Dangerously In Debt
Debt is a confusing topic for many people. Once in debt, there are many questions that arise as to how to fix the problem. Almost all of the time, people need help figuring out their next move. There are questions and answers that can help with this dilemma and any other problem you might have with
debt management. First, one of the most frequently asked questions is, "Can a debt collector call me late at night?" The answer to this is no, collectors can only contact you by telephone between 8:00 a.m. and 9:00 p.m. The Fair Credit Collection Practices Act prohibits early morning and late night phone calls. Debt collectors are supposed to be aware of what time it is in every region of the country so this does not happen.
Secondly, "Is a verbal payment agreement with a collector enforceable?" Most of the time, this is going to be a No'. You should always get any and all agreements in writing to protect yourself from the possibility of being sued. Your account could be taken over by another collector or be sold to a third party. A good written agreement lays out all the terms and conditions, is signed by both parties and is dated. In the case that a collection agency is harassing you about debt that you do not believe you owe, you can send them a letter asking that they verify the debt. Verifying the debt requires that they send you documented proof that you owe money.
The biggest and most important concern of many is paying off your debt and the process you go about to do that. "Does the collector have to accept my partial payments?" No, debt collectors do not have to accept partial payments and many will not. They do not care how you get them the money, even if it means selling your car they want a lump sum payment and will use very aggressive tactics to scare you into paying the debt as quickly as possible. Don't let this intimidate you. Pay what you can afford, keep track that you've tried to send your money in and if they send it back, resend it. If a judge sees that you've tried to pay your debt, but the collector is refusing it, it will not be you who gets in trouble.
Lastly, "Can a collector call my employer and have my wages garnished?" Not without a judge's signature. The Constitution of the United States guarantees you "due process." This means that a collector must sue you and the matter must be heard before a judge before your wages can be garnished. There are many more questions about
debt management solutions and how to handle it in a good way. Debt can be a very scary subject but if you happen to be stuck in that predicament, just take it slow and pay back what you can, when you can. Don't let people push you around or else you will most likely end up in even more debt than you started off with.
Dangerously In Debt
By: Britney Lodato
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