Collection

The collection of debt can be an arduous, strenuous process for both the consumer and the debt collector. On one hand, you have the individual that has acquired the debt and now finds himself/herself in the dismal position of financial devastation or even economic ruin. On the other hand, you have the collection agent who is trying to do his/her job or assigned task.

A person might accumulate a debt before their life takes an economic nosedive. They could be left with a stressful financial situation. Now they face harassing calls from rude individuals, constant calling at any time of day or night, and maybe even threats from the party trying to collect on the debt. If you find yourself in a similar situation, you should know a few things. This kind of behavior is illegal according to the Fair Debt Collection Practices Act (FDCPA). The FTC drafted this Act as a way of protecting individuals from harassment by collection agencies. The FTC has noted the growing number of cases of abusing and harassing behavior by such agencies on American consumers.

The FTC wants you to know that the FDCPA was drafted to protect individual debtors from unfair or harassing behavior from creditors. The Act requires that debt collectors treat you fairly and it prohibits certain methods of debt collection. That does not mean that the Act or the FTC will erase or negate any legitimate debt you owe. However, it is designed to offer relief from bothersome and irritating calls and bullying collection tactics by these agencies.

According to the FTC, a debt collector may contact you in person, by mail, telephone, fax, or telegram. Nonetheless, a debt collector is not supposed to contact you at inopportune times or at inconvenient places. Inopportune times or inconvenient places, includes such times as before 8 a.m. or after 9 p.m., unless you have agreed and permit them to do so. It is illegal for a debt collector to contact you at work if the collector is aware that it is your place of employment and/or if your employer disapproves of such contacts at work. If you have employed an attorney, the debt collector must contact your attorney. It is illegal for a collection’s officer to contact you once you have made it know that you have employed an attorney. A collector is allowed to contact other people you know, but only to find out where you live, your phone number, and place of employment. It is illegal for them to converse with anyone other than you or your lawyer about why he/she is calling or to discuss any aspect of your debt with anyone else.

Types of Mortgage Loans include:

• Thirty-Year Mortgages
• Variable/Adjustable Rate Mortgages
• Home Equity Loans
• Government Loans