Business owners who have suffered from flood, fire, theft or another type of liability often turn to their insurance provider to help see them through the difficult times. Insurance is supposed to provide peace of mind when the unexpected happens. Sadly, many insurers can cause business owners unneeded stress and anxiety by denying or delaying otherwise legitimate claims. Here's a look at just a few bad faith tactics some insurers may try to use against small business owners.
Fraudulent misrepresentation is the most serious form of misrepresentation and, therefore, the most difficult to prove. In business disputes, fraudulent misrepresentation can lead to major financial losses and for consumers it can mean being cheated out of receiving a good or service they have otherwise been promised. To prove fraudulent misrepresentation has occurred, six conditions must be met.
Debt can quickly lead to a vicious cycle that eats up your finances and makes it almost impossible to get back on your feet. Many people fall prey to this debt cycle through predatory loans, which are abusive lending practices that keep people trapped in a cycle of minimum payments and refinancing. For victims of predatory lenders, the consequences could include unsustainable loan payments, the loss of one's home or vehicle, and even bankruptcy. The best way to protect yourself from predatory lenders is to be able to spot some of the most common signs of this abusive and destructive practice.
When you take out an auto loan, it is not uncommon to put your vehicle up as collateral. If you fall behind on your payments and default on the loan then your lender may have the right to repossess your vehicle. However, your lender still has to abide by certain laws and regulations when repossessing a vehicle, otherwise your vehicle may become wrongfully repossessed and you may be able to file a claim against the lender. Below is a brief look at what counts as wrongful repossession in Pennsylvania.
Whether through an email encouraging us to provide funds for an investment led by a foreign prince or a call claiming we owe money to a creditor we do not recognize, we've all had some experience with financial fraud. Proactive steps can be taken to help reduce the risk of becoming a victim of financial fraud. The Consumer Financial Protection Bureau (CFPB) recently provided some specific tips in an effort to help encourage people to protect themselves from financial exploitation.
From getting a car to applying for a mortgage, having a good credit score can make life much easier. That's why an error on your credit report can be especially frustrating. It can take years for you to discover a credit reporting error and during that time you may have suffered the consequences of a credit report that was not entirely accurate. If there is a problem with your credit report, talk to a consumer protection attorney today to get help. Below we will look at some of the most common credit reporting errors, according to the Consumer Financial Protection Bureau.
Getting a lemon of a vehicle can be extremely frustrating. Not only do you have to deal with the stress of having to figure out how to deal with a faulty vehicle, you also have to figure out the finances that go along with it.
Insurers are supposed to act in good faith when investigating a claim. Unfortunately, far too many insurers are more interested in their bottom lines than paying out on legitimate claims. When insurers act in bad faith they deny claimants the financial resources those claimants deserve and may need to lead a decent quality of life. A lot of people, however, don't have much experience dealing with insurers and so spotting some common indicators of bad faith practices can be tricky. Here are just five signs of potential insurance bad faith to watch out for.
The U.S. Consumer Financial Protection Bureau (CFPB) has fined a debt collection agency and a New Jersey law firm $2.5 million of running a "lawsuit mill" against consumers. The agency and law firm were accused of filing mass lawsuits against allegedly indebted consumers, often without verifying whether the lawsuits had any validity. The CFPB alleged that both the law firm and the collection agency violated the Consumer Protection Act, the Fair Debt Collection Practices Act and the Dodd-Frank Wall Street Reform law.
A call from a debt collector is unwelcome and frightening for most people. If that same debt collector begins to call your friends, loved ones, and coworkers, then you're likely to be even more upset and even feel humiliated. The Fair Debt Collection Practices Act (FDCPA) limits who and when debt collectors can call. If you or people you know are receiving unwanted -- and possibly illegal -- phone calls from a debt collector, it's important for you to know what the FDCPA says about when debt collectors can call and who they can talk to.