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If you have a problem in relation to credit card liabilities and repayment is not possible, a solution is available. You can erase personal debt by hiring a settlement firm which can eliminate the required share from the amount that the customer has to pay. This option has been launched legally by the government of America. To erase personal debt, a proper communication takes place between the money granting company and the relief personnel. This communication produces the percentage which the customer does not have to pay to the bank.

Recession is the reason due to which money granting companies have to lessen the payments which the customers have to pay them. In normal conditions, there was no condition of even reducing the interest that was liable on the customer. This is a very different situation and the client can reduce the amount which is liable. The important factor is that how does this work. The settlement company contacts the required bank to erase personal debt. Continue reading ‘Erase Personal Debt – How the Recession Has Made Eliminating Unsecured Debt Easier’ »

The Fair Debt Collections Protection Act (FDCPA) was passed by Congress in 1977. Its purpose is to protect debtors from dishonest and abusive debt collection procedures. The act is enforced by the Federal Trade Commission (FTC). It covers almost all types of personal debts, including mortgages, car loans, credit card debt, and medical bills.

The FDCPA limits what debt collection agencies can do in order to collect a debt. These agencies may not lie, threaten, purposefully annoy, or disclose personal information about a debtor. However, some collection agencies will view these actions as a calculated risk. Since many people don’t know their rights, bill collectors sometimes get away with these violations.

Bill collectors are not allowed to falsely represent themselves in any way. They may not claim to be lawyers or present papers as legal documents if they are not. Presenting legal documents as if they were not binding is also against the FDCPA. In addition, these companies cannot claim they will take legal action if they don’t actually intend to do so.

No collection agency is allowed to collect more than the amount owed. You have no obligation to pay for expenses incurred by the bill collectors, such as postage or phone bills. No interest may be added above what was agreed to in the original debt. If you feel a collector is misrepresenting a debt, request a debt validation. Continue reading ‘Every Debtor is Protected by the FDCPA’ »