-Rocky (1976)
Okay, so maybe Santander isn't threatening to break Ricky Henson's thumbs, but who knows?
In the most recent court case received by the Supreme Court, what constitutes a creditor versus a debt collector is being disputed.
Santander is a vehicle financial lending bank service. They recently purchased freakishly cheap debt from another bank and then continued to go out and receive said funds.
And, like an overly attached ex, they call incessantly to the debtor.
Is this fair?
No! Under the Fair Debt Collection Practice Act, debt collectors and the Rocky balboas of the world are kept at bay. The problem is, Santander has not been constituted as a debt collecting company since they're doing other things with their companies and banks have good rapport in a community rather than that one pawn shop that smells mysteriously like cannabis. This means that Santander is a creditor and not a debt collector.
The FDCPA disagrees with this decision on the face of it because in a matter like this, there are only 3 major players. The original creditor, the debtor, and the debt collector. Anyone past the original creditor looking to receive the funds they purchased, is a debt collector.
Whatever the case may be, I do hope this comes to light. If this loophole were to still exist, all debt collectors could also shift to creditors as well and they would create their own community and system of credit, sell, collect from one another.
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