Acting as the judge in this case, we could not have possibly ruled in the favor of Check Investor’s. The Fair Debt Collection Practices Act (FDCPA), which Indiana uses in their own law, was created for a reason. That reason being to protect debtors from abusive collecting practices performed by debt collectors. Just because Check Investor’s found a thought-provoking and ingenious loophole in the code, our judicial system is set up in a way to fend off loopholes that infringe on the overall purpose of the law. This case was a vital keystone that would, and did, dictate how our debt collectors would act in the forthcoming. If we allowed Check Investor’s to continue their practices, it would have flipped the debt collection industry upside down.
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It is easy to see how siding with Check Investors could have led us down a dangerous slippery slope. With more businesses entering the market of selling debt, the more debt investors will also enter the market to compete for business’ debt. That increase in the number of debt investors will increase the competition for businesses debt. With the high rate of competition, the businesses will demand higher prices for their debt, therefore shrinking the profit margin available for the debt investors. This will send the debt investors into a higher rate of competition forcing them to only use the best, efficient, and most effective ways of collecting a debt which are the newly accepted abusive and harmful practices. Only the most abusive and harshest companies will be left because they were able to keep the greatest profit margin. At this point, our country would be more apprehensive about falling into debt because of the newly allowed debt collection practices. This fear could cause potential customers to avoid spending more than what they have to and eventually cause a …show more content…
The information age is upon us. A time where you could contact most individual on a cell phone at any time of the day using text, call, video call, email, and social media like Facebook, Twitter, Instagram. Debt collector would have had the opportunity to annoy debtors at every medium of exchange, filling their inboxes and messages with harassment messages. This ease of access to obtain information directly from the debtors’ social media pages could be invasion of a new level of privacy. In the article “Debt Collection in the Information Age: New Technologies and the Fair Debt Collection Practices Act,” Colin Hector explains a story about a guy who was getting messages on social media from a debt collector under false names asking him to contact one of his Facebook friends and tell them to “urgently contact” a specific number. The guy obeyed thinking is was some sort of an emergency situation, when in reality he was just used to get ahold of a debtor of the collectors for a couple hundred dollars on a car loan (Hector, C. 2011). Without enforcing a limitation on what Check Investors was doing over the phone, these types of scams could be seen as regular everyday things because of the frequency and abundance people would be spammed with these types of
It is easy to see how siding with Check Investors could have led us down a dangerous slippery slope. With more businesses entering the market of selling debt, the more debt investors will also enter the market to compete for business’ debt. That increase in the number of debt investors will increase the competition for businesses debt. With the high rate of competition, the businesses will demand higher prices for their debt, therefore shrinking the profit margin available for the debt investors. This will send the debt investors into a higher rate of competition forcing them to only use the best, efficient, and most effective ways of collecting a debt which are the newly accepted abusive and harmful practices. Only the most abusive and harshest companies will be left because they were able to keep the greatest profit margin. At this point, our country would be more apprehensive about falling into debt because of the newly allowed debt collection practices. This fear could cause potential customers to avoid spending more than what they have to and eventually cause a …show more content…
The information age is upon us. A time where you could contact most individual on a cell phone at any time of the day using text, call, video call, email, and social media like Facebook, Twitter, Instagram. Debt collector would have had the opportunity to annoy debtors at every medium of exchange, filling their inboxes and messages with harassment messages. This ease of access to obtain information directly from the debtors’ social media pages could be invasion of a new level of privacy. In the article “Debt Collection in the Information Age: New Technologies and the Fair Debt Collection Practices Act,” Colin Hector explains a story about a guy who was getting messages on social media from a debt collector under false names asking him to contact one of his Facebook friends and tell them to “urgently contact” a specific number. The guy obeyed thinking is was some sort of an emergency situation, when in reality he was just used to get ahold of a debtor of the collectors for a couple hundred dollars on a car loan (Hector, C. 2011). Without enforcing a limitation on what Check Investors was doing over the phone, these types of scams could be seen as regular everyday things because of the frequency and abundance people would be spammed with these types of