The Fair Debt Collection Practices Act, which is more commonly referred to as the FDCPA, is a statute in the United States that is designed to protect consumers who have creditors who are attempting to collect a debt from them. This act has several important features that are designed to accomplish this. You should be aware of these.
One outstanding feature of the FDCPA is to provide consumers with a mechanism of disputing debts that they don’t feel they are responsible for. It also provides a convenient way for consumers to keep track of debts that they ARE responsible for. It is helpful to know that there are strict penalties that can be ascribed to companies who break the fair debt collection act.
There are many activities that are not allowed by the Fair Debt Collection Practices Act. For example, creditor harassment is actually defined and prohibited under the act. One common practice that is considered harassment is when the creditor contacts the consumer after they have provided written notice that they do not wish to be further contacted or that they have no intention of paying the debt.
Another example of creditor harassment is contacting the debtor at their place of employment or business after the creditor has been informed in writing by the debtor that they do not wish to be contacted while they are at work. Calling the consumer repeatedly in a way that is intended to annoy, abuse or otherwise harass the consumer is also strictly prohibited.
If you, as the debtor, have an attorney representing you, the creditor or collection agency cannot contact you directly without violating the act. There are also specific hours set up within which a creditor can contact a debtor. If attempts at contact are made outside of these hours, the creditor is in violation of the act. Creditors are also banned from publishing the consumers name on a ‘debt list’. Likewise if the creditor insists on contacting the consumer after the consumer has asked for validation of the debt or uses abusive or profane language, the are in conravention of the act.
If you have bills that you cannot pay, and are being hounded by creditors who are trying to contact you to pay on a debt, it’s extremely important that you know your rights under the law. The Fair Debt Collection Practices Act was designed specifically with you in mind, and consumers as a group, need to be ready to take the appropriate actions when their rights are violated. That’s why it is important to be aware of the rules, and keep abreast of the various regulations. Unless consumers are vigilant, the Fair Debt Collection Practices Act cannnot perform the job it was created to do. Harassment is a serious issue and needs to be reported.
Posts Tagged ‘Collection’
How The Fair Debt Collection Practices Act Helps You
Debt Collection Agency
As a business owner, have you experienced customers who are delinquent in paying their debts to you? Being in business, its difficult not extending credit to customers specially if you are in the wholesale business. But some in the retail & service sectors also extend credit to increase their sales.
Debt collection is a huge problem for business owners today in the Philippines. Most businesses do not have enough resources to give the proper amount of time and effort it takes to properly collect its past due receivables. Debt collections is a very arduous process, and keeping your in-house collection staff motivated to collect from abusive customers is difficult. Collection agencies can help with some of these issues.
Most of the time, the attempts to collect debt consume a lot of time and are very frustrating and emotional. If you find yourself emotional or angry about not getting paid, you might consider using a debt collection agency. Collection agencies and professional companies who’s only function is collecting money.
Most of the debt collectors in the Philippines are on a commission basis, some as high as 50% of the debt recovered. You can find most collection agencies advertised on your local hews paper, some even on street posters.
But what collection procedures will the collections agencies apply to the collection of your accounts? Most collection agency rely on letters plus phone calls and when necessary place your accounts with attorneys for legal action.
For example, credit card companies here in the Philippines usually rely on collection agencies for difficult clients with long overdue accounts and use verbal abuses and threats of legal action and jail time. While I would not like to be the receiving end of a debt collectors phone calls, these type of practice almost always results in the delinquent payer paying some if not all what they owe.
Find the Best Method to Stop Collection Calls – Credit Card Debt Relief Now
When you owe a creditor money they can be relentless when trying to collect the debt. You may experience many harassing phone calls at all hours of the night and they will threaten you when they call. A Debt collector will call you at work and threaten you that if you do not pay them you will go to jail. You need to know some great ways to stop the credit card collection calls form happening.
More Information on getting : Debt Relief Today
The collection agencies have much more advanced ways to call outbound to get a hold of people who owe money have have debt. They have systems that can automatically call hundreds of people at a time. It is a very affective way for them to find and harass many people at one time with few operators.
Learn How to Get a : Government Grant Now
One great method that you can use is to get a privacy feature from your local phone company because it will allow you to block those harassing calls. When the call comes in the caller will get a message that says the caller does not take anonymous calls and it works great. There is usually an extra charge by the phone company but it is worth not have the phone constantly ringing with creditors.
Remember that you are not trying to hide from paying them or that you are trying to get away with anything but you should set up your debt strategy on your time table not on theres.
It is important that if you need debt relief that there are many professionals that will help you for free and getting there help can get you on the road to financial freedom.
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