Fair Debt Collection Practices Act – Know Your Rights As a Debtor
Working with creditors and debt collection agencies is definitely a difficult ordeal. Their frustrating and persistence way of tracking you down no matter where you are can be very irritating for you, your family as well as your fellow colleagues.
Fortunately, to protect the overly abused debtors, there is the Fair Debt Practices Act or the FDCPA in short. It is a federal law that bans unfair debt collection practices that will have an effect on the quality of debtors’ life significantly.
While this article doesn’t list the entire act, it’s good to understand the common illegal debt collection practices in order that you will not be intimidated and know how you can deal with them.
1. Contact third parties including your families, friends, neighbors or employers about your debt.
Except if the court has given them permission for your creditors to do this, it is illegal for them to contact third parties about your debt. But they might contact third parties for the purpose of locating you. Even so, creditors should not reveal why they’re searching for you, except if you’re a minor.
2. Contact you at odd hours of the day – late night or very early in the morning.
Within normal circumstances, any time between 8am to 9pm is an acceptable time for them to call. Under no situation should your creditors contact you when you are sleeping, for instance at 3am.
3. Calling you over and over again by telephone or not identifying themselves when they call.
4. Continue to contact you when you’re represented by a lawyer or when they have received a written request from you to cease contacting you. ( a cease letter)
5. Make threats, make use of obscene, profane or abusively languages and comments on you.
6. Misleading you that they are affiliated with any state or federal government, or the legal status of your debts.
These are only a few of the common illegal debt collection practices. The FDCPA bans nearly any abusive, dishonest and unfair debt collection practices that might have an effect on the quality of your life greatly.
To find out more about your rights as a debtor, go to www.ftc.gov/os/statutes/fdcpa/fdcpact.htm for more info. It’s definitely good to know your rights as they provide you with a way of handling your creditors such that they do not exploit you.
Nevertheless, understand that the purpose of the FDCPA is to assist you to deal with creditors and not to ignore them and your debts.
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Filed under Business, Finance by on Sep 14th, 2010. 