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5 Points About Debt Collection
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You love shopping with your card or you love to live your life at leisure but for some reason you fail to pay back your bills on time, well attention as Debt Collectors may approach you very soon. Who are Debt Collectors? These are companies related to Debt Collection hired by bigger companies to help them collect their pending debts from various customers. There is so much you might not know about these people or this term debt collection, so here given below are 5 points about debt collection that may help you better:
Types of Debts: there are many types of debts for example- Personal, Family, Household, auto loan or Vehicle loan, medical bills, your house rent or mortgage, etc, etc.
Don’t try to hide: It is worthless, you should pay your bills on time and if that is not possible then you must at least don’t try to hide or something, this is not a fair deal, when debt collector contacts you, you must at least confront them for once. After that you can settle down your issues accordingly but by hiding away, ignoring them etc, this won’t help you at all.
They can contact any other related person you know: yes they can do this, if you don’t handle your issues one on one they may contact the person you know or they know that he or she is related to you to reach you of course. They are not allowed to contact the third party for more than one time; they do have certain restriction over them as well.
You can choose which debt you want to pay off first: this is the rule; you can always make sure which debt you are making payment for.
They can sue you: yes. They have all the rights to do so, if you don’t payback your dues on time then they can take you to the court to precede the lawful fight and if they win, the court will allow them to take your saving, your bank accounts or whatever valuables you have to take over and evaluate the actual amount of due debt. But that is not it if you think these debt collectors are exploiting you or harassing you, you can sue them too and if you win they will have to follow the judgment of court and will have to undergo some sort of punishment like paying you back or something.
Graeme Byers is an expert in debt recovery and collection. In almost a decade of practicing law, he is now helping businesses to fight against debt problems.
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