National Debt Relief Explains Ways To Deal With Debt Collectors
Philadelphia, PA (PRWEB) January 03, 2015 -- National Debt Relief recently shared in an article, published December 27, 2014, about how consumers can deal with debt collectors. The article titled “How To Deal With Those Nasty Debt Collectors” shares some important tips for consumers who find themselves on the other end of a phone call with a debt collector.
The article starts off by explaining how consumer’s debts end up on the call list of debt collectors. From a delinquent or defaulted loan, the lenders might classify the debt as charged off. Lovely as that may sound, it simply means that the lender is getting rid of the consumer’s account from their books with the opportunity of making money off of it by selling them to debt collection agencies.
One thing to remember with these agencies is that the debt collectors are employees of the agency and almost always paid on commission. This means they earn very little unless they are able to collect all or most of the debts they are assigned. This gives them the push to call a lot of people in a single day.
The article shares that the first thing consumers need to establish is that the loan is theirs to begin with. Asking the debt collector to validate the debt can mean asking for copies of the contract, original loan documents from the original creditor, proof of the last payment made on the consumer’s account and even all the penalties and interest that has been added on.
Consumers need to understand that because of the Fair Debt Collections Practices Act, debt collectors are not allowed to call people at work or even multiple times at home. They are also required to call at specific hours of the day and are forbidden to flood mailboxes with messages and especially threats.
Once the debt collector violates consumer’s rights as protected under the Fair Debt Collections Practices Act, consumers can send a cease and desist letter. This lets the debt collector know the they cannot contact the consumer anymore. Of course this opens up the possibility of being sued by the collector but it depends largely on the amount. Most experts say that if the debt is less than $500, the collection agency probably won’t.
To read the article, click this link: http://www.nationaldebtrelief.com/deal-nasty-debt-collectors/
Paul Ritz, National Debt Relief, http://www.nationaldebtrelief.com/, +1 888-703-4948, [email protected]
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