If your office has become your new haven to hide from the constant barrage
of debt collection calls you get at home, don't get too comfortable.
If you have a strong
case of debt collection harassment, filing a lawsuit against the debt collector is an option that you could pursue.
Consumers should know that debt collectors must follow the
rules of debt collections as established by state and federal law.
It is easy to forget that he was an active trial lawyer who handled personal injury cases in addition to his major practice
areas of debt collection and real estate law.
When it comes to what loan consolidation might mean to your peace of mind, the benefit of eliminating that
dread of debt collection calls and emails shouldn't be discounted.
The
job of a debt collection agency is to get you to pay as much money as quickly as possible and some might even offer inaccurate information to get you to pay.
Most business owners would be able to pay debt much faster if left alone to perform required tasks instead of managing a
host of debt collection calls and letters.
These people can be hired in organizations that are dedicated to handling debt collection work, or be part
of the debt collection department of a business, depending on their specific job standing.
It is predicted that there will be a record - breaking number
of debt collection companies that get sued by consumers during 2016, due to an increased amount of banking fraud taking place.
You should know that the Fair Debt Collection Practices Act requires that debt collectors treat you fairly and prohibits certain
methods of debt collection.
«Shuttering the CFPB's student lending office is an appalling step in a longer march toward the elimination of meaningful American consumer protection law... This action actively promotes greater profits for a handful
of debt collection businesses at the expense of mistakes, neglect, and confusion for millions of student loan borrowers.»
According to NCSC, contract caseloads consist «
primarily of debt collection (37 %), landlord / tenant (29 %), and foreclosure (17 %) cases.»
However, on the flip side, if large groups of borrowers weren't defaulting on their student loans, then there wouldn't be the need for any
sort of debt collection method, good or bad.
See related: Know your rights: Fair Debt Collection Practices Act, The ugly
side of debt collection, Survey: Debt collection calls growing more frequent, aggressive, How to dispute credit report errors
My husband called the credit reporting company and inquired as to the
nature of this debt collection company, and also informed the reporting company that the company had false information about us and we want our credit score restored to what it was, and we insisted that the credit reporting company investigate the issue immediately along with a notation that we are disputing the information, and that this specific situation is under investigation by the credit reporting company.
The CFPB's authority under the rule will extend to about 175 debt collectors, which — according to the New York Times — makes up about 63
percent of the debt collection industry in the United States.
If you believe the debt is for a different amount, or if you believe you do not owe the debt at all, the
process of debt collection arbitration can help you clear the air.
A staggering 80,000 other former Corinthian students continued to face some fort
of debt collection for not repaying their loans, the senator said.
Zombie debt is that old bill that resurfaces in the
form of a debt collection letter or lawsuit long after you thought you'd buried it forever.
The
practices of debt collection agencies have to abide by rules through the Fair Debt Collection Practices Act (FDCPA) as enforced by the Federal Trade Commission (FTC).
Chinese news website The Paper reports that hundreds of groups of freelance debt collectors have emerged on Chinese social media, dubbing the phenomenon a» gray
chain of debt collection.»
The CFPB alleges that the firm operates like a factory, producing hundreds of
thousands of debt collection lawsuits against consumers on behalf of its clients, which mainly include banks, debt buyers, and major credit card issuers.
And now it's emerged both central government departments say they are «still learning how and where to make
use of debt collection agencies» resources and expertise».
If you want to get
rid of debt collection calls and the worry of outstanding debts, it is imperative you have plan to pay off the balance in full by focusing all of your extra cash towards what you owe.
However you should first challenge the legal
authority of the debt collection company's right to collect on an alleged debt because if they can not verify and validate the debt with all of the correct accounting and documentation, the debt may be proven to be uncollectible.
Here's what you need to know about dealing with student loan debt collectors, including the full
list of all debt collection agencies that work on behalf of the Department of Education so that you can be sure you're not going to be scammed.
Request the
name of the debt collection company, their address and telephone number, then politely tell them you expect a written notice of the debt within five days as required by law.
Considering both the direct and indirect economic
impacts of the debt collection industry, the total employment impact on the U.S. is nearly 302,000 jobs with a total payroll impact of $ 10.1 billion.