schsa
05-07-2004, 02:16 PM
DA Warns Of Debt Collection Scam
Strong Warning Issued To Consumers
POSTED: 5:35 pm PDT May 4, 2004
UPDATED: 10:12 am PDT May 5, 2004
SANTA CRUZ, Calif. -- The Santa Cruz District Attorney's Office issued a strong warning Tuesday about a collection company that, the office says, is going to extremes to get its cash.
The District Attorney's Office is calling Capital Acquisitions and Management Co., or CAMCO, a scam, saying that dozens of people are being hounded by the company.
Federal regulators, who say the company went too far in trying to collect debts, recently fined CAMCO
Live Oak resident Mary Williams (pictured, left), 75, says she received three calls, claiming she owed about $7,500 in credit card debt from more than 20 years ago. She said the first caller told her if she sent $300, everything would be fine. She also said she received a letter demanding payment, but she called the police instead.
"If this is illegal, what else can they do that's illegal. And if they're targeting other seniors on the Central Coast, I want them to know what this letter looks like and to report it immediately," Williams said.
Williams isn't alone. The Santa Cruz County District Attorney's Office said as many as 30 other people have received threatening calls that cross the line, claiming to deduct money from wages, and even swearing at people on the phone.
If you receive a call from CAMCO, the District Attorney's Office suggests you insist the agent contact you with written verification of any debt that you owe, get the name and phone number of the company and the person calling, and make sure you let them know you don't want to be contacted by CAMCO again.
Last month, CAMCO and a subsidiary, RM Financial Services Inc., settled a lawsuit with the Federal Trade Commission, where CAMCO agreed to pay $300,000 and stop illegal practices, but never admitted to any wrongdoing.
The District Attorney's Consumer Affairs Department said that debts more than 4 years old typically have expired statutes of limitations and that lawsuits are impossible.
The head of CAMCO's compliance department said that if they find someone using the strong-arm tactics, they will be fired.
Strong Warning Issued To Consumers
POSTED: 5:35 pm PDT May 4, 2004
UPDATED: 10:12 am PDT May 5, 2004
SANTA CRUZ, Calif. -- The Santa Cruz District Attorney's Office issued a strong warning Tuesday about a collection company that, the office says, is going to extremes to get its cash.
The District Attorney's Office is calling Capital Acquisitions and Management Co., or CAMCO, a scam, saying that dozens of people are being hounded by the company.
Federal regulators, who say the company went too far in trying to collect debts, recently fined CAMCO
Live Oak resident Mary Williams (pictured, left), 75, says she received three calls, claiming she owed about $7,500 in credit card debt from more than 20 years ago. She said the first caller told her if she sent $300, everything would be fine. She also said she received a letter demanding payment, but she called the police instead.
"If this is illegal, what else can they do that's illegal. And if they're targeting other seniors on the Central Coast, I want them to know what this letter looks like and to report it immediately," Williams said.
Williams isn't alone. The Santa Cruz County District Attorney's Office said as many as 30 other people have received threatening calls that cross the line, claiming to deduct money from wages, and even swearing at people on the phone.
If you receive a call from CAMCO, the District Attorney's Office suggests you insist the agent contact you with written verification of any debt that you owe, get the name and phone number of the company and the person calling, and make sure you let them know you don't want to be contacted by CAMCO again.
Last month, CAMCO and a subsidiary, RM Financial Services Inc., settled a lawsuit with the Federal Trade Commission, where CAMCO agreed to pay $300,000 and stop illegal practices, but never admitted to any wrongdoing.
The District Attorney's Consumer Affairs Department said that debts more than 4 years old typically have expired statutes of limitations and that lawsuits are impossible.
The head of CAMCO's compliance department said that if they find someone using the strong-arm tactics, they will be fired.