Are you tired of receiving calls or threatening letters from debt collectors? Well these are just among the two approaches that are commonly used to oblige the debtor to pay for their overdue debts. If you want that irritating phone calls and letters to stop, then you need to know the ways on dealing with collection agencies. Sometimes, it is difficult and frustrating to handle problems with debt collectors, but if you chill out and follow the following steps, then you can put a stop to such troubles:
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1) Know your rights when dealing with debt collection agencies. Among such rights are:
o You have to be treated fairly and your privacy should be respected. You can ask them not to contact you when you are at work or at a time and place that's not convenient to you.
o The collection firm should not oppress, harass or abuse you by threatening you, publishing your name or by speaking to you in an obscene way.
o They should not use misleading or false statements when collecting your payments such as implying falsely that you have made a crime, that they are attorneys or representatives from government, or they are working for a credit bureau.
o The agency should not use unfair practices when collecting payments for your debts.
2) Keep great records. When a debt collector contacted you, get information from him/her.
o You should ask for the caller's name and the agency's name as well, the address and fax number of the collection firm, the name of the lender and the amount of money allegedly owed.
o Write down the name of the person who's calling you and a summary of your conversation. Your conversations shouldn't be taped unless the caller knows that your discussion will be recorded. Also, make sure to keep in file copies of all the physical communications that you have sent and received.
o Put everything in writing. If you want to dispute a debt, or you want to request not to be called again, then make a letter and send it to the collection company. Make a follow-up of your requests also through writing.
3) Pay off the amount of debts you owe. This is the most effective way in order to effectively deal with collection agents. Once your account is clear, then the story ends there. If for the meantime, you aren't capable of paying off your debts, then call the agency and explain to them the reason for such problem.
If you negotiate with the agency for new payment conditions, make sure that they will not put negative mark on your credit report. Reminding the agency to report to the credit bureaus the payments you have made is a good idea. Ask the creditor to give you the terms of payment in writing.
At times when debt collectors seem to upset you, just stay cool and be realistic of the outcomes. The abovementioned tips can be beneficial in dealing with such demanding situations.
However, if you think that the debt collection agent is breaching any of the rules stated in the Fair Debt Collection Practice Act, then you have the right to sue the agency in the state or federal court within twelve months from the time that the law was violated. If you win the case, then the agency might pay you for the damages that you suffered and an additional cash of up to one thousand dollars. You can also recover the court costs and the attorney's fee.
Any troubles you experience with a collection firm, such as unethical, unfair and illegal practices, can be reported to the office of state Attorney General as well as to the Federal Trade Commission. In situations like these, your knowledge of the rules with debt collection will play a very important role. Every state can have their own laws in collecting debts, so make sure to consult your state's Attorney General's office to help you know your rights.
Facing a debt collector can be among the scariest things you have ever faced, but you cannot avoid it especially if you are really in deep debt. But you should always remember that your right can be your best weapon. If you know all your rights, then dealing with collection agencies will not be a hard task for you. Through this, you and your family can stay protected from undue harassments.
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