Part of the issue is that the recent surge in digital lending and automated debt collection systems has made mix-ups more common. And, other factors, like the rise of buy-now-pay-later services, have also created new opportunities for identity theft and accounting errors that can land innocen...
If you are getting collection calls for any unpaid debt that you owe, the best way to handle them is to speak to the collector and find out everything you can find out about that debt. Make sure the debt is your debt. Make sure the amount is something you remember that you failed ...
As this process unfolds, make sure you know that consumers have considerable rights under theFair Debt Collection Practices Act (FDCPA). This act was created by theFederal Trade Commission (FTC)to eliminate abusive, deceptive, and unfair debt collection practices. The act specifically lays out othe...
The safest way to pay off high-interest debt is through the avalanche method, which focuses on the highest interest balances first while making minimum payments on others. Consolidating debt to secure a lower rate can also be effective. Can I negotiate with creditors to reduce my debt? Yes, ...
What Does Disputing Collection Mean? Disputing a collection refers to the process in which the debtor challenges the debt claim made by the creditor or the collection agency. Simply put, when someone disputes a collection, they assert that they do not owe the amount, indicating an error or dis...
Depending on the collection agency, you may not pay a penny for debt collection services unless the agency successfully collects the payment for you. In other cases, you may be required to pay a certain amount regardless of whether the agency is able to recover the debt. ...
The article discusses the ruling issued by the Texas Comptroller in June 2004 that a service provider that mails overdue letters to debtors and makes calls to debtors on behalf of and in the name of a creditor is providing taxable debt collection services even though no funds are collected. ...
International debt collection is the act of pursuing money that is past due from customers based in another country to compensate you for goods or services provided to them. The first step in the process is to communicate your desire to get paid to the international client, but you may need...
“collection fees” or “interest” hoping that the consumer won’t know any better. If a debt collector has added interest or other fees to a debt it claims you owe, ask for an explanation as to basis for those charges. If you feel you don’t owe those amounts, consult a consumer...
The Fair Debt Collection Practices Act (FDCPA) prevents bill collectors from threatening debtors with jail time but courts can send debtors to jail for unpaid child support. Creditors may have other recourse such as repossession if there’s collateral on the loan or they can take debtors to cour...