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Debt Collection in Today’s World Debt is something that is very prevalent in today’s world and can cause many issues for people that have it. Because of how many people are suffering under the weight of severe debt, the debt collection business is really booming as of late. A lot of people are aware that handling debt collectors that are trying to talk with them can be a really stressful situation to be in. Clearly, a debt collector is just trying to do their job and get you to pay back the debt that they owe. What if you can’t pay the debt back right now? You might be shocked to learn that debt collectors actually have specific rules that absolutely must be followed. A lot of people know how stressful it can be to have debt and to be harassed by debt collectors, but many don’t realize what their rights are as they are in that process. The Federal Trade Commission is working to try and educate people about the rights that they have when they have debt in order to prevent abuse by debt collectors. Unfair debt collection practices are happening more often than you think. Any of the rules that are in place are there so that consumers can be protected if they have debt. Debt collectors need to follow the rules about when they are able to contact you and what they are allowed to collect from you. Misleading statements are one of the more common ways that a debt collector may try to break the rules. Debt collectors are infamous for trying to get people to pay their debts by trying to scare you or downright lying. As sad as it is, it is a fact that this is especially effective on elderly consumers. Debt collectors can be quite ruthless and sometimes, they may call repeatedly, contact family members or friends, or even use unmannerly language over the phone to get you to pay. All of these are instances of rule breaking occurring.
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It is important to remember that you do have every right to repay your debts to the lender. This is the most foolproof way to stop collections from any debt collector that may be harassing you. Once you create a deal with your lender, they will legally be required to make sure that the debt collectors stop trying to collect from you since they know that they money will be coming directly to them from you. This can be a big relief for anyone. Another option you have if you are unable to pay is to file for bankruptcy because you will not be able to be collected from if you do this.News For This Month: Services