The Fair Debt Collection Practices Act (FDCPA) was approved by the Congress in reply to the misconduct done by the collection agencies. This Act grants guidelines for the collection agencies which are trying to collect the debts and provides protection to the debtors. If you have multiple debts to pay off and you find it difficult to repay them, you may take the help of a suitable debt relief option so that your creditors cannot harass you every time for the payments. The debts that are covered under this act are personal, family, household debts such as buying a car, medical costs, credit card debts, etc.

Things that the debt collector should tell you about debt

You may opt for a suitable debt relief option to repay your debts with ease in case you find it difficult to pay off on your own. It is the duty of the debt collector to send you a written notice after their first contact with you within five days of time.

1)The amount of money you need to pay off

2)The creditor’s name to whom the debt has to be paid

3)Unless you dispute the validity of the debt within thirty days time, the debt will be supposed to be valid by the debt collector.

4)If you make any dispute while paying off the debt in full or partly within thirty days of time, the debt collector will get the authentication of the debt and then mail it to the consumer.

5)Upon your written request within thirty days of time, the debt collector will give you the name and address of the creditor.

Limitations imposed by the FDCPA on the collection agencies

You can pay off your debts with the help of suitable debt relief options in a much convenient way. The limitations that are imposed by the FDCPA on the collection agencies are:

1)A third party is contacted who does not owe the debt. This third party can be your relative or neighbor, etc. It is the debt collector who contacts the co-signers of the debt.

2)A debt collector can warn you that they may refer your case to the attorney or destroy your credit score. But the debt collectors cannot force you to pay off your debts.

3)The FDPA permits you protection so that you do not entertain repeated telephone calls or calls at the odd times. The Act provides fixed timings for the debt collectors when they can call the debtors. This timing is between 8:00 AM to 9:00 PM and the act does not permit any collector to call before 8:00 AM and 9:00 PM unless you provide them the permission to call you during the odd hours.

4)The debt collectors may call you at any place such as your office even though you have already informed them that it is against the rule of your office.

5)While calling you at your work place they tell your employer the reason they are calling you even though they are not being asked so that they can insult you in a way.

If it is found that the debt collector disobeys the law, then under the FDCPA, you have the right to take legal action against the debt collector in the state of federal court. This should be within one year from the date of the violation. In case the same debt collector is engaged in illegal conduct with various customers, you can find a lawyer who will file a case against the debt collector. Thus, it is seen that the debt collectors cannot harass you for payments when ever they may want.

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It’s very important in today’s economy for any consumer to know their rights. In the past the creditor had all the power in their favor, but with the rise in un-employment and inflation it’s not the case. Today the creditor must offer a settlement to you. This is required by law, so don’t let them say otherwise. It isn’t a license to go into debt, far from it. A person still needs to spend wisely and within their means, but sometimes unforeseen circumstances impose a reason for seeking a debt settlement.

Credit cards are the most encompassing form of debt. It can sneak up on a person quite suddenly. This is why laws have been instituted to control credit card companies and how far they can go in seeking restitution. Although a credit card company doesn’t have to accept any payment you wish to make, they do have to enter negotiations for a “reasonable” settlement on your behalf.

Credit card debt settlement laws also state that once you have negotiated a settlement that the creditor can not enter in to a civil lawsuit against you. Once a settlement is reached it signals that the creditor has entered into an agreement with you. When a creditor makes an inference that a civil suit may be brought against you, stand firm with your offer. However be reasonable in the stance you take. Keep in mind that you aren’t the only one your creditors are dealing with. The average household has over fifteen thousand dollars in credit card debt. If your credit card debtors are wise they will want to settle as much as you do.

Several states have laws in place that prevent debt collection agencies from harassing you. This may be only at work or after a certain hour at home. You need to check the laws of your state to find this out. Also be aware that a new law protects the consumer against credit card over-charges on interest rates, existing balances, double-cycle billings, or raising interest rates. In the past credit card companies could hike all these costs up once an agreement was reached. This is against the law and cannot legally be done.

You must know the credit debt settlement laws to deal with these companies. Their assumption may be that you won’t know your rights. But remember, these laws are for your protection and not to abuse.