Are you being hounded by debt collectors and would like the harassment to end? Then you need to be aware of your rights as a consumer. Debt collection companies have no legal right to harass, intimidate or threaten you.
Moreover, there are absolutely no laws written demanding that you talk to or do business with debt collection companies. It is of no consequence even if they claim to have bought the account from the original lender. Whatever debt collection company employee tells you, you are not bound to share or discuss any private matters with these third party collectors.
Did you know that there are laws that govern debt collectors? These laws were designed to protect consumers from subversive debt collection company tactics. In times past they would threaten debtors with jail, lawsuits and even beating and physical harm.
Maybe you think times have changed? Reconsider my friend! There are plenty of collectors that still employ strategies that without a doubt infringe the laws and regulations introduced to guard citizens. Whenever you don’t know those laws and regulations, don’t full yourself, debt collection agents will pounce on your lack of knowledge!
What laws are we referring to? There are three laws every consumer needs to be aware of. That would be the Debt Collection Statute Of Limitations, Fair Debt Collection Practices Act and the Fair Credit Reporting Act. These laws explicitly set the parameters by which all debt collectors must operate.
What happens when a debt collection company violates any of these laws? The repercussions are almost always demoralizing! A lot of companies are now being sued by harassed citizens and are simply being forced to pay the consumers instead of getting money from consumers.
Other companies are put out of business by the FTC or closed down by a local Attorney General. Although the penalties are high, these companies still exist because there are literally billions of dollars being generated by debt collection outfits.
Take this as the final analysis! Everyone who is in arrears and debt collectors are actually making contact with you, stop whatever you are doing and read and learn your legal rights. Don’t hold off until these people give you headaches. The second you figure out the things they can and cannot do, your way of life will be better.
Here is just a snippet of the power of the Fair Debt Collection Practices Act. Did you know that by law, if you properly advise a debt collector not to call you or write you, they have to stop? Most people having debt problems have no idea they have this power within their hands.
Click on the following link to locate how to Make bill collectors stop calling and here to find out your best options to Make bill collectors stop writing.