Debt Solution Source

The amount of complaints regarding debt collectors is increasing. From 13,950  reported to the Federal Trade Commission in 2000, the number has expanded to over 66,000 in 2005.  And these are only the ones reported–the greater number of complaints go unreported. But this is not the worst; a significant number of complaints are provided by consumers who do not actually owe the debt.

So what’s happening here? It’s apparent that debt collection agencies are becoming more and more competitive and that they’re getting more aggressive in an attempt to improve their bottom line. And to do so, they have to put more pressure on the person who owes the debt—the consumer, you.

But when handling debt collectors under the FDCPA, do not commit these mistakes:

1. Not being aware of your rights. You need to remember that you have rights even when you have not paid what you owe for whatever reason.

2. Not keeping records. To be able to enforce your rights, you will need to keep some records. This will mean a phone log (the quantity of calls and when can both be violations of the FDCPA); notes from the phone calls (what they say to you may not be abusive, harassing or a misrepresentation); and all of the letters they send to you (they must have the proper notices) as well as the letters you send to them. All of these must be kept for you to better make your case.

3. Not responding on time. You have certain rights that must be exercised within a particular period of time or they are lost. Respond when you need to and file suit on time–if it comes to that.

4. Avoiding the calls. Do not avoid the telephone calls either. It is only by handling the debt collector that any of your rights under the law may be exercised.

In handling debt collectors, it also pays to be smart. Hence, for example, don’t also make these mistakes:

5. Not negotiating. Debt collection agencies quite often buy the debt. And so they buy it for a lot less than you owe on it. Their profitability will come from getting you to pay more– and possibly a lot more– than they paid for it. So be sure you try to negotiate a lesser figure. They simply might accept it.

6. Ignoring the debt. Ignoring the debt is only gonna cause much more problems.

7. Paying by personal check. Paying by personal check gives the debt collector your account number and the name of your bank. That can make some problems with unscrupulous debt collectors who may be enticed to do something shady like setting up an electronic payment.

If you’re confronted with any attempt to collect a debt, make sure you get all of the info you can. If you do, you’ll be more able to enforce your rights–and they’ll be much less able to intimidate you. Both of these appear on your side of the ledger sheet.

Getting the best information on  Debt Collectors, is no easy task nowadays.

If you are looking for more information on Debt Collectors, then I suggest you make your prior research so you will not end up being misinformed, or much worse, scammed.

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