Welcome back to debt collection 101, your beginner’s guide to debt collection. In articles one and two, I wrote about the different types of debt collectors, how collection agents will find a debtor, and what they will do when they contact the debtor. In article three I described the strict rules and regulations that debt collectors, particularly third party debt collectors must abide by when they make each phone [...]
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Nowadays, cash is hard to come across for everyone attempting to meet the standards of living, even young people. As the job market tightens with more and more people losing jobs, competition for employment becomes more fierce and a college education may now be a necessity. While you were in school, loans paid your way through college, but since you have graduated the unthinkable has happened, and these debts have come out to haunt you, maybe even before you are able to secure your first job. A whole slew of debt collectors may be contacting you, and now, you are a frenzied mess searching for anyone who can help you with a student loan [...] In part one on my two part series of articles about stock markets, I informed you that a stock market is a public market that is utilized to trade company stock and derivatives at a price that is agreed upon. I listed a few basic facts on stocks and derivatives, and I told you that people who participate in the stock market can range from individual stock investors to hedge fund traders. Now a bit on trading [...] If a collection agent is asking that you pay a debt that you think you don’t owe, or more money than you may owe, you have the legal power to dispute the debt in writing. The legal terms for doing this are “debt validation” or “debt verification.” Within the first five days of contacting you, the Fair Debt Collection Practices Act requires that bill collectors notify you of your right to validate the debt. You need to ask for verification within thirty days of when you are first told about the debt. Always send your request by certified [...] U.S. Bankruptcy Code imposes something called an automatic stay the moment that a petition for bankruptcy is filed. The automatic stay will usually halt the commencement, enforcement or appeal of actions and judgments against a debtor from the creditors they owe money to that are attempting to collect these debts incurred prior to the bankruptcy petition. In addition, the automatic stay protects property of the bankruptcy estate itself from collection actions and [...] |
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