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Monday, November 26, 2012

Things you need to know about debt collectors

By Valentine Smith

Having a debt is one of the most unpleasant things you can experience. Does not matter if you owe money to a bank or to payday lenders online, debt collectors always take place when it comes to irresponsible customers.

Of course, there are plenty of reasons regarding why one is not capable of making payments. In order to be ready for these people everyone has to know certain terms and regulations. A lot of debt collectors simply break law and we may not even know this.
The FDCPA - The Fair Debt Collection Practices Act- it is the federal law that manages collections for household, personal and family debts ( mortgages and car loans, credit cards, student loan debt and utility bills that are past due, insurance and medical debt).

The FDCPA has an association with outside deferred collectors of debt, anyhow not to a bank's particular in-house duty authorities (importance deferred payment gatherers who are representatives of a lender).

Law regarding debt collectors may have difference according to your state. It may even be way tougher than the federal regulations. A person is going to need to contact a general office of the state’s attorney to find out more specific information.
Here is the list of what the FDCPA collectors are not allowed to do:

It is no allowed for them to contact you before 8 am or after 9 pm. They can only do this if you give permission to do so. You have a right not to talk to them at all.

They cannot: 

• Call you on Sunday.

• Call or somehow get in touch with your friends, family and even neighbors trying by embarrassing you in front of them make you pay off the debt.

• Call you at work if the collector of debt is informed that your boss doesn’t want you to be reached in the middle of working hours.

• Contact your current employer regarding owed debt, only if past-due child support is the case.

• Communicate via postcard.

• Use language or symbols indicating the business of the debt on or within mail.

• Constantly call you within short period of time. It is considered to be a harassment, which makes it illegal per the FDCPA.

• They cannot threaten you in any way: For example, they may not mention jail or insult you with bad words.

• Try to collect more than you actually owe. Only in one case they can do this: if you creditor allows collectors to do that.

Be careful with debt collectors; make sure you know your rights to avoid nasty situations.

About the author: Valentine Smith is a financial consultant at PaydayLoans@ Online Company wants to tell you how to deal with debt collectors.

1 comment:

  1. Thanks for reminding about our rights. I have had an issue with debt collectors once and do not want to recall the experience. They chased me day and night and at week-ends with their calls and never gave their identity information or even names. Now I borrow means rarely, often here and do not have such issues any more. Fortunately.