Do you receive threatening phone calls from third-party creditors at all hours? Do they try to contact you early in the morning and late at night, threatening legal action that never seems to materialize? Well, you should know that these tactics aren’t just scary and demoralizing–they’re illegal. And you can make it stop, thanks to the Fair Debt Collection Practices Act.
Let’s face it, no one likes to be in debt. You may have every intention of paying off your debts when you have the money available, but in the meantime, you may be spending more time screening calls than working out your finances. The Fair Debt Collection Practices Act is a liability law that prohibits abusive or dishonest conduct by third-party debt collectors.
What does this mean for you? Collection agencies are not allowed to call before eight o’clock in the morning, or after nine o’clock at night. They can’t threaten legal action or an arrest that won’t actually be made. (This is a common tactic shady debt collectors use to try to scare you into borrowing more money to pay off your debts.) Also, they can’t discuss your debts with any unrelated individuals–like your children or the baby sitter.
Know More about the Fair Debt Collection Practices Act
Some debt collectors employ a “by any means necessary” policy when it comes to recovering money for a debt. But the Fair Debt Collection Practices Act protects you from intimidation and harassment. If third-party collectors are found in violation of the Act, you may be entitled to damages both actual and punitive, as well as lawyer fees and court costs. Know your rights, and stop the scare tactics today.
Ask the Banklady articles: bad credit, reverse mortgage, ways to get out of debt, first time home loans, mortgage brokers &