This memo is in regards to addressing several key issues that have currently came to light regarding, the lack of communicating vital information within the company, and the companies business practices of handling consumer credit card debt.
In order to appropriately address the situation at hand, we must first understand the events that got us to where we are. As people file for bankruptcy, it is understood that they will receive protection from creditors and will attempt to payoff credit card debt as soon possible if possible, without threats and hassle from creditors. The problem lies with the company aggressively pursuing monies from delinquent cardholders once they have filed for and been granted bankruptcy protection. Not only was the pursuit of the debts morally wrong, but also the matter of which the debts were pursued was illegal. The company did not include the court systems in the pursuit to recoup finance, which is required by law. Not only has this matter not been handled appropriately, but the questionable business practices are on the companies’ books as acceptable company practice, that has been practice for decades. Also, what needs to be addressed is the fact that outside counsel was hired to come in and review the companies practices of debit collection and at that time it was determined that the practices were questionable.
With the above mentioned in mind, the first and most important issue that needs to be addressed is the lack of communication to the executive management. Especially, with the grave and severe repercussions that could harm the company at stake. When the outside legal counsel conducted their review of the companys’ policies and determined that the company was participating in questionable pract ...