In today’s advanced generation, most people are not financially strong that they can afford everything with their earnings. They visit the bank for various kinds of loans where bank charges them some percentage of interest and provide them the loans. But it becomes a headache when you fail to repay the loan. There are many licensed debt buyers who provide you the amount of money to clear your loan.
These debt buyers approach the customers from their side who owes debt. These debt collectors are always around to serve the banks, financial institutions, credit card companies and so on. These debt collectors are same like the banks that help you to repay your loan and then they charge some percentage on the money which you have to repay in shorter amount of monthly.
Things you should know
Not all state issue the debt collection licenses. Debt Buyer Licensing requirements by State is different that they should fulfill. Lending money from debt buyers can be headache if you don’t know your rights what to do and what not while dealing with these buyers as they become very aggressive in tracking down the customers making them pay. Your life will definitely become hell from the nonstop phone calls from debt collectors.
- According to fair trading act, debt collectors can take any reasonable steps but in any circumstances cannot intimidate, or threaten the customer. On being threatened by collectors customers have the right to take lodge a complaint against that particular person or agency taking legal actions.
- Unless the court has given orders to the collectors, they cannot threaten you to take any legal action or forcefully seize your property. Collectors are not legally even allowed to enter the customer’s home.
- Debt collectors cannot force customer to share their private information like bank account details, driving license number, etc. If they do so you can lodge a police complaint.