All About Debts

Near the end of the sales pitch, the telemarketer may ask you to get one of your checks and to read off all of the numbers at the bottom. Some deceptive telemarketers may not tell you why this information is needed. Other deceptive telemarketers may tell you the account information will help ensure that you qualify for the offer. And, in some cases, the legitimate telemarketer will honestly explain that this information will allow them to debit your checking account. debt help

Once a telemarketer has your checking account information, it is put on a demand draft, which is processed much like a check. The draft has your name, account number, and states an amount. Unlike a check, however, the draft does not require your signature. When your bank receives the draft, it takes the amount on the draft from your checking account and pays the telemarketers bank. You may not know that your bank has paid the draft until you receive your bank statement. counseling debt

What You Can Do To Protect Yourself It can be difficult to detect an automatic debit scam before you suffer financial losses. If you do not know who you are talking to, follow these suggestions to help you avoid becoming a victim: Don t give out your checking account number over the phone unless you know the company and understand why the information is necessary. If someone says they are taping your call, ask why. Don t be afraid to ask questions. consolidation consumer debt

Companies do not ask for your bank account information unless you have expressly agreed to this payment method. ITS THE LAW: Since December 31, 1995, a seller or telemarketer is required by law to obtain your verifiable authorization to obtain payment from your bank account. That means whoever takes your bank account information over the phone must have your express permission to debit your account, and must use one of three ways to get it. The person must tell you that money will be taken from your bank account. If you authorize payment of money from your bank account, they must then get your written authorization, tape record your authorization, or send you a written confirmation before debiting your bank account. If they tape record your authorization, they must disclose, and you must receive, the following information: debt settlement

The date of the demand draft; The amount of the draft(s); The payors (who will receive your money) name; The number of draft payments (if more than one); A telephone number that you can call during normal business hours; and The date that you are giving your oral authorization. If a seller or telemarketer uses written confirmation to verify your authorization, they must give you all the information required for a tape recorded authorization and tell you in the confirmation notice the refund procedure you can use to dispute the accuracy of the confirmation and receive a refund. debt free

What To Do If You Are A Victim If telemarketers cause money to be taken from your bank account without your knowledge or authorization, they have violated the law. If you receive a written confirmation notice that does not accurately represent your understanding of the sale, follow the refund procedures that should have been provided and request a refund of your money. If you do not receive a refund, it s against the law. If you believe you have been a victim of fraud, contact your bank immediately. Tell the bank that you did not okay the debit and that you want to prevent further debiting. You also should contact your state Attorney General. Depending on the timing and the circumstances, you may be able to get your money back. consolidation debt service

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In most states, if you cosign and your friend or relative misses a payment, the lender can immediately collect from you without first pursuing the borrower. In addition, the amount you owe may be increased by late charges or by attorneys fees if the lender decides to sue to collect. If the lender wins the case, your wages and property may be taken. consolidation debt online

If You Do Cosign Despite the risks, there may be times when you want to cosign. Your child may need a first loan, or a close friend may need help. Before you cosign, consider this information: Be sure you can afford to pay the loan. If you re asked to pay and can t, you could be sued or your credit rating could be damaged. Even if you re not asked to repay the debt, your liability for the loan may keep you from getting other credit because creditors will consider the cosigned loan as one of your obligations. consolidation debt free

Before you pledge property to secure the loan, such as your car or furniture, make sure you understand the consequences. If the borrower defaults, you could lose these items. Ask the lender to calculate the amount of money you might owe. The lender isn t required to do this, but may if asked. You also may be able to negotiate the specific terms of your obligation. For example, you may want to limit your liability to the principal on the loan, and not include late charges, court costs, or attorneys fees. In this case, ask the lender to include a statement in the contract similar to: The cosigner will be responsible only for the principal balance on this loan at the time of default. debt problem

Ask the lender to agree, in writing, to notify you if the borrower misses a payment. That will give you time to deal with the problem or make back payments without having to repay the entire amount immediately. credit debt

Make sure you get copies of all important papers, such as the loan contract, the Truth-in-Lending Disclosure Statement, and warranties if you re cosigning for a purchase. You may need these documents if there s a dispute between the borrower and the seller. The lender is not required to give you these papers; you may have to get copies from the borrower. advice debt

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