Consumer Financial Information & Resources » Debt Collection

Choose the correct way out of debt troubles and see the benefits

admin — Thu, 22 Sep 2011 23:02:45 +0000

Are the debts you have incurred creating havoc with the peace and happiness of your life? Are you under constant stress from keeping a track of numerous credit card bills and creditor calls? Then it is time you opt for debt consolidation Florida to get you out of all these debt related troubles. There are various debt settlement companies in Florida that you can approach in order to receive professional help for consolidating your debts. The advantage of have a professional company helping you is that, since they are aware of the various laws, rules and regulations that are applicable for such situations, they can handle your debt consolidation process in a better and more organized manner than you would have done alone.

How can you consolidate debts through a debt consolidation company?

The process of debt consolidation involves merging your multiple debts into a single one. When you approach a professional debt consolidation company for help, they provide you with a negotiator. This negotiator will now, on your behalf, negotiate with your creditors to reduce the interest rate on your outstanding debt, so that your minimum monthly payments reduces and you are able to pay back the debts faster and in full. The negotiator, before starting to bargain with your creditors would appraise your financial situation carefully and decide how much you will be able to pay to clear your debts. He will then negotiate with your creditors accordingly. In this process, you have to give the debt consolidation company the sum total of all the minimum monthly payments, and if possible more. The company will then, on your behalf, distribute this money among your various creditors. Thus you are able to consolidate your multiple debts into a single one.

What are the advantages of debt consolidation?

There are various advantages that you can have with debt consolidation. These are explained below.

Single monthly payments – With the help of debt consolidation you can merge your multiple debt payments into a single monthly payment. Thus paying back your debts becomes more convenient.

Reduction of interest rate – The interest rate on your outstanding balance gets reduced. Thus your minimum monthly payments also gets reduced, thereby facilitating you pay back your debts faster. You also end up saving money on interest rate payment in the long run.

Getting rid of creditor calls – Creditor calls for paying back your debts are likely to stop once you have approached a debt consolidation company to consolidate your debts.

Increasing your credit scores – Debt consolidation ensures that you pay back your debts in full. Thus this affects your credit ratings positively and may increase your credit scores.

Thus you can see how opting for debt consolidation can help you to come out of debts in a systematic and organized manner.

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How long does it take for debt collection agencies to file on your report?

admin — Mon, 04 Jul 2011 23:25:02 +0000

I had 2 300 dollar debts from cell phone companies over a year ago.
I received the usual phone calls and letters from debt collection agencies.
However I pulled my credit report today and don’t see any dings from the collection agency.
My question is, how long does it take for a collection agency to file a neg on your report?
Also, is there a certain dollar amount needed before they can do so?

Best reply by Huntsman:

There are 3 credit reports.
These companies usually only report to one to save money.
Get the other 2 reports for free once a year at
Annual Credit Report.com https://www.annualcreditreport.com/cra/index.jsp
And, never pay for your credit reports again. Don’t fall for tv scams ads

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If I send a check to the debt collection company, will the account be settled?

admin — Fri, 03 Jun 2011 04:44:30 +0000

If I send the collection company a check for the amount we agreeded to settle, and they cash it, will the account be settled? If I include a letter saying that this check is to pay for the debt in the amount agreed upon, can they come back after me for more? Or will they just cash it and be done with it?

Best reply by CatDad:

If you have no written settlement letter from them that confirms these terms before you pay, then you cannot prove that the account was ever settled in full. The check without a settlement letter only proves that you made a payment on the account.
Debt collectors have all sorts of tricks up their sleeves: One of their favorites is to agree to settlement terms over the phone then deny that any settlement was ever offered once they get your payment. They could also resell your account to another collection agency and you’d have no proof that the account was ever Paid in Full. Never take chances with collection agencies…get all terms of any settlement in writing first.

All you need is a simple letter from them on their letterhead in this format:
This is to confirm that this account will be “Paid in Full” once the amount of $ X has been received.

Read the original question here
If I send a check to the debt collection company, will the account be settled?

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If a company has sent my account to a debt collection agency, can I set up a repayment plan with the original?

admin — Tue, 17 May 2011 11:14:18 +0000

I had a disputed AT&T bill, and the company referred my account to a debt collection agency last September. However, since I haven’t been in the US for a year, I didn’t receive the letters until now. Is it still possible for me to call AT&T and set up a repayment plan with them, or is that out of the question at this point?

Best reply by CatDad:

No, you’ll have to deal with whatever collection agency that has your account.
Try to avoid “payment plans” with debt collectors, as your payments can go down a black hole of high fees and interest. Save your money to settle for less. Offer to settle the account in full in a one-time payment…starting @ 30% and go from there. I have more info at: http://catdadsblog.wordpress.com/how-to-pay-collection-accounts-on-your-credit-report/

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I received a letter from a debt collection agency stating that a court date was reset from the original date.?

admin — Thu, 05 May 2011 18:42:20 +0000

I had never received a summons to appear in court on this matter. The only correspondence I received was this letter resetting the court date. I contacted the debt collection agency and they informed me that it was being dismissed since they did not receive all of the necessary documentation from the original creditor.

What happens next?

Best reply by ~Dark_Wanderer~:

to save yourself the hassle … get all documentation you have recieved so far … from both the original creditor and this collection agency .. compiled in a file … also get it in writing from the collection agency that the case was dismissed .. dont go by word of mouth .

Read the original question on Yahoo! site
I received a letter from a debt collection agency stating that a court date was reset from the original date.?

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Can Robert Corey from Debt Collection Inc. in Toronto be charged criminally for harassment and threats?

admin — Thu, 28 Apr 2011 23:42:28 +0000

Robert Corey who works for Debt Collection Inc in Toronto made threats and angry calls including personal attacks and fear tactics. He continued to call someone’s place of work even after he was asked not to.
His phone number is 416-640-0575 ext. 110
If you receive a call from his, RECORD YOUR CALLS. He will say anything he can to scare you into giving him money.

Best reply by rayven:

Maybe, but your question is going to be deleted eventually.

You can’t post private information about a person without their permission.

And you are using your question to bash someone you have a grudge against.

**reported**

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how to check my debt collection from online gambling?

admin — Mon, 28 Mar 2011 12:02:29 +0000

hi. I charged back from the sports betting site for some reason. they said they sent me to the debt collection. how do I check that I am on the list in debt collection?
thanks.

Best reply by John W:

Hi,
In reference to any gambling online, here in the USA it is a no-no since the gambling act went into play a few years ago.
Most casino’s will say they sent it to collections but they know they cannot collect it.
It is mostly a scare tactic by the casino’s because they are off shore and do not answer to any real authority or laws like here in the USA.
By doing a chargeback, DO NOT go opening accounts at casino’s to play then do a chargeback because most online casino’s talk to each other and they will pass on your information.
One thing to be very careful and to watch out for is that after 2 or 3 months, the casino might put it back thru as a charge again.
Watch you bank statements every month, and sign up for your banks “alert” system where they will notify you when anything is done on your account.
I hope this helps.

Read the original question here
how to check my debt collection from online gambling?

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How long do I have before debt collection?

admin — Mon, 03 Jan 2011 23:24:55 +0000

How long do I have before my unpaid credit card debts get sent to debt collection agencies?

Best reply by stan c:

It’s usually between 150/180 days. The derogatory info will stay on your credit files for 71/2 years

Read the original question here
How long do I have before debt collection?

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Can someone give me a refural to a good debt collection defense lawyer to represent a civil case?

admin — Tue, 28 Dec 2010 03:31:35 +0000

I have been harassed by a company that is a legitimate debt collection company, but seems to be a scaming corporation.

I need a good FDCPA lawyer so I can sue…

can someone give me a good refurral?

Best reply by Edward Fox:

How can a legitimate debt collection company be a scammer?
If the debt is genuinely yours, your hostile action means you can forget about any “breaks” in respect of repaying the debt you might otherwise have received.

Read the original question on Yahoo! site
Can someone give me a refural to a good debt collection defense lawyer to represent a civil case?

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What happens if I can’t pay the debt collection agency?

admin — Thu, 14 Oct 2010 12:54:27 +0000

I am 60 years old. I live in the state of Texas. I am disabled. My only source of income is SSI. I am also on Medicare. I have lung cancer.

Today I received a letter from a collection agency for a debt that I owe 2 years ago. It’s about $400. I cannot pay that amount. I don’t own anything valuable. I live with my wife but my name is not on the house title, only hers. What can happen to me?

Best reply by Jackie:

Nothing much can happen to you if you make a token offer, even one dollar a month. You can only get in trouble if you say “I’m not paying it.” They will probably refuse your token offer but a court will accept it.

Read the original question here
What happens if I can’t pay the debt collection agency?

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Why do debt collection company serve summons only by mailing it?

admin — Wed, 15 Sep 2010 22:43:48 +0000

Why debt collection company only send summon by mail? I have never heard anyone served in person or notice left at the door. A defendant can ask the Court to dismiss the case for the reason of improper serving. Sending summons only by mail is improper according to the Court.

Best reply by Ghost of Zeuz:

Correct. It is improper service.

Read the original question here
Why do debt collection company serve summons only by mailing it?

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Protect Yourself from Debt Collection Harassment

admin — Mon, 26 Jul 2010 17:51:26 +0000

The Fair Debt Collection Practices Act is Designed to Protect Consumers…

With the lacking economy affecting so many people, it’s getting harder and harder for many to find money. And though debt collection agencies are finding they have more business than ever, they are also finding that fewer folks can afford to pay their bills, which is causing some to be downright nasty and rude in their collection attempts.

According to the Federal Trade Commission (FTC), complaints of harassment by debt collectors jumped 50 percent in 2009.

Protect Your Identity and Your Credit Score with ProtectMyID®

If you are experiencing pestering calls from collectors, it’s important that you understand your rights. If you feel that you are being harassed, the Fair Debt Collection Practices Act can further educate you on the subject.

Clearly collectors are nothing if not persistent, which, believe it or not, is the number one complaint among consumers – repeated calls. Unfortunately, neither phone calls to your residence or your place of work is illegal. Foul language on the other hand is, and foul language is second on the list of complaints from consumers at 35 percent. So start recording those phone calls in case the harassment leads to a legal hearing.

According to FTC Commissioner Julie Brill, “debt collectors are allowed to engage in legitimate practice in order to try to collect debt. They are allowed to call the consumer at reasonable hours. They are allowed to contact the consumer through the mail. But there are certain things that they are not allowed to do.”

Know that threatening to garnish wages or press legal charges against you, this is absolutely illegal. In addition, collectors cannot contact your family members or neighbors to discuss your financial situation.

Social networking online is, however, legal. That’s right, if done correctly (obeying the law and the TOS of the website), collectors can hunt you down on the internet. According to Commissioner Brill, they cannot contact you online unless they first tell you that they are a debt collector.

Commissioner Brill advises that you contact the Federal Trade Commission or your state attorney general if you are the victim of debt collection harassment. Any company found to be in violation of the law is liable to face stern penalties from the FTC.

If you find that a collection agency has targeted you for someone else’s debt, don’t simply tell the caller that you are not the debtor. You’ll likely continue to receive calls. Instead, ask for the caller’s name and the name, address, and phone number of the collection agency. Follow up with this by sending the company a certified letter that states they’ve contact the wrong party, the debt in question does not belong to you, and that you wish to no longer receive calls regarding the matter.

This will cover your bases should the collection agency post the debt on your credit report. If this occurs, contact the three main credit bureaus – TransUnion®, Equifax®, and Experian® – as soon as possible.

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