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Debt Collection Questions

What is debt collection and a debt collector?

Debt collections are an attempt to get money owed on an account and is sent to a third party debt collector. Debt collectors are the people that get paid to collect the debts for other companies or people. The original company that a person owes money to on an account sent the account to a debt collector after the person missed several payments on the account. In most cases, hiring a debt collector to collect the debts costs a lot less money for the company then taking the person to court to regain the debt. Different lenders and creditors have different policies or steps they take when sending any account to collections.

Debt collection can cause a lot of stress on an individual, these individuals who are in debt and feels as if they cannot overcome this debt, have a lot of unanswered questions. Read below to receive Expert answers relating to debt collection.

How can a person find out if he/she was sued to repay a debt through a debt collector?

The person would need to check with the County Records Office in the county that he/she lives in to see if the debt collectors have sued for repayment of any debt. This would show the person the suits, if any, have been filed against him/her. The person would just need to search his/her name to see if there is any record of the suit.

What are the rights of a small business owner if they owe debt, and the debt collector will not let them pay the debt back in six months, instead the collector wants the owner to pay the debt back in 3 months?

A person or small business cannot force a debt collector to accept any kind of arrangement, but the small business owner can try to negotiate a payment plan that will work for both the parties involved. If no compromise can be reached then the debt collector can pursue a judgment in court against the business and/or the owner of the business if the owner personally guaranteed the debt. Once the judgment is granted then the debt collector can put a lien on any property or assets that the person owns in the state. If the person does not comply with any order form the court, they may be able to get a contempt judgment.

Can debt collection agencies call and give details of a debt that is owed to anyone other than the person who owes the debt?

If the debt collector called and gave a person other than the one that owes the debt any information on the debt that is owed, then this is illegal. The person would need to send the debt collector a certified letter with a return receipt request, stating that their actions are illegal and demand that they cease and desist any attempts to contact the person, or anyone that the person knows, to collect the debt. The person would also need to make sure that they explain that if the debt collector does not follow the written statement then it would be considered a violation of the Fair Debt Collection Practices Act and that each violation of this will be reported to the Federal Trade Commission.

If a person owes a credit card debt, what should they do and how long would it take for a debt collector to file a suit?

If the person is liable for the debt then he/she would need to contact the credit card company or the debt collector that is assigned to the debt, if there is one, to see if he/she can work out a payment arrangement. The person may also need to speak with an attorney to see about possible bankruptcy options, which would put an automatic stay and debt collectors cannot contact them in regards to the debt.

When a person owes a debt and has to deal with a debt collector, it can be one of life’s most stressful experiences. The debt collector may make harassing calls, threats, use obscene language, and or contact loved ones. The person may also be harassed about a debt that he/she does not owe. When these issues come up, asking an Expert for answers that may be the best option for the person to figure out how to deal with the debt collection.
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