All About Debts

Dealing with creditors and debt collection agencies is always a difficult ordeal. Their annoying and persistence way of tracking you down no matter where you are can be very frustrating for you, your family and even your fellow colleagues.

Debt Help Fortunately, to protect the overly abused debtors, there is the Fair Debt Practices Act or the FDCPA for short. It is a federal law that bans unfair debt collection practices which will affect the quality of debtors' life considerably.

Practices Act requires that debt collectors treat you fairly by prohibiting certain methods of debt collection. Of course, the law does not forgive any legitimate debt you owe. This brochure provides answers to commonly asked questions to help you understand your rights under the Fair Debt Collection Practices Act. What debts are covered Personal, family, and household debts are covered under the Act.

Counseling Debt While this article does not list the whole act, it is good to know the common illegal debt collection practices so that you will not be intimidated and know how to deal with them.

The Fair Debt Collection Practices Act is the federal law that dictates how and when a debt collector may contact you. A debt collector may not call you before 8 a.m., after 9 p.m., or at work if the collector knows that your employer doesn't approve of the calls. Collectors may not harass you, make false statements, or use unfair practices when they try to collect a debt. Debt collectors must honor a written request from you to cease further contact.

Consolidation Consumer Debt 1. Contact third parties including your families, friends, neighbors or employers about your debt.
Unless the court has given them permission for your creditors to do so, it is illegal for them to contact third parties about your debt. But they may contact third parties for the purpose of locating you. Even so, creditors must not reveal why they are looking for you, unless you are a minor.

A second common problem is known as " aging." This involves the debt collector reporting an account with a more recent date, like the date it began trying to collect on it, as opposed to the actual date the debt became delinquent, which is what is supposed to be reported. aging, as well as other alleged violations of the Fair Credit Reporting Act and Fair Debt Collections Practices Act.

Debt Settlement 2. Contact you at odd hours of the day - late night or too early in the morning.
Under normal circumstances, any time between 8am to 9pm is a acceptable time for them to call. Under no situation should your creditors call you when you are sleeping, for example at 3am.

Your rights as a debtor may be governed by the Fair Debt Collection Practices Act and your state's own collection guidelines. If you have any questions about the applicability of these requirements to you, consult your lawyer.

Debt Free 3. Contacting you repeatedly by phone or not identifying themselves when they called.

The Fair Debt Collection Practices Act (FDCPA) applies to personal, family, and household debts. This includes money owed for the purchase of a car, for medical care, or for charge accounts. The FDCPA prohibits debt collectors from engaging in unfair, deceptive, or abusive practices while collecting these debts.

Consolidation Debt Service 4. Continue to contact you when you are represented by a lawyer or when they have received a written request from you to cease contacting you. ( a cease letter)

Company Consolidation Debt 5. Make threats, use obscene, profane or abusively languages and comments on you.

Consolidation Debt Online 6. Misleading you that they are affiliated with any state or federal government, or the legal status of your debts.

Consolidation Debt Free These are just some of the common illegal debt collection practices. The FDCPA bans just about any abusive, dishonest and unfair debt collection practices that might affect the quality of your life greatly.

Debt Problem To find out more about your rights as a debtor, visit www.ftc.gov/os/statutes/fdcpa/fdcpact.htm for more information. It's always good to know your rights as they give you a means of handling your creditors such that they don't take advantages of you. Nevertheless, understand that the purpose of the FDCPA is to help you deal with creditors and not to ignore them and your debts.

Credit Debt Moses Wright is the webmaster of Bulletpedia.com. He provides more helpful information on debt and bill consolidation tips, personal finance credit help and personal finance loan help that you can research in the comfort of your home on his website. You are welcome to reprint this article if you keep the content and live link
intact.

Advice Debt

[ Comment, Edit or Article Submission ]