Facing a stack of bills that you can't handle? Take heart. If you’re drowning in debt, and you are struggling, the vast majority of creditors are willing to settle your credit balances for pennies on the dollar.
If bank card balances and their corresponding payments have made your financial life unsustainable, you should possibly consider taking some of these steps:
Seek Professional Assistance.
Get a free consultation from a financial advisor who can look at your particular situation, and help you to develop a plan and select a debt elimination specialist.
The sort of debt management consultant that'll be right for your position will depend on many factors, including the amounts owed, debtors interest rates involved, the assets you possess and the particular creditors involved.
Perform Debt Validation.
This is the term for a consumer's right to challenge a debt and receive written verification from the debt originating from a debt collector. Debt collectors must prove that the debt they are attempting to collect should indeed be yours. The ability to dispute your debt and receive validation is a component of the consumer's rights underneath the United States Fair Debt Collection Practices Act (FDCPA).
If the consumer creates a timely request for debt validation and the debt collector does not provide you with proper validation, or simply ignores your request, the debt collector would not legally be allowed to pursue the debt, and therefore, you're not legally responsible to payback the debt! When the collection activity continues, the client may file a lawsuit in state or federal court for violation of the FDCPA.
What does a debt collector should provide to validate a debt?
• Proof that the collection company owns the debt/or has been assigned your debt.
• Proof that the collection agency is legally permitted to collect debts where you live.
• A complete written sum of your debt, all fees and interest.
• A photocopy of the original signed loan agreement or credit-based card application (with the signature).
Therefore, in case your creditor can't verify a credit card debt:
• They are certainly not allowed to collect your debt,
• They are not allowed to contact you regarding the debt.
• They are usually not allowed to report it within the Fair Credit scoring Act (FCRA).
Doing so is a violation on the FCRA, and the FCRA states that you could sue for $1,000 in damages for the violation of the Act.
Some collectors are too lazy to provide you the required documentation. Furthermore, they could have lost a small piece of the paperwork and therefore cannot send it to you personally. So, make the most of this business collection agencies tactic. It’s your right. You will be able to save $1,000's!
Stop wasting money by making minimum payments. See how our revolutionary debt negotiation program may get you out of debt fast and safe!