Don't be Bullied by Debt Collectors

Here's a short but useful article from MarketWatch on how to handle creditors and collection agencies who call you:

Even when you don't have the money to meet your financial obligations, you still have rights under the Fair Debt Collection Practices Act. It prohibits debt collectors from engaging in unfair, deceptive or abusive practices in calling in past-due accounts.

Debt collectors must identify themselves to you on the phone and can contact you only between 8 a.m. and 9 p.m. They may not call you at work if they know that your employer disapproves.

Collection agencies may not harass, oppress or abuse you and may not furnish false information in attempting to get you to pay your debts. Above all, debt collectors must stop contacting you when you make a request in writing for them to do so.

Complaints can be made to the Federal Trade Commission toll-free at (877) FTC-HELP.

Good stuff to know. I've heard stories that companies will try to get around these rules and harrass you until you pay. Be sure to hold them to these rules and if they violate them, report their tactics to the authorities.

Comments

[Bronx]

i was just wondering what my rights are! i currently owe the bank say £5000 or so most of it is what they have added becouse of lait payements! i currently have no job but im seaking employement! and resently they stopped my job seakers allowances but soon i should be getting some money coming in! anyway the bank phoned me up! i told them that i was currently getting £0.00 coming in and that as soon as i get some money coming in i will start paying something! well anyway that man on the phone wouldnt even let me speak he kept on being awful to me and says that they are going to get someone to do a door colletion. i seid ok! then he seid no i tell you whot since you have no money coming in i will get them to collect the full amount. where can i find over £5000 if i dont have anymoney coming in whats ever? can bailifts enter my mums house for a debt that i owe? will someone please let me know what my rights are! i know i should be paying something but! i got talked into getting the loan and the woman who talked me into it new i wasnt handling my finances vary well! so can they enter my mums house its not her falt that im in this mess,