Federal State Commission
The Fair Debt Collection Practices Act can only administratively executed by the Federal Trade Commission (FTC). The Federal Trade Commission is an independent agency that is accountable to the Congress of the
Individuals and Entities Covered by the FDCPA
The individuals and entities covered by the Fair Debt Collection Practices Act (FDCPA) include the debt collectors, consumers and creditors.
Debt collectors are the collection agencies, factoring company or some other name that pertains to be a third-party collector. Debt collectors is defined in the FDCPA as “any person who uses any instrumentality of interstate commerce or the mails in any business the principal purpose of which is the collection of debts , or who regularly collects or attempts to collects, directly or indirectly, debts owned or due or asserted to be owed or due another” (
Fair Debt Collection Practices Act
Dealing with debt collectors can be considered as the one of the most anxiety-inducing and stressful experience for us. The trash talks, harassments and threats can make just about anyone go insane. The federal government of the
Bill Collection Agencies 101
Bill collection agencies collect debts in behalf of the creditors. They are paid a percentage of the debts they were able to collect. Persistent and demanding are usually the adjectives associated with collection agencies. They are a total pain in the neck especially to the debtor. More often too, they are more unforgiving and demanding than the businessmen who hire them.
Collection agencies appear to possess such great amount of power. But don’t be fooled, they do not have any more authority to collect debts than any other businesses. Their power only comes from the creditor itself. It is then good to understand that the creditor and the debtor have the final say on how debt can be handled.
Stop Bill Collectors from Calling
A lot of people list pesky bill collectors on their list of “Most Annoying People”. They are up there together with salespeople and politicians. Who wouldn’t be irritated by bill collectors consistently calling you? It’s bad enough that you are stressed over your debts, much less have an annoying stranger reminding and even threatening you about it.
So how do you prevent these bill collectors from calling you incessantly? There are many ways to stop bill collectors from calling, and believe it or not, acting nice to them is one of the ways to do so.
When bill collectors phone you, keep in mind that they are only doing their job. This means that they have a rational head atop their shoulders. True, they’re persistent, but it would probably take some rational explaining to get them to stop bugging you. If you tell them that you understand the terms and are taking steps to settle your debts, that’s probably going to leave them with nothing else to say, since they’ve got no more convincing to do. Then you’ve probably succeeded in getting you bill collectors to stop calling you.
Find a Collection Agency
When you own a crediting firm, and you’ve got hundreds of debts to collect, it could get a little stressful to follow-up on each debtor. To be able to control the process of collecting debts, it is advisable to hire the services of a collection agency.
A collection agency is usually a third-party agency hired by creditors. They are tasked to follow-up and collect debts owed by individuals or businesses. They are paid fees or percentages of the debts they collect.
Most people view collection agencies as a nuisance, because they are known to harass debtors by threatening them and pressuring them to pay immediately. They are often misunderstood. While it is true that they do it for the commission, people have to understand that they are only doing their jobs. However, there are also collection agencies that also indulge in some monkey business, much to the chagrin of the creditors who hire them. It is therefore important to find a collection agency which your company can trust. Read the rest of this entry »
Get Out of Debt Fast
We are all in debt of something. From credit cards to mortgages, there is always something in our lives that keep us in debt. Most of the time, we find ourselves so stuck in debt that we can’t claw our way out of it. When this happens, you panic, and you begin to think that there is no more hope for you in paying your debts.
That’s not true. There are still various ways to get out of debt fast. Admittedly, it seems to be a difficult task, but with presence of mind and wise decisions, you’ll find a way to settle all your debts. Read the rest of this entry »
Debt Consolidation
When you’re stuck paying debts, you sometimes feel as if you’re not doing enough to pay them quickly enough. So you try to find more active ways to pursue the payments of your debts. And then you chance upon the brilliant idea of debt consolidation.
Debt consolidation is the process of taking out a loan to be able to pay for all your other loans. People use the method of debt consolidation to take advantage of lower interests and the convenience of paying for only one debt. Because you only pay for one debt monthly, you can manage your bills better and you don’t have to be confused with the varying interest rates from different debts. Read the rest of this entry »