At every step in life you will come across rules and regulations that protect
your rights and also define your limitations. Rights and responsibilities are
just the opposite sides of the same coin. There is an inseparable connection
between the two. Debt collection also follows certain rights and responsibilities
as given by the law.
What exactly are the rules concerning debt, debtors and debt collectors?
What control do you have over payment of debts?
What is Fair Debt Collection Practices Act?
You are a debtor if you are involved in any of these acts:
You use credit cards.
You owe money on a personal loan.
You are paying for your home mortgage.
A debt collector is one who collects payments towards debt from a person who is under serious debt related problems. It can
be any individual, a company or agency or even solicitors and attorneys other than the creditor himself. These people regularly collect debts on behalf of the creditors to whom you owe the loan. If you are unable to pay off your creditor the right amount at the right time or if there are some errors in your account book, the debt collectors contact you. They cannot impose any act on you because
under all situations the Fair Debt Collection Practices Act is there to protect you. Under this Act, debt collectors are bound to treat you fairly prohibiting certain methods of harassment that goes against the law. Even if these laws protect you, they cannot help you get rid off your total debt.
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so that you get rid off depressions due to debt burden. We have helped many people come out from the clutches of debt in the easiest, fastest and safest way. We offer you free debt consolidation services to gift you a debt free life ahead. We have some exclusive articles on debt related topics where we show you the path towards freedom from debt.
The Fair Debt Collection Practices Act Simplified:...
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.