Finance

About The Mid Atlantic Finance Case

Mid Atlantic Finance is a debt collection agency subject to various lawsuits and legal actions. In this article, we will examine the cases and allegations against the company and its history and business practices.

Mid Atlantic Finance is a debt collection agency subject to various lawsuits and legal actions. In this article, we will examine the cases and allegations against the company and its history and business practices.

History of Mid Atlantic Finance

Mid Atlantic Finance was founded in 1996 in Roanoke, Virginia. The company’s primary business is debt collection, specializing in purchasing charged-off credit card debt from banks and credit card companies. The company’s business model is to buy debt at a fraction of its value and then attempt to collect the total amount from debtors.

Mid Atlantic Finance Lawsuits and Allegations

Mid Atlantic Finance has been the subject of numerous lawsuits and legal actions over the years. Here are some of the most notable:

About The Mid-Atlantic Finance Case2

Allegations of Illegal Debt Collection Practices

In 2011, the Consumer Financial Protection Bureau (CFPB) filed a lawsuit against Mid Atlantic Finance for alleged illegal debt collection practices. The CFPB accused the company of using false and misleading statements to collect debts and threatening consumers with legal action that the company had no intention of taking. Mid Atlantic Finance settled the lawsuit for $2.5 million and agreed to change its debt collection practices.

Allegations of Violating the Fair Debt Collection Practices Act

In 2014, Mid Atlantic Finance was sued by a Pennsylvania woman who accused the company of violating the Fair Debt Collection Practices Act. The woman claimed that the company called her repeatedly, even after she had requested that they stop and that they disclosed her debt to a third party without her consent. The case was settled for an undisclosed amount.

Allegations of Robo-Signing

In 2019, Mid Atlantic Finance was sued by the state of Minnesota for allegedly engaging in robo-signing. Robo-signing is the practice of signing legal documents without verifying their accuracy, which is illegal. The state alleged that Mid Atlantic Finance had submitted false affidavits to the court in debt collection cases. The case was settled for $500,000.

Current Lawsuit Against Mid Atlantic Finance

In 2021, Mid Atlantic Finance was sued by the Attorney General of Massachusetts for allegedly violating the state’s debt collection regulations. The lawsuit alleges that the company made false representations to consumers, failed to verify the accuracy of debts, and engaged in abusive and harassing behavior. The lawsuit seeks to stop the company from engaging in these practices and to obtain restitution for affected consumers.

In conclusion, Mid Atlantic Finance has faced numerous allegations of illegal debt collection practices. While the company has settled some of these lawsuits, it faces legal action. If you are being contacted by Mid Atlantic Finance or any debt collection agency, knowing your rights under the law is essential. The Fair Debt Collection Practices Act protects consumers, including the right to request that the debt collector stop contacting them and the right to dispute the debt’s validity. If you believe a debt collector has violated your rights, you should contact an attorney specializing in debt collection law.

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Andras Crow Hreidar

Editorial Director/ Business & Financial Writer Hi there, my name is AndrĂ¡s and I'm a business and finance journalist living in Norway. My passion lies in uncovering the latest stories in the world of finance and delivering them to my readers in a way that's clear and engaging. I cover a wide range of topics in the finance world, including cryptocurrencies, which I believe have the potential to transform the way we interact with money and financial systems. As a journalist, I'm committed to providing my readers with accurate and reliable reporting. I believe that access to high-quality information is essential for making informed decisions, whether it's about personal finances or investments. When I'm not writing about finance, I enjoy a variety of hobbies and interests.

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