We have been confronted recently by a small number of credit card companies and banks that refused to accept or acknowledge the rights of a customer to be represented by third party experts, with a Power of Attorney authority.
The audacity of them, how arrogant, how transparent. Clearly this is an effort to prevent customers and borrowers from being effectively represented so the credit card companies and banks can intimidate, manipulate, and cajole their customers into paying on their debt.
It is of course the right of the companies to collect what is due them, as is it the right of the customer to be effectively represented by third party professional experts with Power of Attorney to be represented in these situations. Refusing to deal with expert and professional representation with Power of Attorney because they believe they can overpower the borrower much more effectively than they can a professional expert.
It is true, the overbearing power of the bank and credit card collectors is frequently too much for a borrower to endure and thus they agree to workouts that are unreasonable or sometimes even impossible to support. Their workout efforts are met with brick walls by borrowers but easily circumvented by professionals.
Thus the banks and credit card companies have begun to attempt to usurp this basic right of representation by refusing to deal with third party representatives even with Power of Attorney.
Knowing this is simply wrong, bad behavior, unreasonable practice, we hired counsel to research this matter and tell us exactly what the rights of a borrower in this situation may be.
No surprise, the memo concluded with an absolute right of the borrower to be represented and the refusal of a bank or credit card company or anyone to recognize and work with a representative with Power of Attorney, subjects the bank or credit card company to damages including the costs of lawyers to reconcile this matter.
In fact there are many states with laws against this action and provide for damages should inappropriate action occur.
So my issue is, since this is the law, the banks and credit card companies with all their lawyers, are knowingly breaching it, also knowing that few clients if any, would ever go to the effort and expense to hire counsel to have this issue overturned, thus the banks are willing to break the law knowing they can get away with it.
Do they wonder why they are in trouble? Do the credit card companies and banks wonder why their customers despise doing business with them? How arrogant can they be? It defies logic and supports their current demise; they are getting what they deserve.
I would be glad to share this legal memo I have had prepared by counsel for me, with any reader who is experiencing this problem so their chosen representative can level the playing field and represent you effectively.
Call me and I will email the memo to you and authorize you to share it with your Power of Attorney representative and use it to remove this barrier.
Donald Todrin is the CEO and Founder of Second Wind Consultants, Inc. who specializes in SBA Loan Workouts, business debt forgiveness and solving difficult business problems in general. Don has authored dozens of articles on SBA loan default and debt workouts.
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