Posted on
November 13, 2009
at
1:30 am
Hi.........If ever a debt collector contacts me - (I've heard horror stories so I want to be prepared) - how should I deal with them? How do debt collectors work?
Posted on
November 13, 2009
at
1:57 am
how should I deal with them? How do debt collectors work?First question is - when do they (start) work? It's actually when the creditors pass the accounts on to them - that's usually 6 months after you've stopped payment. Creditors are obligated to write off accounts like that (by the law) but to at least get something from the consumer - they pass the collection task to collection agencies.
Posted on
November 13, 2009
at
2:09 am
how should I deal with them? How do debt collectors work?Hi, 5 days after a collector contacts you, the agency is supposed to send you a letter containing the ff:-the amount that you owe-creditors information-what you can do if you wish for that debt to be verifiedExpect bullying tactics and don't succumb to trick questions.
Posted on
November 13, 2009
at
2:15 am
how should I deal with them? How do debt collectors work?I agree and it has something to do with the statute of limitations on debt collection (SoL) in your state. It it has expired - it means that you can no longer be sued because of that debt. However, even if it has expired, and the collector has somehow made you admit to the debt or even worse - got you to commit payment - the SoL on that debt will reset.
Posted on
November 13, 2009
at
2:26 am
Another question to ask is how do debt collectors work with debts that have expired SoL?
Posted on
November 13, 2009
at
2:29 am
Another question to ask is how do debt collectors work with debts that have expired SoL?Good question, actually, to clarify what Chelsea said about not being sued if the SoL has passed - some debt collectors will still try to sue the consumer - that's why it's important for the consumer to know about the SoL and to use it as a defense.You can check your state's SoL here:
http://www.fair-debt-collection.com/SOL-by-State.html
Posted on
November 13, 2009
at
2:37 am
how should I deal with them? How do debt collectors work? - if you don't think you owe that debt
Write them a cease and desist letter telling them to stop contacting you regarding that debt. However if they insist that it's yours - have them verify it. If they continue to harass you, report them to the FTC
(www.ftc.gov) or your state Attorney General’s office (
www.naag.org)
Posted on
November 13, 2009
at
2:45 am
how do debt collectors work with debts that have expired SoL? Just to clarify the SoL on the debt - for example, the debt collector sued the consumer, and the consumer raised the SoL having expired as his/her defense - and the court dismissed the case (it's for judgment by the way) - the consumer still owes that debt. The debt doesn't go away. The consumer should find ways to eliminate that debt.
Posted on
November 13, 2009
at
2:46 am
Oh thank you all for that - quite long but I'm taking notes!What is judgment though? And how can I eliminate that debt?
