In the realm of personal finance, debt collection is a common occurrence, often leaving individuals feeling overwhelmed and uncertain about their rights. Sequium Asset Solutions, a debt collection agency, has been the subject of numerous lawsuits, raising concerns about its practices and the impact on consumers.
What is Sequium Asset Solutions?
Sequium Asset Solutions, LLC is a third-party debt collector based in Marietta, Georgia. The company specializes in collecting consumer debt, often purchasing delinquent accounts from original creditors. Sequium’s collection methods have drawn criticism from consumers, leading to a series of legal challenges.
Common Allegations Against Sequium Asset Solutions
Consumers have filed lawsuits against Sequium Asset Solutions alleging various unfair and deceptive practices, including:
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Inaccurate debt reporting: Sequium has been accused of reporting inaccurate information to credit bureaus, negatively impacting consumers’ credit scores.
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Harassment and intimidation: Consumers have reported being subjected to harassing and intimidating collection tactics, including excessive phone calls and threatening language.
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Failure to validate debts: Sequium has been accused of failing to provide proper validation of debts, leaving consumers unsure of the legitimacy of the claims.
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Violations of the Fair Debt Collection Practices Act (FDCPA): The FDCPA is a federal law that protects consumers from abusive debt collection practices. Sequium has been accused of violating numerous provisions of the FDCPA.
Notable Lawsuits Against Sequium Asset Solutions
Several significant lawsuits have been filed against Sequium Asset Solutions, highlighting the company’s controversial practices:
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Vandehey v. Sequium Asset Solutions: In this class action lawsuit, consumers allege that Sequium sent false and misleading debt collection letters, violating the FDCPA.
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Abrams v. Sequium Asset Solutions: This lawsuit involves claims of harassment and intimidation by Sequium’s collection agents.
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In re Sequium Asset Solutions, LLC: This bankruptcy proceeding was initiated due to Sequium’s financial difficulties, raising concerns about the company’s ability to meet its obligations to consumers.
What to Do if You Are Contacted by Sequium Asset Solutions
If you are contacted by Sequium Asset Solutions regarding a debt, it is crucial to exercise caution and protect your rights. Here are some steps you can take:
- Request debt validation: Demand written proof of the debt, including the original creditor, the amount owed, and the account number.
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Be wary of verbal agreements: Do not make any verbal agreements with Sequium without first consulting with an attorney.
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Avoid making payments without validation: Do not make payments until you are confident of the debt’s validity.
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Report violations to the Consumer Financial Protection Bureau (CFPB): If you believe Sequium has violated your rights, file a complaint with the CFPB.
Conclusion
Navigating debt collection can be a daunting task, especially when dealing with companies like Sequium Asset Solutions. By understanding the company’s practices, being aware of your rights, and seeking legal counsel when necessary, you can protect yourself from unfair and deceptive collection tactics. Remember, you are not alone in this journey, and there are resources available to help you assert your rights.
Frequently Asked Questions (FAQs)
1. What is the Fair Debt Collection Practices Act (FDCPA)?
The Fair Debt Collection Practices Act (FDCPA) is a federal law that prohibits debt collectors from using unfair and deceptive practices to collect debts.
2. What should I do if I receive a collection letter from Sequium Asset Solutions?
If you receive a collection letter from Sequium Asset Solutions, carefully review the information provided and request debt validation. If you have any concerns, contact an attorney.
3. How can I protect myself from unfair debt collection practices?
Educate yourself about your rights under the FDCPA and report any violations to the CFPB. You can also consider hiring an attorney specializing in consumer protection law.
4. What are the consequences of violating the FDCPA?
Violating the FDCPA can result in damages to consumers, including actual and statutory damages, attorney’s fees, and court costs.
5. Where can I find additional information about debt collection and my rights?
The CFPB website provides comprehensive information about debt collection practices and consumer rights.
6. What are some alternative ways to resolve debt issues?
Consider debt consolidation, credit counseling, or working with a financial advisor to manage your debt effectively.
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