Getting that unwanted debt collection call is never fun at all. Even in some of the best case scenario, it is your debt and you need to pay. So, the outstanding account can easily cause headache which you cannot fail to miss out on. In case, the debt seems to be contentious, like being too high or not ours, the situation can turn out to be a lot more crucial than before. However, knowledge seems to be the superpower over here, whenever the matter involves around a debt collector, in any form or shape to be honest.
If you want some more help on ways you can deal with the debt collector to get the ball in your court, make sure to log online and get to the debt settlement ratings first. If you have a debt collection call by your head ringing all the time, there are some points that you must know beforehand. You should know that before receiving or answering the phone.
You always have rights and don’t forget that:
Always remember that a debt collector will always have the right to collect on debt that you owe legitimately. But, there are some restrictions and rules, which were formally stated to be Fair Debt Collection Practices Act or FDCPA, which will govern on how these debt collectors can go about their businesses and meet their ends. If they work in any possible way which is not quite mentioned or approved by the law, then they are doing some punishable offense of course.
Olds debts are likely to expire after a certain time:
Each state comprises of its own laws, which are designed to specify how long these collectors might have to sue over debt. In most of the states over here, there are some time limits, which are going to last for around four to six years. The count starts from the last payment that you have made on the said account. If you want, you can further consult the chart for determining the statues of limitations or SOL of the state. In case, you ever get a call about very old debt, you can always consult the charts.
Remember that zombie debts are real:
Collection accounts are known to get resold always and it is not that uncommon for anyone to get a call about debt, which is outside the SOL mark or no longer owed. The latter proves to be a bit illegal but the former might not be. SOL is well applied on how long the collector has time for suing you over debt. In most of the cases, however, they can always try to get you to make the long payments.
You can always wind up with the reanimating session:
In case, your old account is proven to be legitimate, you can restart clock on SOL unwittingly by just paying part of the current debt or just by agreeing over phone, that it is always yours. In case, you ever get a call about debt, always be sure to get details of all the segments before saying anything that you owe. That form of due diligence is important for so many reasons.
The market is full of scammers whom you should be aware of:
Let’s not just assume that you are talking to one right now! But, it is always important for you to be always on guard, don’t you think? Don’t forget to ask caller for the name, street address, company, telephone number and also if the state licenses debt collectors. You could even ask for the professional license number, as per the Consumer Financial Protection Bureau. They are known to have some more tips to help you spot the fake caller from the real one and avoid being a victim in this regard.
You are always entitled to written verification:
It is a well-known rule that FDCPA is in need of a collector to send statement, which will outline the specifications of the debt within the span of five days of contacting you. That notice is going to be just a step closer in determining whether the debt’s legit or not. This written verification should comprise of the amount of money that you actually owe the lender, the name of original creditor and the actions to take if you think that this verification based information is not right.
You can dispute debt if you want to:
Debt collectors are always given the opportunity and chance to investigate debt so long as you ensure to file a dispute within 30 days in writing of the initial contact. They are likely to cease contact until they have thoroughly verified the plans and presented the same in writing, that you owe the said amount to them, as mentioned in the list.
Collectors don’t have the right to inflate what you owe:
There are some points noted regarding the amount as presented under the debt sector. Debt collector has the power to charge interest but only up to an amount, which is well stipulated in contact with the original creditor in question. Most of the states can even cap amount of the interest and the fees a debt collector can easily try to charge.
Make sure to give them a fair warning of not calling you:
As per the rules from FDCPA, a collector should always cease contact if you are planning to send letter requesting for you to do so. That letter is not going to be absolve you of any of the legitimate debt, but it can always curb incessant and some of the heated phone conversations. You don’t want to start your day with a heated conversation, do you!
Once you have covered all these points, things will gladly start working out in your favor. You can get in terms with the debt collectors and won’t give them the chance to take underhand over here. Things will start falling right into pieces.