What debt collectors don't tell you.

 In the event you are facing debt collection I am providing a little information to help you weather the storm. Do not get mad and rant and rave at the caller, you won't get anywhere with the tactic and most collectors record their calls. Know your rights under the law and exercising your rights, as calmly as you can. Make sure everyone in your household knows not to divulge any personal information and do business with the collectors in written form only. Buy a book on stopping debt collections and read it, knowing what you can and can not do is very helpful as you work through this stressful time.

Debt collectors are regulated under the Federal Trade Commission rules. Under the rules you have certain rights. You can request written verification of the debt, they have five days to send it. After you get the verification you have thirty days to dispute the debt. You do not have to and should not give out any information about yourself. If you do not owe the debt request that collection efforts stop.

Do Not acknowledge that you owe a debt. If you do you could unintentionally restart the clock on the statue of limitations. If the statue had run out the debt collector can not sue you for payment.

Your state attorney general can give you the time limits for your state. (www.naag.org for the list of all the attorney generals) See http://www.ftc.gov/os/statutes/fdcpajump.shtm for the ftc rules on debt collections.

If you owe a debt and can not pay in full offer to settle the debt. Collection agencies often will accept a lump sum payment that is 25% to 35% less then the original amount owed. All agreements should be in writing, make and keep notes of all calls received. You can not prove harassment without the notes, the more detailed the better. Send all written communication by certified mail. Pay them with a certified bank check only, not your check nor a credit or debt card. Do not provide any more personal information, they will use it to your disadvantage.

Collectors can not harass you. They can not threaten violence. They can not use profane language.

They can not call at unreasonable hours of the day. They can not represent that they are attorneys,

They can not mail a letter that shows it is from a collection agency. They can not tell you employer about the debt. They can not represent themselves as law enforcement officials.

A good web site for more information is http://www.credit.com/ Note: we are not affiliated with this company in any way. We do not endorse them, are intent is only provide a place for you to learn more.

Harassment complaints can be filed with the FTC and with your states a tourney generals office.