Bill Collectors

If you are a newlywed couple for some reason or another you might have gotten behind in your bills. This happens to many of us.

I am sure you have been called by a bill collector. In 2010 there were over 10,000 bill collecting agencies registered. They have collected approximately $9 billion dollars.

If you are being harassed by one of these agencies you do have rights under the Fair Debt Collection Practices Act. This abuse can be reported to the Federal Trade Commission and also your local state attorney generals office.

When you are contacted by the debt collecting company you have to remember they really don't care about your circumstances the bottom line is to get as much money out of you as possible. Their philosophy is all debtors are habitual liars and will say anything. They will make such ridiculous suggestions as borrow the money from your friends, take the money out of your retirement plan such as a 401(k), use another credit card. All of these ideas are horrible and go against any advice that you would get from a financial planner. I am not saying that you should not pay your debts but don't be intimidated into doing something foolish by one of these agencies. These companies will even call you at work and try to intimidate you. All you have to do is simply state do not call me at my place of employment anymore they must stop that is the law. So if you are intimidated by a debt collecting agency contact the government agencies mentioned above and file a complaint you do have your rights.

Debt Statue of Limitations

Did you know that many states have statue of limitations on the debt that you owe. If your state has this debt collectors cannot sue you or put your debt on your credit report if the limitations have run out.

You must be careful when a debt collector calls you do not agree to any partial payments or repayment plan or even admit remember knowledge the debt as this may start the clock over on your statue of limitations. If you are threatened or a debt collector uses profanity or keeps harassing you after 9 PM you do have some options. You can report this company to your state attorney generals office and also the Federal Trade Commission as these are violations of the Fair Debt Collections Practices Act. Remember we do not have a debtors prison in this country and you do have rights you must be aware of them and study your options.

Stop Debt Collectors

If you ever had to deal with a debt collector, you know it can be a frustrating and aggravating experience. Many debt collectors are persistent and aggressive when trying to collect an outstanding debt. In many cases the tactics used by debt collectors are illegal in most states. A client of mine was telling me his story on dealing with a persistent debt collector. When the collector would call his home, he would inform that the conversation would be recorded. My client said that was fine and also informed him that he would be recording the conversation also. Upon hearing the collector, immediately said he could have no further conversation with my client. Seems odd they want to record you but do not want to be recorded, perhaps they were using tactics that were against state laws.

There is also a federal law that has been passed, Fair Debt Collection Practices Act. Under this law the collector is banned from using aggressive and unfair tactics to collect the outstanding debt. They can actually be fined up to $1000 for abusing this law. Debt Collections agency will use just about any tactic to collect the debt. They have little regard for your rights in the situation you are in. If you come across this situation where you are being threatened, lied to and insulted by profane language, these people are breaking the law and you may hold them accountable. You might want to consider filing a lawsuit to protect your rights and obtain compensation damages.

Examples of the illegal debt collection would be early morning calls or any calls after nine o'clock in the evening. They are using profane language, contacting you at work even if you already had a Stop Collection Calls. If you have to deal with a debt collector who is over aggressive and abusive, you do have rights. You may file a complaint with the federal government and also state government. If you think it is really getting out of hand you might want to contact an attorney and see about filing a lawsuit for abuse and Stop Debt Collectors instantly.