Welcome to Debt Collection Guide
Forms For Contract Of Debt Collection Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Defend Yourself with the Fair Debt Collection Act
from:In 1977, the United States’ congress passed the Fair Debt Collection Practices Act. Commonly referred to as the Fair Debt Collection Act, this law was drafted in order to provide guidelines, procedures and limitations to regulate the activities that are done in debt collection processes. Because of the Fair Debt Collection Act, debt collectors have refrained from using threats, lies or insults to harass and intimidate debtors.
In order to understand this act, you must first have an understanding of what a debt collector is. According to the Fair Debt Collection Act, a debt collector is someone who “uses any instrumentality of interstate commerce or the mails in any business the principal purpose of which is the collection of any debts, or who regularly collects or attempts to collect, directly or indirectly, debts owed or due or asserted to be owed or due another”. To put it simply, a debt collector is someone who collects payments that debtors owe to another company. For example, you have a delinquent account with a credit card company. Once the credit company feels that too much resource is required to pursue you to make payments, it will hire a debt collector to pursue the payments for them.
Now that you understand what a debt collector is, you must also know what the debt collector’s job entails. The Fair Debt Collection Act details the information that your debt collector must give you. Remember, for the debt collection activity to be legitimate, you should first be supplied with documents that will help you understand the situation you are in.
Once the debt collector has contacted you, he has five days to provide you with the following:
1) The exact figures regarding that debt that you supposedly owe.
2) Information about the creditor that you owe the debt to.
3) The debt collector must tell you that you have a maximum of 30 days to raise your doubts or disagreements regarding the nature and specifics of the debt. If you do not dispute the debt, the collector assumes that the debt is valid and binding.
4) In case you claim that you have no debt, the debt collector must immediately send you documents and other certificates that will verify the debt.
5) Under the Fair Debt Collection Act, the debt collector should inform you that if you have switched creditors, you are allowed to ask for information regarding your original creditor.
As you can see, the Fair Debt Collection Act mandates that the debtor be given adequate details as well as ample time to evaluate them and raise whatever concerns he may have. If for some reason, the debt collector becomes aggressive and abusive, the Fair Debt Collection Act also gives the debtor the right to sue the debt collector.
However, the debtor must remember that the Fair Debt Collection Act of 1977 does not erase debts. It isn’t a get-out-of-debt ticket. It simply ensures that debt collectors will be able to do their work and solicit payments without violating the rights of the debtors.
Forms For Contract Of Debt Collection News
PA House Agenda for May 21 - 25 - Patch.com
PA House Agenda for May 21 - 25 Patch.com Unemployment Compensation for State Pensioners When Signed Contract Expires? In Pennsylvania, retired state employees who have been called back to work temporarily via a signed contract with a definitive end date have been later collecting unemployment ... |
Debt advice live - The Guardian (blog)
 The Guardian (blog) | Debt advice live The Guardian (blog) He has has no loans except a mortgage but has accumulated an unpaid mobile phone bill of £227 and has been contacted by debt collectors. There is possibly some good news: Caller 8 is from Scotland where the Limitations Act is 5yrs. |
Wells Fargo Loses Bid to Dismiss Homeowner Suit - Courthouse News Service
Wells Fargo Loses Bid to Dismiss Homeowner Suit Courthouse News Service US Magistrate Joseph Spero found the class failed to state a claim for breach of contract or debt collection violations while allowing unfair competition claims to remain. Spero also gave the class leave to amend the complaint to allege damages from ... |
Minn. AG cites Accretive for debt tactics - The Associated Press
 Daily Beast | Minn. AG cites Accretive for debt tactics The Associated Press (AP) — An Illinois medical debt collection company routinely pressured patients in Minnesota hospitals to pay for services before treatment was given, going so far as to collect at a patient's bedside and in some cases leading patients to decide to ... Medical debt collector accused of too-tough tactics Minn. attorney general cites Accretive for aggressive collection tactics in ... |
Dr. Frankenstein's Europe: What a 'Grexit' Might Do to the Eurozone - Minyanville.com
 Korea Times | Dr. Frankenstein's Europe: What a 'Grexit' Might Do to the Eurozone Minyanville.com By John Mauldin May 21, 2012 10:20 am The ECB must be prepared to step in with massive funding of peripheral-country banks and sovereign debt. If the euro is at total risk, that is the only way to save it. This article was originally published on May ... Thoughts From The Front Line: Dr. Frankenstein's Europe |