Have a client looking for $$$$. In CO, state law allows $1,000 min. per violation or 3x actual damages. My question is: what constitutes actual damages? If being denied credit is actual damages, how do you determine what that amount would be? If being denied a mortgage (FHA) which allows no charge-offs or collections is an actual damage how do you determine the amount of the actual damage? How do you proof those damages in court?
This is a tough one to calculate. I've used what I thought I would have been approved for as damages (ie...$2,500 for a Discover card), but I'm not sure if it would have held up if the cases had gone to trial. Better damages would be paying higher interest rates. You can actually calculate these damages. For example...if you are paying 23.9% for two years and then after the error has been corrected, your cc company lowers your interest rate to 9.9%, the difference in interest over the two years would be the actual damages. L
thanx silentwhyspers, would having to pay rent (i.e. 100% interest) be considered actual damages, as opposed to building equity in a house?
You could do a search for Maries top ten or something like that. She posted a list of 10 things to do before suing. One was about damages.
The emotional distress stuff is pretty far fetched, but it can be argued in court that you suffered damages - you know what creeps collectors can be! It would be nice to have a tape recording of someone harrassing you. Actual damages including: 1. Higher interest rates, you seem to have this covered. 2. Stress related injuries (emotional distress):Your Your attorney may use medical (psychiatric/psychological) testimony, but does not need to. Damages for emotional distress can be claimed even without medical support. This does not mean they will always be believed, of course. It is up to the judge or jury to decide if the plaintiff is telling the truth. 3. Monetary damages: - Payment of a debt barred by the statute of limitations; - Long distance telephone charges for phone calls to a collector who states that you must call him back. - Damages for intentional infliction of emotional distress generally (see above).
