How To Get Debt Collectors Off Your Back Permanently
Keywords: debt collector, debt collection agency, collection agency, stop debt collector, assett acceptance
Debt collectors are liars, cheaters, etc… They take advantage of every loophole possible and even break the law. They have been featured on almost every news program from CNN to 60 Minutes. There are laws in place to contain their harassment and collection efforts and to make this process more civil, but most figure the risk of getting caught is minimal and that the rewards of endlessly harassing and fleecing victims is far greater. We now have the power to take back our lives, stop them in their tracks and sue them for more than they are trying to collect.
First, lets start with what is actually owed and how most collection agencies work. Usually a unpaid debt is either sold or turned over to a collection agency. 95% or more of these debts are credit cards, store cards, gas cards, etc… These debts are then tiered according to age of debt, amount, credit, job history, etc… Generally most debts are bought for pennies on the dollar. Recent debt may go for $.15 to $.25 on the dollar whereas old debt that has had numerous collection attempts goes for $.05 or less and debt that is beyond the statues of limitations for the state the debtor resides in goes for less than $.01. So, for instance if you owed $10000.00 on a credit card, the debt collection agency paid at most $2500.00, but probably paid less than $1500 for it. Now, what’s interesting is that they will call and write you stating that you now owe $14000.00 or so stating that it has accrued interest and various questionable fees. This is all profit if you were dumb enough
to pay that. A fair settlement would be $1700.00 or less. So, the point here is that you don’t ever owe what they are trying to collect from you - it is always far, far less.
Secondly, lets give you some more ammunition - The 1977 FDCPA (Fair Debt Collection Practices Act) gives you rights the debt collectors won’t tell you about. If you don’t want to hear from them again, its easy. Just write them a letter stating that you wish they cease all contact with you (make sure you put in the letter that - P.S. This letter is in no way an acknowledgement of the above listed debt(s) - that way they cannot even attempt to try and re-age your debt (add another 7years of collection and reporting to further harass). Send the letter registered return receipt requested mail and keep your proof of receipt. If they contact you after this for any reason other than to tell you they are either dropping the issue or taking it to court (99.99% won’t go to court as it costs them more money and their odds of getting anything are almost zero - even with a judgement) then you can sue them for each occurrence for $1,000. People win these suits every day - most settle out o
f court for a lot more than the original debt (just look this up on the internet under small claims court). You also have the right to question the debt and have the debt collector provide proof. Many debt collection agencies are being sued by many debtors for their failure to provide proof. Just look up Asset Acceptance on the internet - they are one of the biggest abusers of this federal law with thousands of outstanding lawsuits for harassing debt collection practices.
So, now you know how to stop debt collection agencies in their tracks. You know how to get relief - sue them! If enough people sue them things will change. Also use your state and local resources. State Attorney generals go after debt collection agencies that routinely break the law, Consumer protection agencies (the Better Business Bureau, etc…), the Federal Trade Commission goes after the worst abusers, and, of course, your state department of insurance and finance (whom actually licenses these agencies rto operate in your state). You state department of finance and insurance, or similar, has the power to fine, punish and even banish the debt collection agency from your state. Every state requires a debt collection agency to be licensed and put up a large financial bond (around $50,000) to operate in your state. Call these folks if you are having problems with a debt collection agency - they will get immediate results in your favor. Don’t threaten the collection agency th
at you have these rights - use them. Bring the collection agency to its knees if they are violating your rights.
The other problem is are these bills, debts even correct? Many hospitals, doctors, etc… have no ethics and will purposely double or even triple bill patients without insurance because they know they can get away with it. If you have a question about your bill demand a itemized bill and have this professionally examined. This will reveal things like overcharging ($100 tissue boxes, 1000 percent markup on medicines, etc…) We entrust these hospitals and doctors with our lives and then they screw us by double billing or worse. Right now there is no government policing on hospitals. Many times a debt collector will actually make up a debt or illegally pass one on to you from someone else (Asset Acceptance has been sued for this many times). Do not assume that you owe any debt and take them to task. If you do owe it, pay it, but pay the least amount possible, and pay it on your terms. If they break the law - make them pay!
If you have a problem with a bill make it known to your state politicians. If enough people do this things will change. Write to your local newspaper, tell a friend, do a press release. Tell others of their rights. Cigarette boxes come with warnings - shouldn’t debt collectors and debt collection agencies with their high propensity to skirt the law also come with mandatory warnings? The more the word gets out, the better the odds something will be done about it.
David Maillie isan alumni of Cornell University and specializes in biochemical synthesis. He holds numerous patents and specializes in products that save the consumer money. He can be reached at M.D. Wholesale: www.mdwholesale.com or by visiting www.bestskinpeel.com
Previous Articles Highlighter:
How To Qualify For The Best Rate On Your Mortgage Or Refinance (1)
There you have it - how to qualify for the best terms and save big on a mortgage or refinance. David Maillie is Cornell Alumni and award winning writer and researcher.
Boost Your Home's Resale Value Guaranteed (2)
8) Carpets. Have them professionally cleaned and replaced if necessary. Potential buyers will be looking with the mindset of how much money and time they will have to put in to make it liveable and homelike.
U.S. Auto Manufacturers Are They Ready To Declare Bankruptcy? (3)
David Maillie is a chemist, an alumni of Cornell University and holds numerous patents including his recently awarded patent for headlight repair, cleaner and restorer. He can be reached at M.D.
Great Tips On Lowering Auto Insurance Costs (4)
You could see huge savings here and it may have nothing to do with your driving record. Some insurers just have lower claims for a particular model car and therefore will have a lower rate for that car.
7 Great Money Tips To Lead You To Financial Freedom (5)
If you are overwhelmed with debt, their are numerous non-for-profit agencies that will renegotiate your debt and terms on your behalf. Work out a plan to get the high interest debt paid off.
Hot Stock Picks For This Week (6)
It all starts with you - I took the time to help you, now please pass this around so others can benefit too. David Maillie holds numerous patents including his recently awarded patent for headlight cleaner and restorer.
8 Tips To Improve Your Forex Trading By 100% Now (7)
Start trying to build on profitable positions instead of taking profit as soon as it appears. If you are a newbie looking to get into the forex market or even a trader who just cant seem to stay consistently profitable.
Why Is Umbrella Insurance Important (8)
Talk to your agent about it and ask how much it costs. Even though multi-million dollar lawsuits are not common, they can happen. So, an umbrella is probably worth it.
How To Find Credit Cards Without A Bank Account When You Have Less Than Perfect Credit (9)
Other features that you want to be sure the issuing company offers include no annual fees, easy accessible customer support, and low percentage rates. Even more so than with regular cards, customer support is crucial for these types of cards so if they don't have good support scratch them off your list.
Adventures In The Real Estate Maze (10)
We started with our own lists of what we want in a house. We then consulted some real estate brokers to assist us in locating our dream house. Most of the houses that we saw were nice in their own way.
How Do You Get The Best Credit Card Rates? (11)
On the other hand, if it lets you make rapid progress toward paying off old balances, it can be a great deal. You should also check for fees. Annual fees are rarely worth it.
Fall Noted In Borrowing Outlook (12)
Abbi Rouse writes for the 1 Stop Finance Shop where you can apply online for debt consolidation loans. We specialise in all sorts of personal loans with online application.
Homeowners Selling Property 'To Avoid Rising Mortgage Costs' (13)
Abbi Rouse writes for Loan-Arrangers .co.uk where visitors can compare loans online. Then apply for the best rate secured loans and bad credit loans available. Visit our site news.loan-arrangers.co.uk
How To Protect Yourself From The Ever Increasing Credit Card Fraud (14)
When you hand a card to someone always be sure that they give it right back to you so that there isn't a chance for someone to get the information.
Hedge Funds Growth Open Doors To New Financing Options (15)
The HedgeFund database consists of over 7,400 current hedge fund, fund of funds, and CTA products. Contrary to the previous three months, that on average produced positive results despite most major global equity markets falling during the month.
Buyers Need To Insure Property Is 'Affordable Now And In The Future' (16)
According to Paul Davies, spokesperson for Mortgage Financial, young professionals looking to get on to the bottom rung of the housing market should opt for a mortgage product that is suited to their needs and future career aspirations.
Fall Noted In Property Price Growth (17)
The consequent upwards pressure on prices can be absorbed by highly paid City workers, but it exacerbates the existing problems for key workers and first-time buyers in London". He added that despite moves by new prime minister Gordon Brown to provide access to homes for potential first-time buyers, those looking to get on to the bottom rung of the property ladder are still set to be faced with "limited choice in the 'affordable' sector".
Tracker Mortgages Could Be 'Attractive' Choice For Borrowers (18)
Consequently, the financial services provider suggested that those looking to rein in their day-to-day expenditure may find tracker-rate and discounted mortgage deals 'attractive alternatives'. Julie Gaskin, corporate relations manager for GMAC-RFC, said: "In a rate rising environment it often makes sense for borrowers to take out a fixed-rate deal, especially if a future rate rise would mean their monthly mortgage repayments will increase and this has certainly been the mantra of many a mortgage expert over the last few years.
There Is No Due On Sale Jail (19)
If the lender discovers the transfer, it may at its option, call the loan due and payable. If it cannot be paid, the lender has the option of commencing foreclosure proceedings.
Debt Ridden Brits Reside In Overdrafts (20)
"The message has to be if you are going to use your overdraft make sure your authorised limit is big enough and if it isn't tell your bank before you go over the limit", advised the company's chief executive Sean Gardner.
Newer Articles Highlighter:
What You Need To Know About Debt That The Credit Card Companies Do Not Want You To Know (1)
We need to stop and say no, no, no. We have to stop thinking of the present and instead think of the future. 95 percent of consumers feel buyers remorse after splurging on nonessentials.
Get Out Of Debt Free Article (2)
Or would you rather have a new Mercedes or BMW every 2-3 years through leasing and have zero safety cushion? Next time you hear the salesman tell you their car is an investment ask him if he will make your payments if you lose your job.
Car Dealer Scams (3)
$5 a day is $150 a month, is $1800 a year, is $9000 over 5 years too much you paid! Think about it). For the rest of this article and for many more great articles on similar, helpful topics, please be sure to visit www.bestskinpeel.com.
Rising Car Arson And Insurance Fraud Costs Everyone (4)
During the last two years there has been a marked increase in car arson and insurance fraud in every state from California to North Carolina. Yes, there are cars that were really stolen, vandalized and then burned, but there is a marked difference.
How To Save On Your Auto Insurance Like George Bush (5)
Also, I don't know if it's a republican thing, but lets think before we put a Bush in a political office in the future. If you haven't yet had the opportunity, please watch Farenheit 9/11 and learn more about George Bush and his brother in Florida.
How To Get Approved For A Car Loan After Bankruptcy Or With Bad Credit (6)
If you find any fraudulent reporting like this hire an attorney and sue the violating company. Basically, anything that does not belong on your credit file can be investigated by inquiring with the credit bureaus (Trans Union, Equifax and Experian).
Credit Card Debt Statistics (7)
And that's just the average - some people owe much more! Overall, Americans spend over $1 trillion every year on their credit cards, and owe more than $500 billion of it.
Why You Shouldn't Save When You Have Debt (8)
What could be wrong with that? Lots, if you have debts. Don't Be Fooled. There are almost no savings accounts that offer interest rates as high as the ones credit cards charge.
How To Quickly And Immediately Improve Your Credit (9)
Free reports which you can receive per recent federal laws will only give one credit bureau and no score (how do you know where you stand without a score unless you are a finance manager or work at a bank loan department?) If your score is 600 and above your credit is marginal, but not bad.
Some Ideas For Debt Negotiation (10)
It might seem strange, but they're happy you're paying at all - there are plenty of people who just don't pay and have to be chased, costing their creditors time and money.
Got Bad Credit And Need A Car Loan? (11)
Take action and start improving your credit and your life. For more similar great articles and tips please visit the best in great money saving automotive tips and driving safety - www.mdwholesale.com
Are Cash Back Credit Cards A Good Or Bad Idea? (12)
This is another way to try to draw in new customers for these companies. It is a good credit card to have and sounds great in theory, but they will have to check your credit rating before they will give you their card.
Why Credit Cards Destroy Your Debt Reduction Plans (13)
You will do much better in all things connected to credit cards if you always remember this simple mantra: credit cards are debt cards. Use the word debt as often as you can whenever you talk about credit cards.
A Closer Look At Day Trading (14)
The SEC warns against day trading and has taken many steps to inform people of the associated risks. The first few months a vast majority of day traders suffer massive financial losses and only a few make it through to become profit-making day traders.
How TO Buy A Foreclosed Home (15)
Sometimes these pre-foreclosed property owners may also be difficult to deal with directly, due to a drug or alcohol addiction that put them in their situation in the first place.
Some Of The Top Credit Card Mistakes (16)
Pay special attention to any future increases in rates, and what kind of fees you can be charged. Gregg Hall is a business consultant and author for many online and offline businesses and lives in Navarre Florida.
Things To Consider Before You Get A Debt Consolidation Loan (17)
You should always shop around to get the best interest rate you can if you opt for debt consolidation. This interest rate is almost as important as the one on your mortgage, but much harder to change after you've signed on the dotted line.
Stop Paying The Minimum Payment On Your Credit Cards (18)
Sure, you're only paying an 'affordable' $20 - but $10 of it is still going on interest. That means that your $20 has only paid back $10 towards the debt, and you still owe $990!
Here Are Some Considerations When Applying For Credit Cards Online (19)
Also, remember that like any business the credit card industry is out to make money and to gain as many new customers as they can so be sure to investigate their claims and the specifics about the particular card you are interested in so you can be sure it is right for you.
Buying A Car? Do These Things First (20)
They have been putting people into these long term loans and financing negative equity so long that now people will have to be buried in their cars!! 5.Consider paying for the tags, title search, and taxes separately, rather than financing them.
Permalink to How To Get Debt Collectors Off Your Back Permanently