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Stock impact report

Why Debt Collectors Have Declared Open Season On Consumers [Forbes]

PRA Group, Inc. (PRAA) 
Last pra group, inc. earnings: 2/27 04:05 pm Check Earnings Report
US:NASDAQ Investor Relations: ir.pragroup.com/investors
Company Research Source: Forbes
IN early March 2020, as Covid-19 swept across the nation, Horst Seibert was working at a South Florida assisted-living facility as a driver for its elderly residents. He earned just $12.88 an hour and was shocked when his paycheck was abruptly slashed by 25%. The culprit? A big debt collection company, San Diego-based Midland Credit Management, had begun garnishing his wages due to a $3,300 credit card balance he had neglected to pay. Years earlier, Midland purchased Seibert's debt from Citibank , which had written off the charge. Midland sued Seibert in Florida, won a judgement and gained the legal right to deduct a portion of his earnings. Seibert eventually struck a deal with Midland to go on a payment plan. But after making on-time monthly payments of $49 for two years, Midland increased his total remaining balance by $194. After another year of on-time payments, they increased it yet again, eventually raising his balance by a total of $1,571, according to Seibert. Despite re Show less Read more
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