WV AG McGraw Settles with Debt Purchaser

hannah · 11-28-2007, 02:00 PM

WV Attorney General McGraw Settles with Debt Purchaser, Excalibur I, Resulting in $3 Million in Canceled Debt for 861 West Virginia Consumers. Link.

roybean · 11-28-2007, 02:08 PM

Dayum! That was nice of him.

Hedwig · 11-28-2007, 06:03 PM

Merry Christmas a little early for a bunch of WV residents!!

apexcrsrvc · 11-29-2007, 02:38 AM

Excalibur . . . sounds far to noble for a distressed debt purchaser. I'm glad Judge got the negations and all but, it probably doesn't amount to a hill of beans when one looks at what they actually lost; i.e, what they paid for the paper.

I've never even heard of this outfit. I knew there was a new JDB going around WV suing everyone with Affadivit's and some local attorney's were having field days on counters. I bet this is the one . . .

apexcrsrvc · 11-29-2007, 02:41 AM

Quote:

Originally Posted by hannah

WV Attorney General McGraw Settles with Debt Purchaser, Excalibur I, Resulting in $3 Million in Canceled Debt for 861 West Virginia Consumers. Link.

I see they're going to get a license to collect further zombie debts. I'll bet your ass they won't put an office here though . . .

WVCAA claims soon forthcoming.

spinn · 11-29-2007, 03:19 AM

Quote:

Originally Posted by apexcrsrvc

Excalibur . . . sounds far to noble for a distressed debt purchaser. I'm glad Judge got the negations and all but, it probably doesn't amount to a hill of beans when one looks at what they actually lost; i.e, what they paid for the paper.
.

At $3 million its probably around $60,000.....looks good on (worthless) paper though.

apexcrsrvc · 11-29-2007, 11:40 AM

Quote:

Originally Posted by spinn

At $3 million its probably around $60,000.....looks good on (worthless) paper though.

Ah . . . the life of a politico!

Seriously, Judge McGraw has a really good office and they are one of the best in the nation with respect to consumer protection. Still, there are just so many of these JDB's surfacing that one public office cannot reasonably expect to quell them.

We need to get some more private attorney's in the fray here. There is a way to really punch out volume counters against these guys but, being bound by the MRPC, you just can't call Defendant's up. You have to mail it off with the words "targeted solicitation" on the envelope which doesn't give off that warm and fuzzy feeling. 99% of the time, the Defendant's just ignore it and get a default when they could negate the debt.

Oh well . . . two different set of rules.