John E. Pytte
All You Need to Know about Debt Collection
Debts have a way of keeping you awake at night because of the thought of losing your home or other assets. A worrisome debt stays at the back of your mind every day until you clear it, especially if you have creditors contacting you at all hours of the day and night. Something that will ease your concerns is this: there are provisions that a debtor has under the law that protects them from harassment by the creditor or their appointed collectors. When the creditor cannot collect from you, they will most probably forward it to a debt collector.
The collector makes a commission, based on the amount of money they collect. They could also buy the debt off from the creditor so that they become the new creditors. They will, therefore, be on your back in a highly motivated way, calling you repeatedly to attempt collection.
What You Need to Know about CollectorsA debt collector has restrictions on what they can do in pursuit of payment.
They are not allowed to:
• Call you past nine p.m. or on Sundays unless you give permission for them to do so.
• Contact your employer seeking information other than confirmation of your salary and employment status.
• Contact your family outside of confirming your current address. The only person they are allowed to call and demand money from is you.
• Threaten you with consequences of non-payment such as jail time and repossessing your property.
• If you notify the debt collector in writing, they may not call you at your place of work
Dealing With Collectors
The money guides collectors. They only get paid on what they have collected and therefore the only thing on their mind when they get up is how they can nag you into paying off debt. You have a few cards that you can play:
• Make plans to make periodic installments of the total amount that you owe. This plan will silence them for a while as they see that your are serious about repayment.
• Negotiate with them on a cut in the total amount payable if you paid off the entire debt.
• Know your rights so that you know how far you should allow them to push you.
What the Law Says About Debt
The law has provided a period in which it can protect you from harassment by the creditor. The Fair Debt Collection Practices Act safeguards debtor from an ambitious collector whose motivation is the commission. Once your debt goes unpaid after the due date, it becomes overdue, and the creditor has a right to institute measures of recovering it. If you are willing but unable to pay it, even after it falls due, you will need an attorney to explain the provision of the law that area available to you before a collector takes advantage of your lack of information or misinformation.
Under Chapter 13, a debtor who has a regular income is allowed to come up with a repayment plan that will enable them to make payments over a period. In most states, the time provided is usually 3 to 5 years. The debtor, in this case, must show their intention and willingness to pay off the debt within the required time frame. They, therefore are protected from foreclosures and loss of assets. For you to invoke this provision, you have to file for bankruptcy first.
Paying off debt Savannah GA will improve your credit score. It is prudent to pay them off as soon as you can. If you are totally unable to make payment, contact a lawyer who will guide you through the process in a way that will get you favorable terms.
Attorney John Pytte and Georgia Debt Relief stands ready to help with advice that could save you a lot of money over the term of your program to pay off your debt. Paying off debt Savannah GA? We can help stop those aggravating phone calls from debt collectors. Contact us today to find out more.