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Attorney General McGraw Settles with Debt Purchaser,
Excalibur I, Resulting in $3 Million in Canceled
Debt for 861 West Virginia Consumers
Attorney General Darrell McGraw recently entered into
a settlement agreement with Excalibur I, LLC, a debt
purchaser based in Lake Success, New York, that resulted
in the cancellation of more than $3 million in debt
allegedly owed by 861 West Virginia consumers. Excalibur
also agreed to dismiss 119 collection lawsuits that
it had filed against West Virginia consumers and to
release any court judgments that had already been
obtained.
Attorney General McGraw’s Consumer Protection Division
commenced an investigation of Excalibur last year
after learning that Excalibur was collecting debts
and filing lawsuits against West Virginia consumers
without a collection agency license. Excalibur agreed
to obtain a license before collecting debts in the
future, to close the accounts of all consumers it
had contacted with a zero balance, and to refund $27,611.00
of payments that it had collected from West Virginia
consumers.
Attorney General McGraw stated, "The predatory lending
practices of certain unscrupulous companies in the
financial services industry has spawned a new industry
- the debt purchasing industry. This new industry
buys defaulted consumer accounts for pennies on the
dollar and then aggressively attempts to collect the
debt, which often includes the filing of a lawsuit.
In many instances, debt purchasers pursue the wrong
consumers and rarely have in their possession documents
proving that the accounts are owed at all. I commend
Excalibur for entering into this agreement with our
office that will afford additional protections to
consumers in the future."
Any persons wishing to file a complaint about a consumer
matter or to alert the Attorney General about unfair
or deceptive practices may do so by calling the Consumer
Protection Hot Line, 1-800-368-8808, or by obtaining
a complaint form from the consumer web page at www.wvago.gov.
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