I am wondering what they can possibly do to me?
2007-11-28 11:38:00 · 9 answers · asked by Anonymous in Business & Finance ➔ Credit
All collectors are governed by the FDCPA (Fair Debt Collections Protection Act) and have very definite limits to what they can do to collect. If you do not wish to be contacted by phone, tell them so. Follow that up with a letter, certified mail, stating the same. If they continue to harass you by phone, they can be fined. Incidentally, the collector is the one to pay the fine NOT the company.
If they try to contact you at work, tell them not to call you at work that it is detrimental to your job. If they persist, they can be fined.
They cannot leave you excessive messages (more than one per day). And they cannot contact you more than once a week if they speak with you. That is harassment under the law.
They cannot threaten action that they are not willing and able to take.
They can report your bad credit to the three credit reporting bureaus making it difficult for you to obtain credit in the future.
They can take legal action (sue you) to get a judgment and place a lien against your home or other personal property.
If it is secured credit, they can repossess the collateral.
The biggest thing bill collectors don't want you to know is that they work on commission and/or bonus programs. Their paycheck is based on your payments.
2007-11-28 11:54:07 · answer #1 · answered by jo.rogers72 3 · 3⤊ 0⤋
If you have any communication with a collection agency, insist that it be in writing. Do not accept phone calls.
2007-11-28 19:42:02 · answer #2 · answered by npk 7 · 0⤊ 0⤋
Jo rogor has the best answer follow his advise, pick up the call and ask for the case # address ect send them a letter asking them to provided a signed validations on this debt then you know where you stand. Then comeback on yahoo answers and give a specifics on what they send you. At the same time you send the debt validation letter, tell them to stop all contact with you unless in writ ting
2007-11-29 02:56:53 · answer #3 · answered by Anonymous · 1⤊ 0⤋
They can take you to court or they will report you the credit company and you will not get any credit for years. They will hassle you and hound you for years, They will send people to your house to try and collect, They could talk to your employer and get their money through them, they would take it out of your wages. You could loose your job. I think it would be better if you phoned them and made arrangements to pay a little at a time.
2007-11-28 19:45:58 · answer #4 · answered by dizzy 3 · 1⤊ 2⤋
They will start by finding your family and breaking a limb every time you ignore a call, when you run out of family they will find you. Luckly I have a very extended family.
2007-11-28 20:34:25 · answer #5 · answered by Hestia 2 · 0⤊ 1⤋
Simple, report you to credit agencies. They will not kill or sue you. However, I am not sure that all your creditors are adhere the same standards.
2007-11-28 19:45:10 · answer #6 · answered by roginad 3 · 0⤊ 1⤋
just make payment arrangements even if its only 25 bucks a month they only want there money.
2007-11-28 22:58:13 · answer #7 · answered by mamanana9 4 · 0⤊ 0⤋
they can report you to credit agencies, if they haven't already done that. pay up now, it's your loss if you do not!
2007-11-28 19:42:39 · answer #8 · answered by 27ysq 4 · 0⤊ 2⤋
www.creditinfocenter.com
buddhibbs.com
2007-11-29 07:22:47 · answer #9 · answered by Anonymous · 0⤊ 0⤋