Don't Make These Seven Mistakes When Dealing With Debt Collectors.
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The amount of complaints regarding debt collectors is on the rise. From 13,950 reported to the Federal Trade Commission in 2000, the amount has expanded to over 66,000 in 2005. And these are just the ones reported--the greater number of complaints go unreported. But this is not the worst; a substantial number of complaints are coming from consumers who don't actually owe the debt.
So what is going on here? It's apparent that debt collection agencies are becoming increasingly competitive and that they are getting much 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.
However when dealing with debt collectors under the FDCPA, do not commit the following mistakes:
1. Not knowing your rights. You have to keep in mind that you have rights even if you haven't paid what you owe for no matter what reason.
2. Not saving records. To be able to apply your rights, you will have to keep some records. This will mean a telephone log (the quantity of phone calls and when can both be violations of the FDCPA); notes from the phone calls (what they are saying to you may not be abusive, harassing or a misrepresentation); and all of the letters they send to you (they need to have the proper notices) and also the letters you send to them. All of these should be saved 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're lost. Respond when you need to and file suit on time--if it comes to that.
4. Avoiding the phone calls. Do not avoid the phone calls either. It's solely by handling the debt collector that any of your rights under the law may be exercised.
In dealing with debt collectors, it also pays to be prudent. So, for example, don't also make the following mistakes:
5. Not negotiating. Debt collection agencies quite often buy the debt. And so they buy it for less than you owe on it. Their profitability will come from having you to pay more-- and probably much more-- than they paid for it. So be sure you try to negotiate a lower figure. They just might accept it.
6. Ignoring the debt. Ignoring the debt is just going to cause much more problems.
7. Paying by personal check. Paying by personal check provides the debt collector your account number and the name of your bank. That can make some problems with ruthless debt collectors who might be tempted to do something shady like setting up an electronic payment.
If you're faced with any attempt to collect a debt, be sure you get all the information you can. If you do, you will be more able to enforce your rights--and they will be less able to intimidate you. Both of these come out on your side of the ledger sheet.
Article Source: Articlelogy.com
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