Debt As Opposed To Bankruptcy

With consumer debt at an all time high, owing a debt can seem very overwhelming. A great deal of people have looked into the world wide web and have seen advertisements alleging that they can offer debt relief as a quick fix. As alluring as these ads may seem, it is important to be on the lookout for the validity of the claim.

$500,000 Awarded To California Couple In FDCPA Case

Last month, Manuel and Luz Fausto won one of the biggest collection awards documented in the last couple of years under the Fair Debt Collection Practices Act (FDCPA) against Credigy Services Corporation. A California jury awarded the Faustos $500,000 in damages derived from harassment by Credigy collectors. Of the sum, granted $100,000 was for actual damages the Faustos experienced, while $400,000 was in punitive damages, granted for malicious and reckless disregard of the couples rights. According to one of the Faustos lawyers, David Humphreys of Humphreys Wallace Humphreys, P.C., and the case derived from a debt on a Wells Fargo charge card opened in 1992.

What Is The Deal With Collection Companies? Pt.1

What is a collection company?

When Should You Call In A Credit Collection Agency?

You should call in a credit collection agency sooner rather than later. The longer you wait to start the collection process on overdue accounts, the less of a chance you’ll have at recovering your money.

Tax Laws That Can Help During Tax Season

In today’s economic hardship the changes seem giant. Just last year a number of tax laws were made to bail us out of dire situations. These are a few new tax laws that you should know about.

The Pros and Cons Of Bankruptcy

Bankruptcy may be seen as a quick fix solution to financial problems. However, the effects of bankruptcy are long term and can impair your ability to obtain a job, domicile, and any type of credit. It is important to weigh the pros and the cons of filing bankruptcy before making a conclusion.

Debt Collection And Privacy

It is imperitive that debt collectors respect your privacy. According to the Fair Debt Collection Practice Act, collection agencies cannot exchange information about debtors. They can’t send out a list of people who owe money to its creditor subscribers. They cannot advertise a debt for sale, or compile a list of debtors to its creditor subscribers.

Bill Collection 101

If the debtor agrees to pay the bill, the debt collector will put this commitment on file and will check up later to ensure that the payment was made. If a debtor doesn’t pay, the collections agent will then prepare a statement about their delinquency for the credit department of whoever they work for. In extreme cases, collectors may call for repossession, hand over the account to an attorney or disconnect service.

What Can A Collection Company Do?

What is a collection company?

Protecting Yourself Against Debt Collection Scams

The government is stepping up as debt collection scams rise. In recent news, Buffalo New York has been home to a number of unlawful debt collection practices, and authorities have arrested at least twelve people. Although the vast majority of collection agencies are legitimate and good for the economy, there has been a rising amount of deceptive and illegal practices.