How To Handle Debt Collection Agencies
One commonly held belief why debt collection agencies exist is that people have is that those who do not pay their debts are shiftless deadbeats. However, statistics show that 99% of the people in current dire financial straits are people who have historically paid their bills. They are not shiftless deadbeats. They are, in fact, people who are the heart of the country.
The current financial trauma of many thousands of people stems from various factors. For some, it has to do with unprecedented job loss, unavailability of jobs, and even health problems. Stress, dissolution of marriages and the break-up of families are also to blame. This stress and damage to the American family go back to the issue of debt. Unanticipated debt breaks marriages causes strokes and heart attacks and has many other profoundly negative consequences on the overall health of the American population.
For credit relief, you may want to look into consolidating debt. There are various debt consolidation approaches that will lower your overall interest and bring your debts into one easy-to-handle payment. Research debt consolidation options to be sure that it is a financially advantageous move. There is a wide range of credit relief agencies. Interview them and chose the one that will work with you and for you.
The Fair Debt Collections Practices Act commonly referred to as FDCPA is an excellent resource for consumer information.The FDCPA outlines federal law regarding a debtor’s rights.
To really understand the scope of The Fair Debt Collection Practices Act, go to your library and study this two-volume set. These books cost in the neighborhood of $100 and may not be in smaller libraries. Call you local library and ask where you can find this valuable reference.
Consumers have a wide range of protection against unscrupulous debt collectors under the FDCPA. Here are just a few of the points you will learn:
1. A debt collector cannot misrepresent the amount you owe.
2. A bill collector cannot add fees to your loan that your original agreement, with the original creditor, does not spell out in the original
3. Debt collectors that make repeated calls are considered as harassment under the FDCPA and is not a legal strategy.
Debt collection agencies from Florida to Texas to New York to California may call you up to 20 times a day when you are behind on your bills.
4. A debt collector may not use any obscene, profane or abusive language when talking with you. They may only call between 8 a.m and 9 p.m., and may not call on holidays, or other times that are deemed as inconvenient. Abusive language and calls outside of allowed times are considered harassment and are not legal.
5. Bill collectors most certainly may not threaten violence!
6. Debt collectors may not threaten any type of action that they do not intend to actually take. For example, they may not say that they are going to ruin your credit, garnish your wages, sue you or take property from you when they either cannot or do not intend to take the stated action. If a debt collector states that he intends to sue you, he is probably going to do just that, and it is wise to begin to prepare your defense.
More FDCPA protection
Here are a few more pointers to look into to understand FDCPA consumer protection better.
7. Unless you give a debt collector specific permission to inform a third party about your alleged debt it is illegal for a debt collector to do so. The only exceptions are that the debt collector may discuss your debt with the following people:
• The creditor
• The creditor’s attorney
• Your attorney
• Credit reporting agencies
• Your spouse
• The parents of a minor regarding the minor’s alleged debt.
8. A debt collector may only call a third party once to learn of your location, unless the debt collector has been given reason to believe that the information was false.
9. Bill collectors cannot call your place of employment once you inform them that your employer does not approve of such calls.
10. A debt collector must send a written validation notice within five days of their initial communication. This validation notice, by law, must include the amount of the debt, the name of the original creditor, and a notice that you have a right to dispute the debt within 30 days.
11. Credit card debt collectors may not ignore your written request for debt verification, and they may not continue collection activities until they have appropriately verified the debt, and you have received the debt verification.
12. Debt collectors may not continue collection attempts after you have sent them a written request to cease and desist communication. As such, they may only contact you one more time, by mail, not phone, to tell you one of the three following things:
a. Further efforts to collect the debt are terminated
b. Certain actions may be taken by the collector, or
c. The collector is definitely going to take certain actions.
One of the best things Americans can do is become more knowledgeable about their rights and remove themselves from the oppression of debt collection harassment. They also need to regain their health and become happily employed people again. Foxbusiness shared that bad behavior of debt collectors are on the rise. If you have become a victim of illegal debt collection agency tactics you can call up a debt collection attorney and sue them for $1,000 per violation in some states. Know your rights and you can collect when debt collectors violate them.