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Are Unsecured Debt Consolidation Loans Right For You?
When it comes right down to it, there are very few situations in
which bankruptcy has to be the answer. Often times, when it
comes to debt issues, unsecured debt consolidation loans are
much less damaging answer than bankruptcy. What is...
Can You Write Off A Bad Debt?
Please use freely. All I ask is that you include everything in between the two borders.
Please do email me with publication/forwarding particulars. It's neat to know who's benefitting from this information!
This feature deals with USA tax...
COLORADO...Drowning in debt, and have equity in your home?
Hey, Colorado! Do you have high interest credit cards, and can not seem to get ahead? Wish there was something you could do to get out of debt, but your credit is so bad you think there is no hope? THINK AGAIN! MONEYTREE is devoted to helping people...
Debt Settlement -- Why The Critics Are Wrong
After October 17, 2005, a lot of people are going to become interested in debt settlement as an alternative to bankruptcy. That's the date the new bankruptcy law goes into effect, and it means a rude awakening for many consumers seeking a fresh...
Do you worry about credit card debt and your card payments?
Do you worry about credit card debt and your card payments? It's one of the most expensive loans we can take out, so why do so many people have credit card balances that they don't pay off each month? Perhaps it's because the application form comes...
Escaping The Debt Spiral
Credit card debt is the ball and chain that hinders many consumers from reaching financial happiness. The biggest problem is that many people who have hefty credit card debts have no idea just how much money they’re paying in interest every month –...
Holiday Debt Or Lifetime Surplus?
The day after Thanksgiving is traditionally the biggest shopping
day of the year. However, holiday spending is still in full
force.
Throughout ABCIncome.com a simple but powerful theme is
continually stressed, avoid debt if possible, avoid...
How to Negotiate Debt Settlements
Knowing how to negotiate debt settlements is the key to securing your financial future. Debt negotiation is the process where in you will contact your creditors and will appeal to them with an offer to pay off the amount you owe in easier...
The Battle of the Budget: How To Get Out of Debt
A lot of people I talk to tell me that they have a great idea for a home business, but when I ask them when they are going to start it up, more often than not they say something like, "Well, I would start, but I don't have a lot of spare cash right...
UK Credit Card Debt
Getting into credit card debt in the UK, can leave you feeling helpless and hopeless. It seems like you could be stuck in UK credit card debt forever, and there's no light at the end of the tunnel. Harassing phone calls from creditors and...
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Fair Debt Collection Practices Act Myths
Think you’ve got the FDCPA (Fair Debt Collection Practices Act) figured out? Don’t be so sure. While nothing can take the place of a lawyer’s advice, if you’ve at least overcome these three biggest myths about the law, you may save yourself a lot of money and heartache.
FDCPA Myth 3: the Fair Debt Collection Practices Act is the only law governing collections:
Fact: The FDCPA is a US federal law. Each state has additional laws that govern fair debt collection practices. Some portions of those laws may have been invalidated by the federal law. But, as a general rule, state laws are valid if they provide greater protections (or restrictions, depending on your point of view), and invalid if they allow debt collectors too much leeway. Meanwhile, other countries have their own laws, which may or may not apply if the collector or debtor is currently located outside the US.
Reality: it is important to keep in mind all the relevant state laws. Those state laws may include the laws of up to three or even more states: the debtor’s current state of residence, business, and/or work; the debt collector’s state; and the state of any outside collection agency. The multiplicity of laws is just one reason why lawyers are so often brought into the collections process, especially when the amounts are large.
Debt collections that cross national borders are notoriously complicated, whether it’s a US collector seeking payment from a foreign national or vice versa. That’s just one reason that businesses that have a large customer base in another country will often open a branch office there.
FDCPA Myth 2: if a collector violates fair debt collection practices, the debt is thrown out:
Fact: it’s true that unfair debt collection practices will likely cost the collector the judge’s sympathy if the collections go to
court. But the Act does not say that the debt itself will necessarily be invalidated.
That may be why some unscrupulous collectors still violate the law. Of course, as already noted, breaking the law is not a good idea, since the collectors will lose much if not all of whatever moral standing they might have had. Besides, who wants to be sued for damages—especially by the person who still owes you money?
Reality: it’s in the best interest of anyone who owes money to document any FDCPA violations, and in the best interest of debt collectors to follow fair debt collection practices scrupulously.
The Number-One FDCPA Myth: the Fair Debt Collection Practices Act is hard to follow:
Fact: the Act’s requirements are nothing more than common sense and basic courtesy. The days of debtors’ prison or publishing debtors’ names in the newspaper are over, and threats are strictly for the mafia. Any attempt to collect a debt through humiliation or intimidation, or anything hinting at intimidation or humiliation, should be avoided.
Reality: The vast majority of violations could have been avoided if the debt collectors had simply put themselves in the other person’s shoes and thought about how they would feel if they were treated in the same way. This also means that it is not in fact easy for debtors to get out of their obligations by turning the tables on the organizations to which they owe money.
In short, we’ve come a long way since the days when debtors might have ended up in the stocks, and the FDCPA is largely to thank. But if you take fair debt collection practices lightly, you may find your troubles make a day in the stocks look pleasant.
About the Author
Free Collection agency information at http://www.collection-agency-information.com
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