Posted on December 7, 2009 at 9:57 pm Mississippi Debt Collection Laws, what are they about?

Posted on December 7, 2009 at 10:01 pm Mississippi Debt Collection LawsI am not too sure...but it has something to do with law firms, as collection agencies, having the right to collect attorney's fees in certain circumstances.

Posted on December 7, 2009 at 10:11 pm You maybe right but it has to be via a state statutes and an Attorney Demand Letter."In the state of Mississippi when a debtor owes money and that debt is not based upon a contract or agreement which allows for attorney's fees, if the attorney sends an Attorney Demand Letter and gives the debtor a reasonable period of time to satisfy the debt prior to filing suit, the attorney may then recover attorney's fees in that suit. This is true regardless of the nature of the debt or how it was created. Therefore, I always utilize an Attorney Demand Letter in attempting to collect debts in the state of Mississippi. The state of Tennessee does not have a corresponding statute and attorney's fees are available only by agreement of the parties."Source:http://debtcollectionlawyer.blogspot.com/2006/07/tools-of-debt-collection-lawyer.html

Posted on December 7, 2009 at 10:34 pm So what to do then when served a demand letter? What does receiving one mean? What if I can't pay the whole amount? I assume that's what they are going after. What if I am unemployed? What's the worst case scenario?

Posted on December 7, 2009 at 10:58 pm Well, you can try and negotiate the payment method with the law firm yourself, but if you're not up to it - depending on the amount of debt, you can hire the services of a credit counseling agency or a debt settlement company.Either of the two can represent you to your creditors, meaning, all the transactions pertaining to that debt are going to be via them - instead of you. It would not stop collection calls entirely but it would lesson them.Do not even think of filing for bankruptcy just yet. Its implication on your credit is just too great to risk it, not unless, you really need the automatic stay provision - or the temporary halting of all activities pertaining to that debt.

Posted on December 7, 2009 at 11:20 pm Worst case scenario is you being handed down a judgment. A judgment could be any of the following:-wage garnishment-bank levy-property lienIf you are currently unemployed, try applying for unemployment benefits, and if approved, use the checks for debt relief. How much is it that you owe?

Posted on January 21, 2010 at 5:07 am There are states that prohibit or restrict professional debt settlement services. That means that even if the consumer qualifies in the debt settlement program, it would not be possible to enrolled in it, because of the state law. The consumer would have to resort into the Do-It-Yourself debt settlement option if he/she lives in these states:GiorgiaIdahoKansasMaineMississippiMinnesotaNorth and South CarolinaUtahWisconsin