What Debt Collectors Don’t Want You To Know!
In the world of debt collection, every consumer must understand that they have legal rights against persistent agencies. The Consumer Credit Protection Act is comprised of laws that collectors must follow in addition to the rights of the consumer that has fallen into debt. You do not have to deal with constant harassment any longer when you gain an understanding of the industry and how you are protected against their tactics.
Talking to Them is Not Required
A typical debt collector is pushing to get a payment out of you any way they can, and this includes constant calls and letters. Once you have adequate information regarding the owed money, send an official cease-and-desist letter to stop unwanted communication on their part.
Your Information is Your Business
In an effort to keep an eye on you, a debt collector will attempt to find out your personal information. They’re not entitled to know where you work, your Social Security number, or banking information, yet many people incorrectly believe they have to answer these questions.
A Cleared Debt Does Not Erase a Negative Report
Like most people, you’re probably concerned over a collection appearing on your credit report. It will stay with you for seven years unless you obtain proof in writing that the agency is willing to remove it once paid in full.
In Most Circumstances, Your Assets Are Safe
A student loan, car loan, or missed mortgage payments may result in losing your property or wages. Don’t fall for the claims made by collectors until you consult with bankruptcy attorneys to find out if your assets are at risk.
No Large Down Payment Requirement
The more you agree to to start repayment of money owed, the higher the commission of the collector. No matter what they try to convince you, it’s a matter of negotiation if you’re more comfortable with a lower payment plan.
Wait Until the End of the Month
Speaking of negotiations, agencies that offer their employees a bonus ends at the close of a calendar month. If you’re trying to cut a deal, this is the best time to catch them trying to fill their quota.
It Might Not Be Too Late to Settle With The Original Creditor
Unless the person you owe has sold your past due account to an agency, you can still work with them. They are generally easier to deal with because they see the most benefit in getting money from you than the lower amount gained from selling the account.
You Can Keep Debt Private
It’s against the law to disclose debt information to anyone other than a spouse, attorney, or co-signer. However, they are allowed to contact uninvolved people to get your contact information. The Federal Trade Commission recommends hiring an attorney to prevent a collection agency from contacting others about your debts.
Your Debt May Be Stale
The statute of limitations varies from state to state, but once it runs out you no longer have responsibility for the debt. Agencies may still try to contact you to revive the debt, but this is impossible if you understand your rights.
Every situation is different and should be evaluated by our experienced bankruptcy lawyers to find out your options. If you’re in the New Jersey, Pennsylvania, New York, or Maryland areas, contact us today at 866-964-6529 to find out how Georgette Miller and Associates, P.C. can assist you.