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Debts are the most fearsome event that can happen in a person's life. At moments, debts can steal away all your happiness. We all want to pay our bills at the right time but sometimes due to some financial crunch it is not possible to make even minimum payments and meet due dates. During such situations it is advisable to call on your creditors and inform them. In many cases, they may be willing to reschedule payments or make other considerations to help you repay the debt. If a debt goes unpaid for an extended period of time, creditors may turn your account to a collection department or agency. Most collection professionals do not utilize threatening and intimidating collection techniques. But it is important that you know your rights as a consumer when dealing with collectors. It is true that debt collectors do have the right to demand payment, and eventually take legal action if necessary. But the Fair Debt Collection Practices Act prohibits all kind of harassment. Third party debt collectors cannot phone at your home repeatedly, or call before 8 a.m., or after 9 p.m. without permission. They can contact your friends, coworkers or neighbors only to inquire about your whereabouts and not for any other purpose. Obscene language or threats of violence are absolutely forbidden and a collector is not allowed to threaten you with false statements. A collector is also not allowed to call at your workplace without your approval. If the debt is being collected by a collection agency or other third party, you can send a letter using registered mail to the credit collection agency asking them to stop calling you. By law, they must comply. The fastest, safest and easiest way to get you free from debts is to go with a debt consolidation package. With debt consolidation your debt amounts are reduced to a great extent. And for the remaining amount an easy monthly installment plan is allotted. The debt consolidation counselor also guides you on restoring your former financial position. |
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