Protect Yourself – Debt Collection Agencies

Debt Collection Agencies

Many companies have their in-house debt collection branches, whereas others prefer hiring the services of specialized agencies. Debtors are intimidated by the debt collection agencies, as they know what powers are assigned to these types of agencies. Surely, there are some unethical agencies, whose only motive is to make the debtors believe that they possess powers far greater than they have, but that, of course, doesn't help the state of affairs.

There are two ways to pay debt collection agencies. First one is to pay them a fixed amount, while the second one is to pay them a decided percentage of the debt collector. A lot of agencies, in fact, follow the tradition of purchasing some debts right away. Well, this simply implies that if money is owed by a debtor to a company, and that company sells that debt to a debt firm, then legally the debtor would have to pay that debt to that debt agency.

By selling a debt to an agency, the company gets some percentage of the total debt. Whatever amount the agency receives from the debtor is kept by the collector. Since the agency’s top priority is to collect more amount than what they have paid to the company for that debt purchase, they uses all types of tactics and often choose unfair practices to match its objectives.

Debt collectors are neither allowed to trespass your property nor take the possession of your belongings. In fact, the one thing they can demand from you is money. The situation is that they keep contacting the debtor endlessly through calls, and the dishonest collectors follow the approach to deliver threats to debtors with the intention of recovering the dues.

On the contrary, a professional debt recovery agency believes in establishing a meaningful relationship with their debtors, and thus starts the negotiation process for the debt recovery. In a number of such cases, the debtor can expect a fair part of the debt to be written off by the agency.

Debt collectors are not supposed to call debtors at odd hours, like early in the mornings or late in the evenings. Though they may contact you at your workplace but they should stop doing that when being told that it is not allowed to accept personal calls at your workplace. Apart from this, the collectors are definitely not permitted to harm, threaten, or be abusive to you in any way possible. Nor can they make false claims regarding your debt, or lie about their legal rights, possessing your assets.

December 27, 2018
FMA Alliance Ltd

FMA Alliance Ltd

Is FMA Alliance Ltd buzzing on your phone all the time? It’s time to know about your rights which guide you to protect yourself. When debt collectors keep on calling constantly, answering their calls can increase the stress levels. When the collectors become rude and aggressive to get their money […]
December 24, 2018
Focus Receivable Management

Focus Receivable Management

If you are getting troubled by the calls of Focus Receivable Management. Then there is a solution that can take you out from this trouble. In this tough economic situation, people fail to pay their bill payments and in spite of this, they keep continuing it. If the account isn’t […]
December 24, 2018
Focus Financial Services

Focus Financial Services

If you are fed up with answering the calls from Focus Financial Services, then here are the facts that you need to know. Creditors handover your account to a third-party collection agency, when you miss three payments of your debts. To get the money back, debt collectors will pressurize you […]
December 21, 2018
Five Lakes Agency, Inc.

Five Lakes Agency, Inc.

The people who are under the mountain of debt or were stuck in debt can completely understand the stressful feeling of being contacted continuously by a debt collector, even when the agency is acting rather civil. When they tend to follow the aggressive approach, they can make life a nightmarish, […]
December 17, 2018
First Source Advantage

First Source Advantage

The Fair Debt Collection Practices Act (FDCPA) has been passed by the Federal Trade to stop the mistreatment from the collection agencies. Many of them use the tricks and harassment purportedly to get their money back. Companies trouble the debtors in these ways because they don’t want to bury the […]
December 17, 2018
First National Collection Bureau

First National Collection Bureau

Is the First National Collection Bureau, Inc. calling you? Here are the facts about the company that you need to know. If you haven’t paid the students loans and credit card bills due to some reason, you may also be called by the debt collectors and they insist you to […]
December 17, 2018
First Financial Resources, Inc

First Financial Resources, Inc

The First Financial Resources, Inc calling you? Know what you need to know in order to deal with them. In case you lag behind from your monthly bill payments, you’ll be aimed at by the debt collectors. Their objective is to make you pay the debt or make acceptable payment […]