According to Fair Debt Collection Practices Act, debt collectors cannot use unfair, deceptive, or abusive practices to collect debt. It does not technically apply to banks, department stores, and other lenders who collect their own debts, but no reliable lender is permitted to use such practices. Some of the provisions of this act include:
- Debt collectors can only make reasonable efforts to communicate with the debtor.
- Consumers may sue collectors for punitive and actual damages.
- After making contact, debt collectors must send the debtor a written notice detailing the amount of debt, name of the creditor, and giving a time limit for the debt to be disputed.
- Debt collectors cannot use threats, obscene language, publicize the debt, make annoying or anonymous telephone calls, misrepresent the identity of the collector, the status of the debt, or the consequences for not paying.
3 comments:
Debt Consolidation is well off advised on someone using credit cards since they could hold quite large interest rates than even the unsecured loans. For credit card users if you have a property like a house or a car you may get the advantage of lower interest rates if you used the property as collateral. This way you reduce the total cash flow and interest rates giving you a chance to pay sooner with fewer amounts. Remember that the use of credit cards should be controlled with a lot of efforts since many people are tempted to use a credit card to purchase things unintended for especially those who love window shopping; they are tempted to go for impulse buying. If you spend more than your income with your credit card then you are in for fire and are only adding debts to your credit card. After debt consolidation of your credit cards, it does not mean that all is well. Control the use of your credit card to avoid growing debts.
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