The law prohibits debt collectors from using abusive, unfair or deceptive practices to collect debts from you, including misrepresenting the nature of the debt, falsely claiming that the person contactin you is an attorney, threateing to have you arrested or imprisoned if you don’t pay, falsely claiming to garnish or seize your wages, bank account, … Read More
WHAT INFORMATION MUST A DEBT COLLECTOR GIVE YOU IF YOU DISPUTE A DEBT?
They must validate the debtor by including the name of the creditor, the amount owed, that you can dispute the debt and if you don’t dispute the debt without 30 days the debt collector will assume the debt is valid, that if you dispute the debt in writing within 30 days the debt collector will … Read More
WHAT CAN I DO IF A DEBT COLLECTOR CONTACTS ME ABOUT A DEBT I ALREADY PAID OR I DON’T THINK I OWE?
If a debt collector contacts you about a debt you may or may not owe, don’t ignore or avoid a debt collector. Debt collectors are, in general, required by law to tell you certain information about the debt. This is known as validation information or a validation notice. This can help you learn more about … Read More
CAN A DEBTOR COLLECTOR TRY TO COLLECT ON A DEBT THAT WAS DISCHARGED IN BANKRUPTCY?
Debt collectors cannot try to collect on debts that were discharged in bankruptcy. If you file for bankruptcy, debt collectors are not allowed to continue collection activities while the bankruptcy case is pending. If a debt collector calls and you have filed for bankruptcy, tell the debt collector and your attorney. Once the debt is … Read More
STUDENT LOANS RESTARTING
Student loan interest on Federal student loans will resume starting on September, 1, 2023 and payments will be due starting in October. The Department of Education will notify borrowers before the payments restart and will be in direct communication with borrowers and student loan servicers. If you are on an IDR plan, your payment should … Read More
WHAT IS BANKRUPTCY
Bankruptcy is a legal process through which people or companies who cannot repay their debts to creditors may seek relief. It is important to review the underlying problems and to minimize the risk that financial distress will recur. The goal of bankruptcy is to provide a fresh start to people who can no longer afford … Read More
CAN I CLOSE A CREDIT CARD ACCOUNT?
When you close your account, you are still obligated to pay at least the minimum amount until the full balance is paid off. The care issuer can still charge interest on the amount you owe. Generally, you should be able to close your account by calling the credit card company and following up with a … Read More
CAN CREDIT CARD COMPANIES CHANGE THE TERMS?
The credit card company has the right to change the terms of your credit card agreement. For significant changes, the card issuer generally must give you notice 45 days in advance. Significant changes generally include increases in interest rates and fees, increases to the minimum amount due, or changes to the grace period or the … Read More
DEBT COLLECTOR SCAMS
There are a few warning signs that could signal a debt collection scam. Legitimate debt collectors should not claim that they’ll have you arrested. They should provide you with a mailing address of phone number. They should not ask you for personal financial information. If the caller refuses or is unable to provide you with … Read More
WHAT TO DO IF A DEBT COLLECTOR SUES YOU
If you are sued by a debt collector, you should respond to the lawsuit by the date specified in the court papers. When you respond to the lawsuit, the debt collector will have to prove to the court that the debt is valid and that you owe the debt. If you don’t respond, the court … Read More
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