You received a collection notice from a bill collection agency saying that you have a credit due amounting to US $– from “so and so”. Your brain goes haywire trying to remember that money you owed and from whom. You also feel doubtful of the authenticity of the notice and the bill collection agency, so you take that one important step in debt settlement- Debt Validation.
Activities involving money is always a sensitive matter. You have to be very careful with your actions and communications especially if you are the debtor. Debtors are figuratively and literally at the mercy of creditors. Thus it is important that every decision should be well-thought of; every action deliberate. You should also be familiar with the terms of agreement and others details regarding the debt. Being vigilant is specially needed in the debt payment processes.
The main objective of credit and collection agencies is to outsmart and outwit you. Though we know that money owed, should definitely be money paid; but these cunning individuals will do whatever thing possible to get their money and well, things more. Some would never even think twice wringing your neck to get the last penny in your trousers. Moreover, being the receiving end of lies and deception is not the place we want to be. It is blatantly stated in the constitution that it is considered violation of our rights to be tricked, lied to, and harassed by anyone.
Disease primarily spells the current situation in your life today. It is either one of your beloved family members has an ailment, or you caught a somewhat fatal disease. Health is wealth so they say, but it seems that your wealth is already running out. The family saving is now depleted due to the expenses incurred for the medications and health-care services utilized.
Life is too precious to be spent trapped indoors or worse, stuck in the hospital. Nonetheless, it seems hard to “have a life” while we have health problems and ailments. Aside from the fact that being sick is difficult, the expensive prices of medications make matters even harder.
Statures of Limitations maybe one of the best defenses debtors has against their hounding creditors and scammer bill collection agency. Once the stature of limitation expires, this means that the creditors are also unable to file lawsuit against the debtor ordering that person to pay the debt. Nonetheless, creditors may still hire cunning bill collection agencies to do their bidding.
There are four types of stature of limitation, depending on the nature of the agreement that existed among the creditors and the debtor. The first type involves oral agreement or verbal agreements between the two parties involved.
All things exist until a certain point, that when reached will demise. Debts also have this expiration date of some sort, known as the stature of limitations. Stature of Limitations sets the maximum period of time wherein certain legal actions can be initiated. Stature of Limitations refers to the time limit for the collection of debt which is relative to the state or country you are in.
Bad debts, in finance and business, refer to the debts that cannot be collected like loans and account receivables. In some instances, customers are unable to pay the products and services they utilized thus the income from the transaction is never realized. Bad debts are considered by the companies as losses.
Blame it on bad accounting, overspending, or just lack of money management skills but I am certain that nearly everyone has an outstanding debt or incurred one in their lifetime. In the growing need of individuals to have everything they want and need, they borrow money from various credit agencies. With just a swipe there and a signature here, one is able to purchase that exquisite Jimmy Choo’s shoes or amazing iPhone SDK even if you have only a penny in your wallet.
Lawyers are bunch of individuals we love to hate. They are cunning, smart and the ones we approach in times of trouble. In the practice of bill collection, I think no one is as well-versed with its issues as attorneys. They know the twist and turns, the techniques and strategies in bill collection. The knowledge lawyers’ impart is priceless. Here are some of the tools used by lawyers to collect debts; read and understand carefully.