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Questions about Collection Agency Laws

What is a collection agency?

A collection agency is a type of business that goes after a person for a debt that they owe, regardless if the debt is owed by a person or a business. In most cases, collection agencies operate as a type of agents for the creditors or lenders for a percentage of the debt that is owed. When it comes to collection agencies, there are many types from first-party agencies that are the actual company the debt is owed to or an agent of the company, or a third-party, which is a separate company that is contracted to collect the debt for a fee. When a person purchases the debt, he/she is called a debt buyer.

If a collection agency for a credit card has a judgment against a person, can they take the person’s tax refund?

When a collection agency attempts to collect the debt owed to a credit card and receives a judgment, then the collection agency cannot take the person’s tax return. The only debt that a tax return can be intercepted for is child support obligations or government type debt.

If a person files for bankruptcy, how long does the person have to tolerate collection agencies calling?

When a person files for bankruptcy, the collection agencies are required to stop calling once the notice of bankruptcy filings are received, or when the person tells the collection agency that the bankruptcy has been filed. If the collection agency continues to call the person, then it is considered to be a violation of the bankruptcy code automatic stay, which stops the collection actions against the person that files for bankruptcy. If the collection agency continues to call the person after the notices have been given, then the person can contact a lawyer to file a suit against the collection agency.

In the state of South Carolina, what is the statute of limitations regarding collection agencies calling for a debt?

When it comes to a collection agency collecting on a debt, the statute of limitations in South Carolina is 3 years. This means that if the person did owe the money, then the collection agency could not collect if the debt is over 3 years old.

If a person owes a collection agency a large amount of money, how would they go about seeing if the agency would settle the case?

If the person has the ability to pay the lump sum that is owed, then the person would have a better chance of the collection agency settling the case as compared to making part payments. In most cases, if the person wanted to do a lump sum settlement, then the agency may do this for 50% of the amount of the debt. If the person could only make payments, then he/she would be looking at paying at least 75% of the debt owed. The best way for the person to find out what the collection agency would settle for is to contact them and discuss the settlement option and amount. If there is no agreement on a settlement amount, the person would need to continue to bargain with the collection agency till the amount that is agreed to by both parties.

Collection agencies are in place to collect debts that people owe. When an issue comes up regarding the practices or laws that bind the collection agency, then the person may need to seek Expert insights to clear up any confusion or questions the person may have.

Ask a Bankruptcy Lawyer

FiveStarLaw
FiveStarLaw, Attorney
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Experience:  Bankruptcy Lawyer. Experienced.
9968427
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Bankruptcy Lawyers are online & ready to help you now

FiveStarLaw
Attorney
Satisfied Customers: 3203
Bankruptcy Lawyer. Experienced.
Terry L.
Attorney
Satisfied Customers: 2204
Better Business Bur 15yrs bankruptcy experience. Chicago Bar
Phillips Esq.
Attorney-at-Law
Satisfied Customers: 950
B.A.; M.B.A.; J.D.

Recent Collection Agency Questions

  • Hello, I've had 3 student loans totaling more than 11,000 in

    Hello, I've had 3 student loans totaling more than 11,000 in which unfortunately I defaulted on. They have been garnishing my wages and intercepted my income tax last year. I currently owe 4,000 only. I've applied online to have the left over balances on the loans consolidated, therefore I can get a better monthly payment based off of my income. I would like to know if my request is accepted and my loans are consolidated removing me from default status; will the collection entity that's receiving the garnished payments be notified of my new loan status and stop the garnishment, notifying my employer of the same? I would definitely prefer to pay the Income based amount set with the new loan and have this status removed from my credit report versus continuing to allow the garnishment and it's causes a financial hardship in addition to not doing anything for my credit. Finally I'm at the point where as I'm ready to file for a chapter 7 bankruptcy at the initial start of the year. I'm wondering if I'm temporarily protected by the filing until my bankruptcy is discharged will they still intercept my tax return. I know the loans isn't dis-chargable under the filing, but it does however provide temporary coverage. I'm out of ideas, have a manageable balance on my loans, would like to figure a way to stop the offset of my taxes this year. Please help, if possible. Any advice would be greatly appreciated.
  • Message for Terry L: I am preparing a 7 petition for someone

    Message for Terry L: I am preparing a 7 petition for someone and had some questions: (1) If there are several accounts that were closed and listed on person's credit report as a “charge-off” should I still list them even though the balance on the report
    shows 0? Or just list the collection agency? Also the original account numbers are unknown, should I leave the account # *****? (2) Finally is there a special way to list student loans [granted they won’t be discharged] on the petition (person wants a break
    in payments while pending). What about closed bank accounts that have negative balances? Thank you in advance Terry!
  • i read this on a site for a debt buyer lawsuit: 1) move to

    i read this on a site for a debt buyer lawsuit: 1) move to dismiss the complaint for failure to properly plead. Most state civil rules require the collection agency to attach a copy of the signed agreement giving rise to the debt or explaint why it is
    not available. More likely than not, the scavenger can't supply this (and don't realize it's a requirement). When the rule isn't followed, the complaint can be dismissed and the scavenger often looks for easier prey. Is Texas a state that requires this? My
    friends lawsuit just had a 1page photocopy of the last statement with nothing else attached. he is the defendant in the case. It also said midland bought the account and has had it for 2years before filing suit. so, is this Latches?
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