Fair Debt Collection And Practice Act Safeguards You From Unfair Creditors

By Author: michel smith
Total Articles: 97
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In the present world, trust is a big question. You think twice before complying with the terms and conditions set by your loan provider. These finance providers are ample in number out of which some try to conduct unfair means and push you into a sea of losses while some deal honestly till the termination of your ongoing scheme. In these years, abusive practices have increased hugely and people have landed up in dire consequences. Keeping in mind all such impending fears, the Fair Debt Collection and Practice Act has been initiated. Being a US Statute introduced in 1978, the FDCPA protects consumers from encountering malpractices from collection agencies and debt collectors.


The Fair Debt Collection and Practice Act takes into consideration all those circumstances where the debt collection agency contacts you to pay a debt you owe to financial institutions like banks. Now, if the debt is collected by the bank itself, the Fair Debt Collection and Practice Act is no more applicable. However, there are certain states having laws in institutions that collect their own debt in the similar manner.


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... According to the Fair Debt Collection and Practice Act, there are certain things that a debt collector must do. Whenever debt collectors contact you, they need to tell you the name of their company and convince that they are actually debt collectors. This is important as customers must be certain about the person they will be dealing with. Secondly, they are required to notify you of your right to dispute the debt.


If you ask for a written documentation for your requested debt, they must provide it within 30 days from receiving your notice. Most importantly, they must produce their certificate of identification including the creditor’s name and the address of the company to where you owe the money.


Now, there are certain things debt collectors are not allowed to do according to the Fair Debt Collection and Practice Act. First, they must not contact you through telephone and that too outside your local timings. Once you send them written notice for not contacting you any further, they must do the same. They are not allowed to harass you through phone nor compel you to get into any sort of unwilling conversation. They must not visit at your place of employment after being informed about your employer’s unwillingness. Well, there are many other rules and regulations of the Fair Debt Collection and Practice Act and debt collectors must obey all. If you want to know more about the Fair Debt Collection and Practice Act, the online sites can certainly fetch you good information.


As far as the student loans are concerned, they are also quite sensitive to handle. For instance, if you fail to repay your loan within a given time period and not even within the grace period set by the lender, you loan status will be transformed to defaulted student loan. Its consequences are terrible and you might face extreme legal actions. To get rid of its outcomes, your immediate lookout will be to go for defaulted student loan help. There are several sites that offer defaulted student loan help by providing agents. In fact, try to fetch tips on how to get defaulted student loan help and lead a safe life.