Tampa Debt Relief
The current economic recession has everyone in fear. The high unemployment rate has left millions of people without a way to pay back their debts. As a result, most people are constantly making late payments or even no payments at all. In fact, most households in this country struggle to make only minimum monthly payments to the credit card companies and this number will likely double within the next few years.
Debt Settlement and Consolidation
Debt settlement is a process of negotiating with your creditors and getting them to accept less than what you owe them, thereby relieving you of all obligations for further repayment once the lesser amount has been fully paid. The goal is to reduce your debt down to 30% to 50%.
Two (2) types of creditors:
- Secured Creditor: is a lender that secures its loan with collateral or a secondary source of repayment. The most common forms of secured loans are bank home lons, car loans, and school loans.
- Unsecured Creditor: is a lender that relies only on your promise to repay.
How do you protect yourself from debt collectors?
The Fair Debt Collection Practices Act (FDCPA) prohibits debt collectors to engage in any conduct that would “harass, oppress, or abuse any person in connection with the collection of a debt”. In other words, a dedt collector cannot use or threaten to use violence or use obscene, profane, or abusive language. Moreover, a debt collector cannot make unnecessary telephone calls to others, have multiple contacts with the consumer, or behave in an abusive way or make false statements about their authority.
Are the attorneys also subject to the FDCPA?
An authorized attorney that acts as a debt collector is also subject to the FDCPA. In other words, an attorney must follow the federal laws just like any other debt collector.
Can a debt collector charge me interests for a debt?
If it is stipulated in the contract that originated the debt, a debt collector can charge interest and a reasonable fee for collecting a debt; or if the contract does not state it but it is allowed by the State laws.
Can a debt collector refuse to take a payment plan?
There is no such law that states that a debt collector have to offer you a payment plan in order to collect a debt. What the law states is that the debt collector should inform the debtor of the options available, if any, to eliminate the debt.
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