Unfortunately, some debt collectors have been known to abuse their status and take a walk on the sleazy side, and it appears that Equity Experts is just this kind of debt collection agency. A number of consumer complaints have been filed against the company, and lawsuits have been filed. So if you receive a letter from Equity Experts that demands you to pay what seems like an excessive amount of money, you should get legal advice before forking over a dime. There’s a good chance that Equity Experts is trying to charge you inflated fees that are in violation of the Fair Debt Collection Practices Act (FDCPA).
How Equity Experts may be in Violation of the FDCPA
Condominium and homeowner associations like to use Equity Experts to collect unpaid dues because they charge their clients very modest fees. Many of the homeowners they pursue, however, are allegedly harassed into paying insanely high fees.
How high? According to Equity Experts, a $270 charge accompanies the initial “pre-lien” notice that is initially sent to homeowners. This amount is added to the unpaid association dues being collected. If the homeowner doesn’t pay within a certain amount of time, these bottom-feeders typically file a lien against the property, and the homeowner is charged with an ADDITIONAL $395. Another $350 is tacked on down the line when more letters are mailed and more calls are made. Finally, if Equity Experts files a lawsuit against the homeowner and pursues foreclosure on the property, they will often try to collect THOUSANDS. In fact, what Equity Experts calls its “final enforcement package” costs affected consumers a staggering $2,995.00. Keep in mind that this might be for a debt that originally totaled $250 or less.
As a debt collector, Equity Experts is subject to the Fair Debt Collections Practices Act (FDCPA). This means that they cannot legally collect any fee or charge that is not based on the law or a contract with the consumer. Like any debt collector, Equity Experts is only permitted to charge a consumer fees and costs that are covered by two things:
- A Statute
- Documents Issued by a Homeowner’s Association
That’s it. Period. All of these other charges that are based on their own fee schedule and nothing else violate the FDCPA, and consumers DO NOT have to pay them.
Sadly, though, a lot of consumers have paid Equity Experts, and it’s understandable why they would. They were probably afraid of a wage garnishment, a back account levy, or of potentially losing their homes. It seems clear that these scumbags know how to play on fears in order to take more than they should from the pockets of consumers.
Don’t be next. Stand up for your rights and get legal assistance if you are contacted by Equity Experts. You can do this for FREE. Even if a lawsuit needs to be filed on your behalf, it will cost you nothing out of pocket.
The Free Way to Stand Up for Your Rights and FIGHT Equity Experts
Don’t let Equity Experts get away with their potentially ILLEGAL tactics. At Michigan Consumer Credit Lawyers, we’ve stopped debt collector abuse since 2008. We make the debt collector pay you. Our services cost you nothing. How do we do it? All of our fees come from the defendants in cases that are settled. This is why our clients pay nothing for the work we do.
Let’s start the conversation about what we can do to stop debt collectors from harassing you. Call us today at (248)353-4840 or contact us via our website.