As of July 11, 2012, Andy Simmons has defeated credit card and debt purchaser claims in excess of $1.5 million

As of July 11, 2012, Andy Simmons has defeated credit card and debt purchaser claims in excess of $1.5 million

July 11, 2012

$1.5 million that hard working families will keep, instead of the money ending up in the hands of a few incredibly wealthy speculators and the money used for purposes only known to them, but most likely hidden in offshore bank accounts or spent on lavish homes and luxuries.

Andy Simmons has handled over 125 cases brought by credit card debt purchasers and credit card banks and has never lost a debt purchaser case.  Most of these debt purchaser cases have been outright victories, with the cases being dismissed or thrown out of court.  A few several years ago, a few were settled, but for amounts only between $150 and $500.  These settlements were for less than 5 cents on the dollar.   The amounts paid were less than the amounts we have recovered for debt collectors’ violations of the Fair Debt Collection Practices Act.

But it is our preference that our clients never settle with debt purchasers, given the serious doubt as to whether these debt purchasers are the rightful party and given their lack of trustworthiness in carrying out their end of the settlement agreements.   It is our strategy is to obtain a dismissal rather than have to rely upon them to follow the law or keep their word.

Andy Simmons has also gotten dismissals in original creditor credit card cases.  Though it is not possible to win these every time, we have have won more than we have lost.  Generally, we try to settle these if the original creditor has a good case.  If they cannot prove their claims, as is sometimes the case, we seek a dismissal.  The settlements are almost always confidential, so we cannot discuss specific cases or creditors.  The ranges for settlement with original creditor credit card cases ranges from 10%  to 40% of the balanced as stated in the original petition.  Just as important as the amount saved is that the releases are done correctly, with the fewest potential tax consequences and most favorable terms.  Many people who try to represent themselves in these matters fail to obtain the proper releases from the original creditors and suffer tax consequences as a result.