Collection Agency 09/02/2009
 Collection Agency Manual. Economy is in trouble, people are loosing jobs, not able to pay their bills… Default on credit cards seems to be the only solution for a cash-strapped household. So, you stopped paying the bills and after couple of months the credit card company has sold your debt to XYZ collection agency. You thought it was a nightmare when Credit Card Company called you 12 times a day starting from 7:30 AM and ending at 9:30 pm. Get ready for a Collection Agency. Some of those companies really misbehave on the market and treat people not in human way at all. (After all – they are artificial body – corporation, so they Collection Agencies don't really care about living human beings). Their techniques include threatening and lying to you. Calling a person between 20-25 times a day seem to be an industry standard for them :) So, Uncle Sam one day decided to shut up some of them and the Fair Debt Collection Practices Act was enacted regulating Collection Agencies within United States of America. Let’s begin. If you are involved with any collection agency you need to download and read the FDCPA ( Fair Debt Collection Practices Act) , and pay attention to the part about verifying the debt. You have 30 days from receipt of their letter to dispute the debt...fortunately, they almost never send them out CERTIFIED/RETURN RECEIPT....greedy corporations. Download Sample Letter Here MAKE SURE YOU DON'T BLOW THE 30 DAY DISPUTE WINDOW...WHEN you dispute the debt, you put them on notice that you dispute part, or all of the ALLEGED DEBT. Which is true, because they are jacking you with interest, legal fees, handling their sack fees, etc. So you're disputing that until they prove their case. When you send the dispute letter, YOU'RE going to send it back REGISTERED, RETURN RECEIPT...aren’t YOU?? YES, You Are! Read the FDCPA thoroughly. Read their letter over and make sure you understand what they are saying...and make sure their is no pending action in any court for them to get a DEFAULT judgment against you. BE AWARE THAT IF YOU "DISPUTE THE DEBT" THEY MUST VALIDATE IT BEFORE THEY, BY LAW, CAN TAKE ANY FURTHER ACTION....INCLUDING COURT ACTION!... REMEMBER WHAT I SAID EARLIER....NO VERIFICATION...NO ORIGINAL...NO DEBT?? HOW THEY ARE THEY GOING TO GET YOU INTO COURT IF THEY CAN'T VERIFY THE DEBT? …they "bought" "evidence of debt", not the real thing unless they hold the original document and the original signature. This almost never happens. It's a short read and spells out pretty clearly what the responsibilities of third party debt collectors are. Here are some of them: 1) Within 30 days of receipt of notification, a consumer may challenge the validity of the debt in question. 2) Once challenged, the debt must be proved before any further debt collection activities take place. That means no more dunning letters, harassing phone calls, threats, intimidation, coercion, etc. etc. 3) If you're an attorney, you can tell me the two acceptable elements that will VALIDATE a debt. If you don't know, you should find out before questioning those that do know. 4) One of those elements, an ORIGINAL signed document is almost NEVER available due to the FRAUDULENT nature of the US banking system, the FED and the attorneys that run the debt collection racket. 5) When you checkmate the process with the 30 day notification, they can't do anything. Unless they can validate...and they can't. SO they will send bogus "validations" or try to get the hapless victim in court to SELF VALIDATE. Between the two approaches, 99% of victims are sucked into the impellers of justice and relieved of their few remaining FRN's. 6) So, if you send the right response letter, they are blocked and checkmated in most cases...(exception...state banks generally because they FOLLOW THE LAW) 7) Guess what the scumbags do then??? They resell the DEBT.... They get beat at their own game, so they turn around and resell the debt to their fellow scumbags... Gives you an idea of their ethics in that they don't even hesitate to mess over their own kind. Like a shark will eat another injured shark...except the debt collection attorneys are actually roaches. YEAH, ROACHES in that they wallow in their own excrement and feed off the suffering of others. I hope you found this information helpful. Please read pdf acrobat if not full, then “VALIDATION of DEBT” Article, so you know your rights. When they call you from the collection agency, pick up the phone and tell them that if they are trying to collect debt, please send me in writing who is trying to collect debt and amount of debt. After you receive the notice that is where your 30 day window starts to respond with the letter in Books Section. Update : 03/01/2011. I have been sued by 2 credit card companies and Homeowners Association. I lost 8 townhouses that I used to rent out. So, it looks like these bankers do not follow the law in the midst of the great recession/depression. I did not go to court for any summons that I was served with. I hired bankruptcy attorney ( $900). He pulled my credit report, stopped all lawsuits - and wipe out ALL my debt except for student loan. I go to hearing in April 2011, just a formality (bankruptcy hearing). This article is not a legal advice. You should obtain one if needed. CommentsLeave a Reply |
