One thing you may not realize when you first start to accumulate debt, is the possibility that you could get in over your head. Debt can be useful at many times in your life, but it can also be like a house of cards if you are not careful.
Sure, everything is fine while you are healthy and have a good job. But things rarely stay like that. For most of us there comes a day when the unexpected happens. You lose your job, or you have an accident. That’s when the whole house of cards you are building with loans and credit cards comes crashing down around you.
It doesn’t take long for the sharks to start circling. Depending on the companies you owe, and the credit cards you can no longer make payments on, it might take between 30 and 90 days for your past due balances to be forwarded over to a credit agency.
That is when debt collection harassment begins. If you have been through it you know how it goes. First they send you a “friendly” letter asking for payment. If you are seriously behind in your payments this may be a demand for full payment within 30 days.
At this point if you call them you may be able to negotiate an arrangement, but don’t count on cutting any deals at this point. They don’t care if you have children to feed or a mortgage to pay. They just want their money.
The collection harassment won’t stop there. You will probably start to get phone calls at all hours of the day and night. If you decide not to answer your telephone you’ll discover these firms aren’t afraid to leave intimidating messages. Their job is to use scare tactics and intimidation to get you to pay your bill, and they’re pretty good at scaring people.
Depending on what laws apply to your state the harassment can escalate quickly. If the collection agency fails to resolve the debt with you in the amount of time they set, then they have the authority to take legal action. Some collection agencies may even threaten that they will “throw you in jail” if you do not pay.
If it gets to this point you would be best to step back and take a long hard look at what is going on. As with every situation in life, it is best to do some research and get yourself better informed.
One of the first things you’ll discover is that third-party collectors are regulated by the Fair Debt Collection Practices Act known as the FDCPA. Since harassment is such a big problem, the government has set up this act to protect consumers from abusive or unfair collection practices.
The bottom line is that if you cannot pay your debt and the collection agency is making your life miserable, you should contact an attorney. You don’t have to listen to threats or put up with your privacy being invaded.
An attorney who specializes in these types of problems can make the hurting and embarassment end. Once you know your rights you can make the right decisions. Not only can your lawyer recover damages from violators of the FDCPA, they can have the violator pay your attorney fees as well.
So the moral of the story is that you should stay out of debt whenever possible. However, if you find yourself in a tough situation, being hounded by unscrupulous debt collectors, there are professional people able to help you.
You may have come to dread the sound of a ringing phone, but that can change and you can get your life back. Contact an attorney who specializes in fair debt collection issues to have the harassment stopped for good.
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