Business Law and Ethics

Stanley Crawford owed $2,037.99 to the HeiligMeyers furniture company on a credit account. In September 2001, LVNV Funding LLC acquired the debt from Heilig-Meyers. The last transaction on Crawford’s account occurred on October 26, 2001. Although Crawford’s debt went unpaid, LVNV did not file suit against Crawford over it. Accordingly, under the three-year Alabama statute of limitations that governed the account, Crawford’s debt became unenforceable in October 2004. Crawford filed for Chapter 13 bankruptcy in 2008. During the bankruptcy proceeding, LVNV filed a proof of claim in an effort to collect the Heilig-Meyers debt.

In response, Crawford filed a counterclaim against LVNV, alleging that LVNV’s filing of a proof of claim regarding Crawford’s time-barred debt violated the Fair Debt Collection Practice Act’s prohibition on deceptive or unfair debt collection actions. Was Crawford correct?

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Marketing:

GEICO, the​ number-two auto insurer with $16 billion in revenue last​ year, spent $1.3 billion on advertising that year and plans to continue spending the same percentage of sales on advertising next year. The average​ advertising-to-sales ratio for the insurance industry is 0.1 percent of sales. If GEICO projects $18 billion in sales next​ year, using the​ percentage-of-sales method of advertising​ budgeting, how much will the company budget for advertising if basing it on projected​ sales?

The​ advertising-to-sales ratio for the last year is _____?

 

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