Gatestone Hit with Lawsuit Over 'Misleading' Collection Letters

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Two consumers have filed suit against Gatestone & Co. International, Inc., claiming the debt collector failed to accurately communicate the amount of their alleged debts in collection letters they received. The letters supposedly contained an “amount owing,” but failed to specify how much of the balance was principal, how much was interest, and how much were extra fees. Additionally, the letters contained no mention of the interest rate or how interest was calculated, according to the complaint. The plaintiffs argue that as a result, they were unable to determine the true amount of their alleged debts and were hindered from making payments to settle their accounts.