Wednesday, May 14, 2014
Forbes Living TV Alerts Debtors -- You Have Rights
Forbes Living assures you that if you're receiving calls from a collection agent, otherwise known as a bill collector, you're not alone. One in seven Americans are hearing from these financial professionals on a regular basis. It may make you feel nervous and intimidated, but don't forget: you have rights. First, make sure they have the correct person, because many of them are working with old files, old phone numbers or they may simply not be too careful. They aren't allowed to call you before 8 a.m. or after 9 p.m. Collection agents aren't permitted by law to harass, intimidate, threaten or embarrass you. They're also not permitted to call your family or friends in order to apply pressure on you.
The Forbes Living TV show reminds you that you can report any abusive or unlawful activity perpetrated by a debt collector. However, it may be difficult to find out the caller's true name or company in order to report them. By this time, the debt has probably been purchased from your original creditor and the calling agency has no further connection with them. Therefore, when you are ready to pay the debt, you have some room to negotiate a lower settlement or arrange for a payment plan. They most likely paid a discounted amount to purchase your debt, so they often will accept a bit less from you to pay them off. It never hurts to ask.