Debt Collection

The first thing you want to do, is know your finances. If you cannot make payments, let them know, for some reason they continue calling, avoid the call. Try to be in touch with them at least once a month just to tell them how things are going. Now days everybody has caller id. If you do not have any money at all, then avoid answering there calls, and send them a cease and desist letter (also known as a C & D letter).

US recession is here, what can we do about it, to avoid a black Thursday.

American debt is going further then stated, Recession 2009 here we come.

Is it fair that they want your money, should you pay these collection agencies your money. I say no, no way Jose. Keep your money and retain an attorney to settle out the difference on your debt. This Fair Debt Collection Practice was suppose to help the American people, the only thing its doing is making Collection tycoons wealthier, they prey on the disadvantage.

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Debt Recovery is the same thing as debt collectors. They just seem to make the wording sound better, similar to trailer homes and remanufactor homes. Don't let the wording full you, they are upto no good. If contacted by mail or phone keep everything documented.

A Debt Collector someone who works for a creditor or a collection agency. There goal is to collect the money, no matter what it takes. Theres a small percentage of firms that are ethical, and law-abiding. We could really do without collection agency, and debt collectors, they are the most hated people an America. We need to shut these money hungry, and quick bucks organization down.

There are two types of debt collection agencies.

1. One who acts as an agent who works for or with the creditor to collect on pass due funds.

2. The other one are debt buyers, who purchase charge-off accounts at a fraction of the amount usually between .03 cents up to .15 out of a dollar. Which increases the collection agency revenue.

There are certain types of debt collection practices you rarely see. If you do you need to report it to the FTC.gov

* threats or harm
* publish a list of debtors
* use vulgar language or call epeatedly
* accuse you of a crime or state that you are going to jail
* state that they will garnish your wages or sell your property
* or threaten you for legal action

If you have credit cards, owe money on a personal loan, or have a mortgage loan, you are a debtor. If you do not pay on your credit card or fall behind on your personal or mortgage loans; or errors on your account. You will be called by a debt collector.

Either situation you are protected by Fair Debt Collection Practices Act, in lamine terms this act places guidelines for everybody to be treated fairly
and restricts unethical collection procedures to take place. But you have to remember that you still owe this debt.

Collections on debt can be very stressful and embarrassing . Threats and vulgar language can drive you to your stopping point. What can you do about it, and what you should do about it. First learn why they are calling, make sure you are the right party, and determine the age of the debt. Most states after 3-4 years they cannot do anything about, well as far as legal actions, please check your state. If not obtain an attorney or settle out of court.