Don't Make These Seven Mistakes When Dealing With Debt Collectors.
The number of complaints regarding debt collectors is increasing
. From 13,950 reported to the Federal Trade Commission in 2000, the amount has expanded to more than 66,000 in 2005. And these are just the ones reported--the greater number of complaints go unreported. But this is not the worst; a substantial number of complaints are coming from customers who do not even owe the debt.
So what's happening here? It's apparent that debt collection agencies are becoming increasingly competitive and that they're becoming much more aggressive in an effort to improve their bottom line. And to do this, they have to put much more pressure on the person who owes the debt-the consumer, you.
But when handling debt collectors under the FDCPA, don't commit the following mistakes:
1. Not knowing your rights. You have to keep in mind that you have rights even if you haven't paid what you owe for no matter what reason.
2. Not saving records. To be able to apply your rights, you'll have to keep several records. This will imply a phone log (the number of calls and when can both be violations of the FDCPA); notes from the phone calls (what they are saying to you may not be abusive, harassing or a misrepresentation); and all of the letters they send to you (they need to have the proper notices) as well as the letters you send to them. All of these should be saved for you to better make your case.
3. Not responding on time. You have specific rights that must be exercised inside a particular period of time or they're lost. Respond when you need to and file suit on time--if it comes to that.
4. Avoiding the calls. Don't avoid the telephone calls either. It is solely by handling the debt collector that any of your rights under the law may be exercised.
In handling debt collectors, it likewise makes sense to be smart. Hence, for instance, don't also make these mistakes:
5. Not negotiating. Debt collection agencies quite often buy the debt. And they buy it for a lot less than you owe on it. Their profitability comes from getting you to pay more-- and possibly a lot more-- than they paid for it. So be sure you try to negotiate a lesser figure. They simply might approve it.
6. Ignoring the debt. Ignoring the debt is only going to cause more problems.
7. Paying by personal check. Paying by personal check gives the debt collector your account number and the name of your bank. That can create certain problems with unscrupulous debt collectors who might be enticed to do something shady like setting up an electronic payment.
If you are faced with any attempt to collect a debt, be sure you get all of the info you can. If you do, you'll be more able to enforce your rights--and they'll be less able to intimidate you. Both of these come out on your side of the ledger sheet.
by: Edith Green
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Don't Make These Seven Mistakes When Dealing With Debt Collectors.