Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan.
Foreclosure Lawyer Explains Abusive Practices Used by Debt Collectors
If you’re struggling to pay off large debts, it can be a stressful time. The burden of payback can be a constant worry and impact your daily life. Depending on the size of the debt, you may be receiving daily calls from debt collectors pressuring you to pay it back immediately.
While the federal government has enacted laws to protect consumers, sadly many of them don’t know their rights. And even more troubling is that many debt collection agencies ignore the laws too.
Crossing the line
Debt collectors are bound by the Fair Debt Collection Practices Act (FDCPA). It lays out guidelines for third party debt collectors on how and when they may contact you, and what they may say.
But not all collectors play by the rules. Many sink to low practices of making threats and false statements. They may threaten you could go to jail for not paying, or that they have the power to garnish your wages or protected incomes like social security. This is not true, and they aren’t allowed to say things like that.
Collectors may attempt to harass you with many, many phone calls over the course of the day, sometimes even at inconvenient hours. Collectors are only allowed to call after 8am or before 9pm, unless you agree to speak with them at an alternative time.
Another violation is to misrepresent the amount you actually owe. A collector may inflate interest or administrative fees on top of your original debt. This can be legal if it was included in your agreement with the original creditor.
Asking the debt collector to verify the debt will help you to shed light on the truth. You must demand this verification within 30 days.
The debt isn’t yours
This actually happens! Quite frequently, in fact. A debt collector may call and harass a consumer about a debt that doesn’t even belong to him or her. This could have resulted from a mixup, misunderstanding or it could be a flat out mistake on the part of the debt collection agency.
Either way, we have seen some consumers go to the point of actually paying the debt if they can afford it, just to get the harassment to stop. You don’t have to do this! If you believe you are being harassed for a debt that is not yours, call a Foreclosure Lawyer such as Chorches Bankruptcy Law today for a free assessment to understand how we can help.
The most important thing
The most important thing to know about debt collection is that working with Foreclosure Lawyer means that collectors must stop talking to you directly. All communication must go through the counsel representing you.
The main goal of a Foreclosure Lawyer is to protect their clients. They will make sure debt collectors pursuing you are avoiding abusive practices. And if they are breaking the law, the lawyer will take immediate action on your behalf.
Working with a Foreclosure Lawyer begins with a free, no obligation consultation. They know you have already experienced unpleasant pressure from collectors. Call your local law firm today to get started.