Answer
Apr 01, 2018 - 05:29 AM
I feel your pain. It's unnerving to receive those annoying (you owe us money) calls multiple times per day from any given state in the country because you defaulted on a loan of some sort. Unfortunately, there is no magic formula for this question.
These agencies that often buy debts from companies or the original holders of the debt themselves are known for hiring aggressive and unprofessional employees (henchman) often leave messages threatening to file lawsuits, garnish your wages etc. If you don't pay up right away.
The reason these people are so aggressive at times, is because many of them receive commissions for every debt they successfully collect. Often called bounties. The bigger the debt, the higher the commission. But still, that is no reason to harass someone to the point of level 10 irritation.
What can you do?
If you’re being hounded by an aggressive debt collector:
1. Be skeptical: Get the facts straight, including whether the debt is yours and the amount is correct, by validating the debt.
2. Stand your ground:
Don’t be pressured into a hasty decision. Take the time to figure out the best way to handle a debt in collections.
3. If you owe a debt, try to make reasonable arrangements to pay the company?
4. If possible make affordable payment arrangements. (Many won't accept small payment ($25 per month etc.) Most require $100 or more per month to make it worth their while.)
5. Stand up for your rights: Report harassing debt collectors to the Consumer Financial Protection Bureau.
Yes, everybody owes somebody and these collection companies are relentless at times, making you feel worthless. This is unacceptable. Their job is to pressure you and make you feel worse than you already do, all an attempt to shame you into paying them. All in the name of money. The interesting this is, that many, if not all of these companies are insured (meaning they get that money you borrowed reimbursed) but, they want you to pay it.
And that's fair, you borrowed it, you pay it back. It's called responsibility. But, what happens when you get behind? They begin stalking local and national data bases in a attempt to hunt you down!
( Ofter times, calling friends and family. Embarrassment or shaming tactics)
Where are the regulations? Where is there support from state officials?
The situation grew so ugly that the federal government had to step in and pass laws to protect consumers. The Fair Debt Collection Practices Act (FDCPA) and Fair Credit Billing Act (FCBA) are part of the Consumer Credit Protection Act, which outlines what is accepted and prohibited behavior from debt collectors. This legislation also stipulates the rights and remedies afforded to consumers who are subject to debt collection efforts. In short, the laws protect consumers – and these are rights that collection agents prefer you not know.
These agencies that often buy debts from companies or the original holders of the debt themselves are known for hiring aggressive and unprofessional employees (henchman) often leave messages threatening to file lawsuits, garnish your wages etc. If you don't pay up right away.
The reason these people are so aggressive at times, is because many of them receive commissions for every debt they successfully collect. Often called bounties. The bigger the debt, the higher the commission. But still, that is no reason to harass someone to the point of level 10 irritation.
What can you do?
If you’re being hounded by an aggressive debt collector:
1. Be skeptical: Get the facts straight, including whether the debt is yours and the amount is correct, by validating the debt.
2. Stand your ground:
Don’t be pressured into a hasty decision. Take the time to figure out the best way to handle a debt in collections.
3. If you owe a debt, try to make reasonable arrangements to pay the company?
4. If possible make affordable payment arrangements. (Many won't accept small payment ($25 per month etc.) Most require $100 or more per month to make it worth their while.)
5. Stand up for your rights: Report harassing debt collectors to the Consumer Financial Protection Bureau.
Yes, everybody owes somebody and these collection companies are relentless at times, making you feel worthless. This is unacceptable. Their job is to pressure you and make you feel worse than you already do, all an attempt to shame you into paying them. All in the name of money. The interesting this is, that many, if not all of these companies are insured (meaning they get that money you borrowed reimbursed) but, they want you to pay it.
And that's fair, you borrowed it, you pay it back. It's called responsibility. But, what happens when you get behind? They begin stalking local and national data bases in a attempt to hunt you down!
( Ofter times, calling friends and family. Embarrassment or shaming tactics)
Where are the regulations? Where is there support from state officials?
The situation grew so ugly that the federal government had to step in and pass laws to protect consumers. The Fair Debt Collection Practices Act (FDCPA) and Fair Credit Billing Act (FCBA) are part of the Consumer Credit Protection Act, which outlines what is accepted and prohibited behavior from debt collectors. This legislation also stipulates the rights and remedies afforded to consumers who are subject to debt collection efforts. In short, the laws protect consumers – and these are rights that collection agents prefer you not know.
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