Five things a debt collector will not tell you

Friday, August 2, 2013

Five things a debt collector will not tell you

Published on Jul 31, 2013

The federal Fair Debt Collection Practices Act dictates how and when a debt collector may contact you.

Here are the 5 things a debt collector will not tell you:

1. They bought the debt for pennies on the dollar. So start at 25% of the debt.

2. When you pay the % that you agree to it wipes out the whole debt (get it in writing)

3. Any Payment you make re ages the debt Click here for the map for the statute of Limitations. http://www.creditcards.com/credit-car...

4. Call at work after being told your employer doesn't allow personal calls.

5. Use obscene language or threaten to harm you.

There are a few other important things to know when dealing with a collection agencies:

Debt collectors can garnish your pay - Federal law says no more than 25% of your after-tax income may be withheld. Some states have stricter limits.

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