When you start missing payments on your debt, you will probably begin receiving phone calls and letters reminding you to make a payment. The more payments you miss, the more aggressive the phone calls can become. Bill collectors may become overly aggressive and abusive in their practices. Because of these practices, congress passed a law to protect consumers.
If you are so far behind in your debt, and you worry you will be unable to catch up, consider filing bankruptcy to get financial relief and get the phone calls to stop.
In 1978 congress passed the Fair Debt Collection Practices Act (FDCPA) to regulate the debt collection agencies. The act was intended to eliminate abusive practices by debt collectors in an attempt to collect from consumers. The FDCPA will not erase your debt. It is a law to protect your rights.
The goal was to set strict limits on what creditors and third-party collectors on their behalf can do or say when attempting to collect money due on a loan.
- The debt collectors must treat you respectfully.
- You have the right to limit the times and ways that you may be contacted.
- You must be informed of your debt.
- The creditors and collectors are not allowed to use abusive, harassing, or threatening means or false information to collect debts.
- You can seek damages against a creditor or collector who violates your rights.
Creditors are not allowed to call you at work if you ask them to stop. They cannot threaten to tell your employer or your family members of your debt. They are not allowed to threaten you with jail time.
If you have overwhelming debt and worry about how you will make your payments, consider contacting a Plano bankruptcy attorney to find out how you can get a fresh start.