Banks And The Credit Industry Are Busy Taking All Our Rights Away

I have recently written about the effort credit card companies and banks expend to limit the rights of the borrowers to work out their debts. The issue I have been discussing recently is their unwillingness to negotiate with third-party representatives, a policy designed to reduce the professional representation of borrowers and therefore allowing the banks and credit card companies an easier path to intimidate and beat up their borrowers.

I believe such a policy is outrageous and an outright denial of a basic right for a person or business to determine their own representation. How dare the credit card companies and banks decide that they have a right to determine by whom and how borrowers want to be represented in such workout negotiations. Everyone – every borrower – should have the right to appoint anyone they choose with the power of attorney to represent their best interests, irrespective of what their credentials may be.

The reason is obvious – borrowers do not know their rights or the practice of debt workout strategies and thus, if the creditors manage to knock out the professionals they will achieve a greater return. But what about the borrower’s rights? I guess this is not an issue the creditors are concerned with at all. They will do anything they can to collect.

There are many excellent debt workout professionals practicing in this country and this policy pays tribute to their skill and capability to effectively represent the borrower. What a low blow by these creditors to simply deny the borrowers the right to select them as their representative, appointing them with power of attorney in a debt workout situation.

In researching this issue I have further discovered that the lobbyists hired by the banks and credit card companies have successfully mandated this policy into public law in ten states, denying borrowers the right to negotiate credit issues by appointing skilled specialists with power of attorney. Third-party representation has been severely limited and restricted to attorneys only.

Nice job, lobbyists. There goes another one right down the tube. In these states, we no longer have the right to select our own representatives unless they are attorneys. What a waste of talent and a huge cost to the borrowers and another barrier to borrowers achieving just resolutions.

Here are the states:  Colorado, Delaware, Georgia, Idaho, Kansas, North Carolina, New Jersey, Rhode Island, South Carolina, Utah, West Virginia, and Wisconsin. These states have regulations that prohibit third-party credit settlement. Another indication of the erosion of our free society going down the drain.