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Helpful Information On Financial Disaster: Do Not Get Bothered By Collection Agencies
People view bankruptcy as a wake up call and well they should simply because that means they hit the bottom of the barrel and are now scratching the bottom - for a lot more money!
When you think misery loves company, be secure in the knowledge that you will find at least one and a half million people in there with you, that's how many filed for bankruptcy in the last year. Anybody can over-extend themselves and many do for more factors than I could count.
Lots of corporations even mismanage their spending budget and need corporate debt restructuring to get them out of insolvency. This is why it's so important for business owners to contact a consultant heavily involved in restructuring finance plans.
Filing for bankruptcy isn't only used by the lower and middle-class, but the wealthy as well. Famous folks have fallen into the hole and climbed out, people like:
Donald Trump went bankrupt in 1990, Kim Basinger filed in 1993, Burt Reynolds filed in 1996, and Rembrandt in 1656. I am not certain about the last one; he might still be attempting to dig his way out!
When you or any person you know is behind on payments there is something they really should know. Since 1997 the government stepped in to stop dept collectors and collection agencies from harassing and threatening individuals in the middle of the night and using dishonest collection methods.
The Fair Dept Collection Practices Act (FDCPA) works to make collections agencies follow specific guidelines. These are things collectors have to do:
-Stop contacting you if the request is in writing and you contest the debt in writing.
-Within 5 days of their first contact, they must send you a letter stating the outstanding debt and creditor.
-If you need to dispute all or part of the financial debt, the collection agency has to quit contacting you until the creditor replies to your inquiry.
-If the collection agency wants to take you to court for the financial debt owed on behalf of the creditor it should summon you to the county where you now live or where you first signed the contract.
Now, don't be alarmed just because a creditor threatens to sue you simply because most times it's just meant to scare men and women into paying on debts.
Under the act (FDCPA) there are several things collection agencies can't do, some of which are:
-No calling you at work.
-Indicating they might be working with the federal government.
-No calling your friends or family.
-Implying that you may go to jail, garnish your income unless the debt holder intends to do it.
One last word on this point, remember on secured loans and vehicles there's a definite risk of repossession if the loan (mortgage or car) isn't paid. There is usually too much money involved here for creditors to lose so restructure your finances to make these payments on the top of your 'to pay' list!
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