"To collect the debt" means to receive or recover money that is owed to someone by the person who borrowed or owes that money.
Full definition
A debt collector is any person, other than the creditor, who regularly
collects debts owed to others.
Unfortunately, success under the new owner is not guaranteed, and there's a chance the seller will face the loss of interest income and extra costs associated
with collecting debt.
If you're behind in paying your bills, you may be contacted by a debt collector — someone who
regularly collects debts owed to others.
Debt collectors may not lie
when collecting debts, such as falsely implying that you have committed a crime.
You may not be able to up the ante and file a lawsuit to
collect debt if you waited too long to file a lawsuit.
Being a debt collector I want to achieve a rewarding career with professional skills and ethics
while collecting debts from the individuals who have got an overdue amount.
If debt settlement negotiations fail, and a creditor seeks to
collect a debt through litigation, consumers are still not assigned a local attorney.
They usually become involved in
collecting debts after you have missed payments on credit debts such as loans, credit cards and store cards.
A creditor's classification determines the steps he can take to
collect his debt as well as his role in creating a bankruptcy plan.
The scam worked this way: An e-mail would seek a lawyer's
help collecting a debt, divorce settlement or other money.
Debt arbitration companies should
only collect their debt settlement fee when debts are «paid off», and not up front.
Being collection proof, you can wait until the statute of limitations run out, and a creditor will not be able to
legally collect the debt from you.
This part of the code states that all attempts by creditors to
collect debts incurred prior to the filing of a bankruptcy petition must stop immediately upon the commencement of a bankruptcy case.
After filing bankruptcy, creditors MUST generally stop attempting to
collect debt during the bankruptcy case.
The creditor will
also collect the debt from a cosigner in cases where the borrower can't make the payments.
Banks
usually collect debts owed by immediately withdrawing the amount of the debt from any deposits the debtor makes into his bank account.
Once the statute of limitations has run out and a debt has fallen off your report, debt collectors realize they have little hope of
ever collecting a debt from you.
Sometimes debt may violate your discharge and attempt to
collect a debt even if they are not supposed to under law.
These types of actions by creditors can appear to a bankruptcy court that they are actively trying to
collect a debt against the automatic stay.
A debt collector could be the original credit or service
provider collecting the debt themselves or a debt collection agency acting on the creditor's behalf.
They should be told that information received is being used to
collect debt too.
By bankruptcy laws, creditors can not continue to try and
collect a debt once the debt has been discharged by bankruptcy.
Lenders, who have already tried to
collect their debts over a period of time and failed, write the debts off as losses on their income taxes.
Debt collectors are typically in business as collection agencies that attempt to
collect debt assigned to them by original or third party creditors.
Once you receive your bankruptcy discharge, creditors are prohibited from ever trying to
collect the debt again.
This includes collection agencies, lawyers who
collect debts on a regular basis, and companies that buy unpaid debts and then try to collect them.
If a creditor is still trying to
collect a debt after you received your discharge because you failed to list them in your bankruptcy schedules please give us a call.
Sometimes a collection agency will agree to
collect the debt in exchange for a fee or for a percentage of the money collected as payment.
A debt collector is a company, individual, or lawyer who
collects debts for the creditor on a regular basis.
However, collection companies can attempt to
collect the debt outside of the courts past the statute of limitations date.
Phrases with «to collect the debt»