challenged the validity or accuracy of the debts, but the firm or New Century did not obtain or review information to justify their claims. The firm and New Century also filed suits and collected debt knowing that some account portfolios targeted for lawsuits contained unreliable or false information.
  • Harassed consumers with unsubstantiated court filings: The CFPB found that the firm, the named partners, and New Century filed collection suits generated mainly by automated processes that relied on summary data. The firm won the vast majority of the lawsuits by default when consumers did not defend themselves, even though neither Pressler & Pressler nor New Century had verified that the debts were actually owed.

Enforcement Action

Under the Dodd-Frank Act, the CFPB has the authority to take action against institutions or individuals that engage in unfair, deceptive, or abusive acts or practices. The CFPB also has authority over debt collection practices under the Fair Debt Collection Practices Act. The CFPB orders require that Pressler & Pressler, the firm’s named partners, and New Century Financial Services must:

  • Stop filing lawsuits with unsubstantiated claims: Pressler & Pressler, the named partners, and New Century cannot file lawsuits or threaten to sue to collect debts unless they obtain and review specific account-level documents and information showing the debt is accurate and enforceable.
  • Ensure accurate court filings: The firm, the named partners, and New Century may not use affidavits as evidence to collect debts unless they accurately describe relevant facts including that the individual executing the affidavit has personal knowledge of the debt, or, if not, has reviewed documentation related to the debt. The firm must also keep an electronic record showing it is following proper procedures.
  • Pay civil penalties: The firm and the named partners must pay a penalty of $1 million to the CFPB’s Civil Penalty Fund. New Century must pay a penalty of $1.5 million.

The CFPB’s order against Pressler & Pressler and the named partners is available at: http://files.consumerfinance.gov/f/documents/201604_cfpb_consent-order-pressler-pressler-llp-sheldon-h-pressler-and-gerard-j-felt.pdf 

The CFPB’s order against New Century Financial Services is available at: http://files.consumerfinance.gov/f/documents/201604_cfpb_consent-order_new-century-financial-services-inc.pdf 

This action continues the Bureau’s work to address illegal debt collection practices across the consumer financial marketplace, including companies that sell, buy, and collect debt. In recent separate enforcement actions, the CFPB has ordered large banks, credit card issuers, debt buyers, and firms to overhaul their debt collection practices and refund millions to harmed consumers. The Bureau will continue working to ensure all players in the collections market treat consumers fairly.

###
The Consumer Financial Protection Bureau is a 21st century agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives. For more information, visit consumerfinance.gov.

Are all lawsuits by Pressler fraudulent?

March 7th, 2019 by

No. That said, in 2014, Pressler obtained over 50,000 judgments in New Jersey Courts. Please get us all communications you still have from Pressler and the docket number of the lawsuit that Pressler filed against you.

How Do I Know if I Have a Claim Against Pressler?

In order for us to review your case, we will need your address, the docket number of the complaint filed by Pressler and as much of the communication you sent to and received from Pressler as you saved.

What is the DEBT was more than six years old?

Please reach out to my firm right away.  The statute of limitations on most debts is only six years after default.

What if there is an Existing Judgement?

Existing judgments might be actionable. You should contact us so we can guide you as to best how to do this.

Please let us know if you receive any other communications from Pressler or any other collection outfit and we will review your potential case at that time

In the future, no matter what happens with this potential claim, please keep careful track of all documents you receive from any debt collector.

What is Pressler is harassing me on the phone or with letters related to collecting a debt?

Harassment by any means can violates federal law.  If Pressler harassed you, or is still harassing you, then you may have a claim. What records of these communications have you kept? It is strongly advised that you retain all records from all collection companies. Please give my office a call and get us your communications to and from Pressler.

Is Pressler actively Garnishing wages or Paid a Judgement on a Debt that was old or not owed?

We are interested in speaking with you about your possible claim.  Please be able to get us certain information when we speak, including: your contact information, the docket numbers of all suits that Pressler has filed against you and any documentation to or from Pressler that you have kept.

Pressler Sue You?

March 1st, 2019 by

If you were sued by Pressler & Pressler you may have the opportunity to sue them for up to $1,000, plus any actual damages you have suffered.

Federal law penalizes debt collectors such as Pressler & Pressler for violations of the Fair Debt Collection Practices Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act, which prohibits unfair and deceptive acts or practices in the consumer financial marketplace.

On April 25, 2016, the law firm Pressler & Pressler, LLP and debt buyer New Century Financial Services, Inc. were fined by the Consumer Finance Protection Bureau, a federal agency, for sending out deceptive, intimidating, and illegal collections lawsuits to collect money from people in New Jersey.

After being sued by the CFPB the firm agreed to pay a $1,000,000 penalty. It also admitted to violating a key federal consumer protection law known as the Fair Debt Collection Practices Act.

You may be able to collect up to $1,000 at no cost to you if a debt collector violated the FDCPA while trying to collect a debt from you. Contact us below now to learn more.

According to a May 5, 2016 article in ProPublica by Paul Kiel,  “So Sue Them: What We’ve Learned About the Debt Collection Lawsuit Machine”, in recent years Pressler & Pressler obtained debt collection judgments against 76,000 New Jersey residents annually. In 99% of these collection actions, the defendants being sued by did not have attorneys and could not often adequately stand up for their rights.

In fact, the firm admitted that many of the lawsuits were filed without having proof that the debt was owed by the consumer or that the amount owed and terms were accurate.  They admitted filing lawsuits based on false information.

Even if a judgment has already been entered against you, you may be entitled to a statutory recovery of up to $1,000.00.  This time, stand up for your rights with an attorney.

Pressler & Pressler already agreed to pay $1,000,000 to the Federal Government, but none of that will be distributed to you.  Your relief requires you take action now.

Category:Press Release

CFPB Takes Action to Halt Illegal Debt Collection Practices By Lawsuit Mill and Debt Buyer

CFPB Bars Law Firm, Debt Buyer from Churning Out Illegal Collections Lawsuits and Imposes $2.5 Million in Penalties

WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today ordered the debt collection law firm Pressler & Pressler, LLP, two principal partners, and New Century Financial Services, Inc., a debt buyer, to stop churning out unfair and deceptive debt collection lawsuits based on flimsy or nonexistent evidence. The consent orders bar the companies and individuals from illegal practices that can deceive or intimidate consumers, such as filing lawsuits without determining if debts in question are valid. The orders also require the firm and the named partners to pay $1 million, and New Century to pay $1.5 million to the Bureau’s Civil Penalty Fund.

“For years, Pressler & Pressler churned out one lawsuit after another to collect debts for New Century that were not verified and might not exist,” said CFPB Director Richard Cordray. “Debt collectors that file lawsuits with no regard for their validity break the law and violate the public trust. We will continue to take action to protect borrowers from abuse.”

Pressler & Pressler is a New Jersey-based law firm that collects consumers’ debts for creditors through lawsuits and other means. New Century Financial Services, also based in New Jersey, buys and collects defaulted consumer debts and hands off those accounts to Pressler & Pressler for collection. To collect alleged debts on behalf of New Century and others, Pressler & Pressler filed hundreds of thousands of lawsuits against consumers.  Sheldon H. Pressler and Gerard J. Felt, partners of the firm, each participated in the firm’s debt collection litigation practices.

The CFPB found that to mass-produce these lawsuits, Pressler & Pressler used an automated claim-preparation system and non-attorney support staff to determine which consumers to sue. Attorneys generally spent less than a few minutes, sometimes less than 30 seconds, reviewing each case before initiating a lawsuit. This process allowed the firm to generate and file hundreds of thousands of lawsuits against consumers in New Jersey, New York, and Pennsylvania between 2009 and 2014. The CFPB found that the respondents violated the Fair Debt Collection Practices Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act, which prohibits unfair and deceptive acts or practices in the consumer financial marketplace. Specifically, the CFPB found that Pressler & Pressler, the firm’s named partners, and New Century Financial Services:

  • Made false or empty allegations about consumer debts: The CFPB found that the firm, the named partners, and New Century filed lawsuits against consumers without sufficient basis. Neither the firm nor New Century reviewed documents supporting the validity of debts.
  • Filed lawsuits based on unreliable or false information: Some consumers had previously challenged the validity or accuracy of the debts, but the firm or New Century did not obtain or review information to justify their claims. The firm and New Century also filed suits and collected debt knowing that some account portfolios targeted for lawsuits contained unreliable or false information.
  • Harassed consumers with unsubstantiated court filings: The CFPB found that the firm, the named partners, and New Century filed collection suits generated mainly by automated processes that relied on summary data. The firm won the vast majority of the lawsuits by default when consumers did not defend themselves, even though neither Pressler & Pressler nor New Century had verified that the debts were actually owed.

Enforcement Action

Under the Dodd-Frank Act, the CFPB has the authority to take action against institutions or individuals that engage in unfair, deceptive, or abusive acts or practices. The CFPB also has authority over debt collection practices under the Fair Debt Collection Practices Act. The CFPB orders require that Pressler & Pressler, the firm’s named partners, and New Century Financial Services must:

  • Stop filing lawsuits with unsubstantiated claims: Pressler & Pressler, the named partners, and New Century cannot file lawsuits or threaten to sue to collect debts unless they obtain and review specific account-level documents and information showing the debt is accurate and enforceable.
  • Ensure accurate court filings: The firm, the named partners, and New Century may not use affidavits as evidence to collect debts unless they accurately describe relevant facts including that the individual executing the affidavit has personal knowledge of the debt, or, if not, has reviewed documentation related to the debt. The firm must also keep an electronic record showing it is following proper procedures.
  • Pay civil penalties: The firm and the named partners must pay a penalty of $1 million to the CFPB’s Civil Penalty Fund. New Century must pay a penalty of $1.5 million.

The CFPB’s order against Pressler & Pressler and the named partners is available at: http://files.consumerfinance.gov/f/documents/201604_cfpb_consent-order-pressler-pressler-llp-sheldon-h-pressler-and-gerard-j-felt.pdf 

The CFPB’s order against New Century Financial Services is available at: http://files.consumerfinance.gov/f/documents/201604_cfpb_consent-order_new-century-financial-services-inc.pdf 

This action continues the Bureau’s work to address illegal debt collection practices across the consumer financial marketplace, including companies that sell, buy, and collect debt. In recent separate enforcement actions, the CFPB has ordered large banks, credit card issuers, debt buyers, and firms to overhaul their debt collection practices and refund millions to harmed consumers. The Bureau will continue working to ensure all players in the collections market treat consumers fairly.

###
The Consumer Financial Protection Bureau is a 21st century agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives. For more information, visit consumerfinance.gov.

Sued by Pressler? Read this.

February 28th, 2019 by

If you were sued by Pressler & Pressler you may have the opportunity to sue them for up to $1,000, plus any actual damages you have suffered.

Denbeaux Will Help Consumers Sue Pressler for FDCPA Violations

For a free evaluation of your case, click here now.

Your responses will allow us to identify all potential claims and quickly evaluate your case.  This evaluation is at no cost to you, of course, and if we can identify an actionable violation, we will be able to take your case.

Federal law penalizes debt collectors such as Pressler & Pressler for violations of the Fair Debt Collection Practices Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act, which prohibits unfair and deceptive acts or practices in the consumer financial marketplace.

On April 25, 2016, the law firm Pressler & Pressler, LLP and debt buyer New Century Financial Services, Inc. were fined by the Consumer Finance Protection Bureau,

a federal agency, for sending out deceptive, intimidating, and illegal collections lawsuits to collect money from people in New Jersey.

You may be able to collect up to $1,000 at no cost to you if a debt collector violated the FDCPA while trying to collect a debt from you.

NJ Consumer Protection Attorney’s Review of the Fair Debt Collection Practices Act CFPB Annual Report 2015

November 18th, 2015 by

CFPB Annual Report 2015

On March 26, 2015 the Consumer Finance Protection Bureau (“CFPB”) published its fourth annual report to Congress summarizing Fair Debt Collection Practices Act (“FDCPA”) consumer complaints and enforcement actions.

The report addresses CFPB activities during the 2014 calendar year.  This year’s report demonstrates problems in the industry, progress in enforcement areas, and leaves open much room for improvement.  The ultimate goal should be for the CFPB to work in tandem with consumers pursuing private rights of action.  Only then will the full breadth of the FDCPA be respected and consumer rights protected in the area of debt collection.

By Adam Deutsch, Esq.

Adam Deutsch, Esq.

As usual, the report begins with an analysis of market statistics which are staggering.  According to the report, “Consumer credit, excluding mortgages is $615 billion higher than pre-2008 levels,” and 77 million or 35% of adults with credit files have at least one debt in default collections.  This has lead the debt collection industry to experience substantial growth and as the report highlights, substantial consolidation of larger third party collection entities.

In 2014 37% of the 88,300 consumer complaints filed with the FDCPA related to allegations that a debt collector was seeking to collect on a debt that was not owed or was miscalculated.  An additional 20% of complaints related to phone calls from debt collectors often made at inconvenient times or worse, to a person’s place of business.  Another common complaint from debtors is the allegation that collectors failed to issue validation of debt letters within 5 days of their initial communication with the debtor as required by 15 U.S.C. 1692g.

The report highlights a potential problem with the CFPB data.  When a consumer files a complaint with the CFPB they are required to authorize that the complaint will be forwarded to the offending company for a response.  Consumers may be fearful of retribution or of undermining a separate civil litigation matter if they file a complaint with the regulatory agency.  This may be a cause of underreported offenses.  To correct this potential problem, the CFPB should allow consumers to submit complaints with proofs and elect not to have their information disclosed to the offending company.  If the CFPB notices a pattern of problems from a particular collection company they could contact the complainant and seek their permission to pursue the action and disclose the debtor’s information.

This past year, the CFPB expanded its research initiative and conducted a study determining that an astonishing 70% of all debt collection court actions were dismissed once the consumer filed a contesting answer.  In these lawsuits, the collector was unable to furnish necessary documentation to prove its case.  The CFPB suggests in its report that such activity is a misleading representation that violates the FDCPA because the collector made representations and threats to collect the debt based on false information and/or an intention not to actually pursue if challenged.

Finally, the report addresses successes of the CFPB’s affirmative enforcement activities.  In 2014 the CFPB successfully obtained $570 million in relief for consumers in five key actions against large scale offenders.  These results are to be hailed as a major success.  That said, it remains a drop in the bucket and highlights that individual civil actions remain a significant policing mechanism for the industry that continues to grow annually.  The CFPB has demonstrated its support for such civil actions by contributing friend of the court Amicus briefs in several circuit court cases.  Most notably, in 2014 the CFPB has advocated finding that efforts to collect a statutorily time barred debt is actionable under the FDCPA.

Entering its fifth year, the CFPB continues to grow in effectiveness.  The agency has done a particularly good job of increasing public awareness of its efforts which will continue to result in a blossoming partnership between the public and governmental agency in policing the often unscrupulous debt collection industry.

Link to the report: http://files.consumerfinance.gov/f/201503_cfpb-fair-debt-collection-practices-act.pdf