What is overbiffing and where does the term come from? Overbiffing is the practice of a creditor overstating the amount a debtor owes on their bill. The term overbiffing comes from the creditor over stating a debtors BIF or “balance in full”. The fraudulent practice of overbiffing has become so rampant in the collections industry complaints are beginning to pour into the Federal Trade Commission.
Can Pay Thousands More Then Owed
Some creditors have even conned debtors into paying hundreds or thousands of dollars more than what was actually owed. Some debt collectors have gone so far as to claim the debtor has committed a crime and they were scheduled to be arrested, or served with a lawsuit. When the debtor panics and becomes frightened by this news, they usually agree to pay the amount in order to remedy the situation and prevent any legal action.
Ask For a Written Statement
So, what can you do if you feel you have been a victim of overbiffing?
You have the right to request the creditor provide you a written statement of the amount owed. Request that it is broken down to show your original debt and any interest and fees accrued. Compare the written statement to what is on your credit report. Are the numbers matching up?
If you believe a creditor is inflating your balance owed to fraudulently collect more than is due, you can file a complaint with the FTC or the state Attorney General’s Office.
If you are being hounded by debt collectors contact your Stockton Bankruptcy Attorney for relief.
Categorized in: Credit