While the Fair Debt Collection Practices Act – passed into law by the United States House of Representatives — was the result of a public mandate seeking to protect ordinary and law abiding families from the overbearing actions of bill collectors, successful countering of the agency professionals still requires some individual effort. We’ve all heard horror stories about agents ringing phones off the wall and interrupting heads of household at work to scream threats about prior unpaid loans that often as not never even belonged to the men and women being harassed, but the debtors have to take down the information given by the bill collectors and then notify the proper authorities in order to effectively curtail the barrage. Statutes of limitation should be of a special importance, and as well, if you haven’t had a good deal of experience dealing with debts sent to bill collection agents (as you should no doubt hope), it’s absolutely critical that you talk to an official from the state government about how long each sort of monetary obligation will be the legal responsibility of the original borrowers.
Even if the agents know full well that the debt is no longer a valid subject for collection within a given municipality, it’s not technically against the law to try and lure borrowers 債務舒緩 to verbally give their agreement to a new payment plan. In most cases, the new schedule of compensation for such loans would lop off a more than significant portion of the original debt in return for an immediate assurance that they’ll pay back the remainder, but, should the consumers later realize their mistake, they’ll find that the restructured arrangement effectively nullifies any statute of limitation provided by the government. This isn’t to say that all such re-jiggered bargains will be in the disinterest of the original borrowers. As a matter of fact, the debt relief or debt management industry continues to grow in popularity around the United States as more and more average households find themselves unable to re-compensate their unsecured lenders.
In brief, if a debt relief specialist decides to work with an applicant – and this is far from a guarantee – they could shave off as much as two thirds of the starting credit card debt load. Unlike such costly and arguably pointless endeavors as Consumer Credit Counseling that have never seen fit to turn down a citizen brandishing money order, reputable debt relief agencies will only accept a slim minority of the potential clients based upon their income, their payment history, and both the type of loans outstanding as well as the specific lenders with whom they’ll negotiate down the debt burdens. Since this reduces the unsecured balances to a far more manageable level with only minimal impact upon FICO credit scores, this seems almost too good to be true for those borrowers that are deemed eligible for the program.
However, for an increasing number of lenders, despairing over ever seeing dollar one come in from the past due account held by unemployed or thoroughly impoverished men and women, the debt relief model makes substantially more sense than a high priced course of civil legislation that still has only middling chances of success. Furthermore, though the incidence has been somewhat slowed in recent years because of needless complications and the virtual necessity of attorney fees, Chapter 7 debt elimination bankruptcies still loom large on the horizon for every lender representative, and, since entering into a debt relief pact officially disallows the borrowers from even contemplating bankruptcy on the loans and credit lines involved, ceding half of the moneys owed might be the smartest strategy for both parties.