You always have a right to be treated with respect, fairly and have your privacy respected. You do not need to listen to any obscene language, threatened or be called names. You also have the right to dispute all or part of your debt, even though you may actually owe it. You can request that you not be disturbed at work, or at any time and place inconvenient to you. Finally, you can also request that no further attempts be made to contact you.
The disadvantage of going in for debt- settlement negotiations before default is that the card issuer will not be interested in helping you out. Further, the card issuer might transfer the account to a Debt Collectors Scotland.
There are some debts that you may turn your back on and not see any consequence such as a small subscription to a magazine that you got locked into when you signed up for some service. On the other hand there are debts that if you turn your back on can lead you into a difficult financial situation. You may hear stories of people who have gotten away with debt for a couple of years but make no mistake, it will catch up to you.
Don’t forget the small stuff. Pay off your little items, such as old rental fines or unpaid gym memberships. These items will show up on your report, no matter how small the debt is.
Even though it is a violation of the Fair Debt Collection Practices Act to file a lawsuit after the statute of limitations has run, the sleaziest companies file lawsuits anyway in the hopes that the consumer doesn’t respond to the lawsuit and the collection agency ends up getting a default judgment against the consumer. This will then turn the previously uncollectable debt into very collectable debt. It is also important to note that although the statute of limitations prevents debt scavengers from filing a lawsuit, they are still permitted to try and collect the debt. However, many of their tactics violate a law called the Fair Debt Collection Practices Act.
The company he founded, Commercial Financial Services (CFS), grew at an astounding rate 15,000% per year. The company won the Inc. 500 Award for being one of the fastest growing companies in America 4 years in a row. And over a period of 13 years CFS grew to a point where revenues were in excess of $1 billion and earnings were in excess of $182 million.
If the credit bureau follows the old method of calculation of the credit score, then you can be rest assured that your report will show a negative remark and your score will take a hit. This is the reason why you should make use of the services of professionals. There actually are instances where not paying the debt and letting it go in to the limitation period will actually work to your benefit. The trick is to know when to pay and when not to pay.