Unfair Debt Collections

[titan22]

My question involves collection proceedings in the State of: Wisconsin

I was contacted, threatened, and harassed by a debt collector trying to collect a debt that he claimed was owed to him by my cousin.


He threatened to get me fired from my job as well as get my cousin arrested if I didnt sign an agreement to pay back the loan. I didnt have enough money to pay back the entire loan so he drafted an agreement for the loan amount and put my car in the loan agreement as collateral. I have been told by some friends that the debt collectors conduct is not legal.

The debtor made the loan to my cousin back in November of 2007. I signed the agreement in November of 2008. I dont want to have to pay back my cousin's loan and I now know he cant cause me any trouble at work.

Is there anything I can do? Am I obligated to pay back the loan? I can prove that he contacted me, and actually have proof of the threats as well.

[aardvarc]

If you signed some sort of agreement, then it's possible that the holder of that note could sue you for breech if you don't repay. Why on EARTH would you sign something saying you owe a debt on behalf of someone else????????? As far as the "debt collector's" conduct, are you talking about some individual who gave your cousin money, or are you talking about a regulated financial company who is obligated to follow state and federal collections laws? There's a HUGE difference. If you're talking about a private individial, they're not bound by the same laws for collecting on a debt.


NEVER NEVER NEVER sign something like that without showing it to an attorney FIRST!!!!!

[titan22]

in wisconsin it is my understanding that there is no difference between just a person or an agency for state laws. http://www.legis.state.wi.us/statutes/Stat0427.pdf

if you go to the state site FAQs it mentions that people often get confused because the federal law is different.

[Stop_Bill_Collectors]

Dear titan22:

What the bill collector did was totally illegal.