Do you know what are the advantages and disadvantages associated with debt collector companies? If you owe money to someone and if you have been receiving threatening calls or letters from them then you must be wondering what exactly they want from you. The truth is that they do not want anything from you. In this article I will tell you about debt collector rights.
Debt Collectors are the third party that companies to whom you owe money to will approach for collecting debts. They will pursue you for the outstanding debts that you have not made payments on. You will be contacted by debt collectors either on a daily, weekly or monthly basis. At some point in time they will probably visit you personally. For this reason you must be prepared to face them and tell them that you will pay off the debt within a specific period of time.
Debt collectors will try their level best to intimidate you. You will probably find them making threats or giving you statements about how they will ruin your reputation or even report you to the credit bureaus. They may even go as far as stating that if you do not pay off the debt that they will contact your employer and other people. All of these types of threats may be legally prohibited.
It is important that you voice your rights before the debt collector. This is especially important when it concerns your financial health. You should inform the debt collector that you are not going to pay the debt unless they provide you with written documentation that states that you have chosen bankruptcy. You should also provide them with a copy of your Will. However, if they fail to follow through on their threat to file a bankruptcy law suit against you then you should file a law suit yourself.
When dealing with debt collectors, there are a few things you can do to protect yourself. First of all you should never give away your rights. If the debt collector takes you to court for refusing to repay, then you should make sure that you have your own attorney or at least a lawyer who can advise you on your rights. The more informed you are about your rights the better chances you have of prevailing in the case.
You should also document any phone calls you receive from the collectors. You should keep track of the date and time that the collector called you and what was discussed during the call. You should also keep track of any letters that you receive from the collectors. You should try and get all correspondence in writing so that you can review them and understand them.
When dealing with debt collectors, you should also be aware that they have certain rights that you may not be aware of. The Fair Debt Collection Practices Act gives debt collectors the right to contact others that are considered third parties for the purpose of collection. You have the right to notify the debt collector that you do not want to be contacted by them. You should also be aware that if the debt collector is threatening to sue you then you may wish to consult with an attorney or legal advisor.
Some states also protect consumers from harassment by debt collectors. If a debt collector repeatedly contacts you via phone or mail then you may have cause to file a complaint with the Attorney General. You should first attempt to talk with the collector so that you can explain your situation and let them know that you are not doing a job for which you are paid. If they refuse to listen or try to intimidate you then you should consider hiring an attorney or a professional to help you. You should always remember that a collector has the right to collect what they are owed however they should do it in a proper manner.