Despite perimeters taken to protect servicemembers from financial poaching, it appears that debt collectors, mortgage companies and payday lenders have only become more aggressive. For example, The New York Times reported this past March that military members are more likely to be victims of wrongful foreclosure or improper evictions.
A popular tactic among these institutions is intimidation. Collectors call servicemembers’ superior officers, threaten a reduction in rank, or even a court-martial. However there are ways to flag this activity and fight back.
The Consumer Financial Protection Bureau serves to protect all civilians from overly aggressive practices and create a fair market place with the mission to “make markets for consumer financial products and services work for Americans.”
According to a recent report from the CFPB, the bureau received “approximately 14,100 complaints from military consumers” in a two and a half year period. The top five most common complaints among military members were:
While the CFPB has had some measurable success in redeeming these complaints of both civilians and military members—the fact is, the number is outrageously high, given the fact that military members are protected by the SCRA from this exact kind of collector aggression.
A military lawyer with experience in these cases can provide a voice to those who are being attacked by these companies. With expertise in niche military financial matters, you can trust Military Justice Attorneys to stand by you and defend you from aggression.