What You Must Know about Debt Collection Practices and Programs
When you take a loan it is your responsibility to repay it back but due to some unavoidable circumstances if you fail to repay the loan the lender can take actions against you in order to recover the amount of loan. They can appoint debt collectors to get their money back. But these debt collectors may try to use illegal Debt Collection Practices; therefore it is important for you to know your rights so that when the debt collectors try to cross the line you can stop them.
The debt collectors in order to recover the amount of debt from the borrowers use offensive and harsh Debt Collection Practices. They make continuous calls even during odd hours and use abusive language at home and office of the borrower. They even call the people whose name has been given by the borrower as references. They make calls to threaten to sue you if you do not make the loan payments; they also threaten you to get your wage garnished and get your name published in the newspapers or internet. All these are illegal Debt Collection Practices. It is quite relevant that if you do not repay the loan you have taken, the debt collectors have the right to demand payment or take you to court but they cannot use wrong and illegal Debt Collection Practices and harass you.
There are various Debt Collection Programs which you must be aware of. If you know the rules and regulations you will be able to clearly understand your rights as well as the rights of the lender or debt collection agencies. Knowledge of Debt Collection Programs will help you to protect yourself from the offensive behavior of the debt collection agencies. According to the Debt Collection Programs, there are certain limitations specified regarding the illegal method of collecting the debt used by the debt collectors. In case they do not take these limitations seriously you can take help from fair debt collection attorney.
The limitations under the Debt Collection Programs are:
- The debt collectors do not have any right to harass the borrowers
- They cannot threat or use harsh methods of collecting debt
- They cannot publish the names of the borrowers in newspapers or web
- They cannot use abusive language
- They cannot call during odd hours
- They cannot visit the borrower’s work place.
Thus, illegal Debt Collection Practices are not correct and people must seek help from Debt Collection Programs to protect themselves.
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