Debt Collectors are the people hired by your creditors to try to collect on your debt. Sometimes they work for your creditors as agents, while other agencies buy the debt for pennies on the dollar and collect for themselves. Their profits can be huge if they succeed in collecting. The moment you receive a notice or a call like this—and it doesn’t matter what they say—they are required by law to inform you that it is an attempt to collect a debt and they must identify themselves by name. They may not harass you with subsequent calls and they may not contact any third parties about your debt except to initially locate you.
When you respond keep the following in mind: This may not be your debt, or the debt may have expired. You should check your state’s statue of limitations on enforcing debt, because most debts expire after a certain time. In any case you can also dispute the debt, which will buy you a little breathing space. To dispute the debt you must immediately notify the debt collectors in writing that you are disputing it. By law this must be done within 30 days, but you should do it immediately, because until they receive your letter they can still demand payment or take legal action. Your letter and any other communications with them should be sent certified mail with a return receipt requested. Disputing the debt puts the burden on the debt collectors to provide proof that this debt is really yours. Even in this business there is rampant fraud.
If they are harassing you with phone calls at inconvenient times or places, or if they contact a third party more than once, you can also write them a letter telling them to cease and desist. They may not use any threats, false information, or deceptive methods to try to collect, which is being done all the time. Many unsophisticated consumers who don’t know their rights are frequently taken in by all sorts of misrepresentations. You also don’t have to give them any financial, personal, or employment information. Keep a log of all their communications with you—dates and times.
If the collector is only an agent working for your creditor, and you are pretty sure you really do owe this debt but you haven’t been able to make payments, you can contact the creditor directly and try to reach an agreement or a payment schedule with them. Again, use certified mail with a return receipt. If your intent was to pay your debts as soon as you’re able, and you would prefer to get some professional help, contact Fast Track.
Fast Track’s Debt Settlement Program works best for consumers in need of a way to settle their debts. We negotiate with your creditors and encourage them to accept a one-time, discounted settlement payment. The Fast Track program provides ethical and dedicated service to help you achieve your goals.
When we start your plan we establish an affordable monthly payment which is deposited in a settlement account in your name. Once you have the required funds in your settlement account, we will contact your creditors and make settlement offers. We will continue to work with them until all debts in the plan have been settled. FastTrack’s goal is to settle all debts in the plan for 40%-60% of what you owe.
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