Best Ways to Settle Credit Card Debt FAST:

1. Hire The Best Debt Settlement Company
2. Do It Yourself Debt Negotiation Elimination

Any time you borrow money with a personal loan, credit card, payday loan, or mortgage, you are by definition a “debtor”. We would all be able to pay our debts completely if the world were perfect. Almost everybody who has debt will end up missing a payment or falling behind at some point. If you have fallen behind on paying debts, your account may be sold to a collection agency. You are protected from harassment by debt collectors by the Fair Debt Collection Practices Act. Both the debt collection agency and you have legally-provided rights and responsibilities.

Obligations of the collection agency

When an agency purchases and pursues your debt, they are required to treat you fairly. This means that agencies cannot contact you before 8 am and after 9 pm. If you ask a debt collector to not contact you at work, they are barred from doing so. No matter what you owe, debt collectors cannot lie about what you owe or who they are. They are also prohibited from contacting third parties for any information other than how to contact you.

Your obligations when you owe debt

You also have obligations when you owe debt. It is important that you know what money you owe, and to whom. A good place to start is retrieving a copy of your credit report. Once a year you are legally entitled to a copy of your credit report from all three credit reporting agencies. Your responsibility is to inform any collectors if you have a lawyer. So you have a written record of all the requests you make, it is best to communicate with debt collectors in writing.

Rights of the collection agencies

The job of a debt collection agency is to collect the debt that they believe you owe. They have the liberty of calling you during business hours. They have the right to contact your attorney, if you inform them that you are represented by one. Finally, the agency does have the right to file a lawsuit if you are unresponsive to their communications.

The rights you have as a debtor

You have the right to be provided with complete and accurate information about the money you owe. You are entitled to know which debt the agency is contacting you about. Additionally, you are entitled to dispute any debt that an agency contacts you about. Within 30 days, you are legally allowed to dispute any debt an agency contacts you about. At a minimum, the collector is legally required to verify the name and address of the original creditor as well as the amount owed. Falling behind on any debt can be a very frustrating situation. Take a few minutes to breathe and take stock of your situation - it will help you maintain your balance. You have both rights and responsibilities, as does the debt collection agency that will be pursuing you.

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