AboutMichael Brotherton Expertise Consumer/Debtor Rights Advocate.
Current President of Financial Emergency, Inc FKA Debt Mediation & Financial Counseling. Inc, a debt mediation service.
30 years in the credit and collections industry. Former loan officer and debt collector. Managed two middle to large finance companies.
I am well versed in Loss Mitigation practices and the legal collection process. I have helped literally thousands of people over many years overcome serious financial problems such as foreclosure, creditor lawsuits and abuse by debt collectors. For more information about resolving your "financial emergency" visit www.financialemergency.com.
We actively promote Fair Debt Collection Practices and other consumer protection laws. We teach DEBTOR RIGHTS and enforcement of those rights. It is my opinion that the more informed you are of your rights in the credit and collections practices the more peace you can have dealing with your FINANCIAL EMERGENCY.
Most financial problems are fairly common and as such have some very common solutions. The key is understanding your rights in the collection process and how to enforce them if need be.
Primary business- Debtor Rights Advocacy and Debt Mediation relating to foreclosure, creditor lawsuits, and other serious financial problems.
www.financialemergency.com (copy and paste in browser)
Experience Former loan officer 23 of last 30 years. I have been a debt counselor and mediator since 1992. Current owner of Financial Emergency, Inc. A Debtor Advocacy organization. I also have a radio program called "Financial Emergency" where I routinely answer call in questions from listeners about credit, debt, and the collection system. My emphasis is on "Consumer/Debtor Protection" and the collection process.
Education/Credentials Many years hands on experience. No formal eduction other than Finance and Credit Management training through former employers where I managed two rather large finance companies.
Awards and Honors Numerous letters of recognition from previous employers for excellence in my field.
Question Hi Mr. Brotherton,
I got a loan through the National Money Store in December of 2007. On December 12th, I was robbed and all of my money, credit cards, and other personal information was taken as well. Due to this incident, my account was going into a negative balance, unauthorized transactions were placed, and I continued to go further and further in debt with my bank. My bank consulted me and thought that it would be a good idea to close the account and open a new one. I was unable to pay back the loan. On January 10th of 2008. I received a call from a rep from The National Money store and they began threatning me with having the sheriff come to my place of work to arrest me here, in Madison, Wisconsin. The company works out of Texas. I told them that I did not have the money. I have four children at home and it just was impossible to figure out how I was going to pay them back. I had every intentions on paying them back. The loan was for $450.00 dollars, but now they are charging me $947.00, which $10 is for the investigators to handle the case for them. A lady named Karen Lee from AS & Associates who is handling my account for The NAtional Money Store told me that they were going to file criminal charges against me for non-payment. I have not committed a crime. It was just unfortunate that these things have happened to me. I had every intentions to pay the loan off. I don't want to go to jail. She also told me that I bounced checks when all I did was close my account and this was an online transaction. I did not write a check out to the company. I don't understand that they can charge so much for a $450.00 loan. Can you help me? I am afraid.
Answer First, you cannot go to jail for a civil debt. This is a civil matter. You did not commit fraud. Relax. Second, they are in direct violation of federal collection law by threatening action they cannot pursue. File a complaint with the Federal Trade Commission and the state attorney general. Send them a letter advising them to cease communication and that you are filing the complaint against them. You may also be able to file harassment charges against them. Call the police or the local prosecutor and file a complaint. You may also file a suit against them for violating the FDCPA and possibly get damages. Get aggressive and fight back. Don't be intimidated by them. The worse they can do is file a small claims suit and get a judgement but you may be able to fight it. Many of these on line companies are operating illegally in states they are not licensed. Check with you state dept of commerce and verify they are permitted to do business in your state. If not you may get out of paying them.
