How can you benefit from collection agencies? By Michael Rocco Soave

If you have small or a big business or even if you are trying to start a business then you should try to get the best collection agency for you. You need to find that you have the right information so that you do not end up losing your time and money by getting the fake or wrong one for you.

You need to make sure how you can take your own decision of choosing the agency that would help in getting your pending money recovered very easily. Your sole motive should be to improve your business and this can be done only when you have the right information. It is very important to know whether you are able to choose from the best collection agencies that would help you to serve your purpose. It would make you get all the money that was owed to you by different clients. But there are also some other important things that you should consider, for example, you should look forward to the best one who does not harm your company reputation. There are some agencies that help in improving the company’s bottom line in order to collect bad debt. In other words you should be able to look for an agency that uses legal methods of collecting your money so that you can be on a safer side.

Be clear of the fees

You should be very clear of the fees that you need to pay them for their service. You would find that there are agencies that ask for the percentage of the amount collected. While there are some agencies that ask for a fee and so you have to make sure that you get clear information from them regarding their payment. You also need to make sure to understand that they follow the policy of, ‘No win no money’. This is important for you and you would be glad only when you are able to take the best foot forward.

Try to get updates

You also need to ensure that you try to get the updates on their progress. This would help you to remain yourself updated which would also make you feel that you have got the right agency for you. This would also help you track down your payment that has been made by the clients. So make the best decision to choose from the best collection agencies for you.

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collect judgments

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Your Legal Rights

By: lawmo

DEBT COLLECTION HARASSMENT

A federal law known as the Fair Debt Collection Practices Act limits what debt collectors can do to harass you about debts.  In most states, like Missouri, the state laws do not provide much protection against harassment.  However, the federal law applies to all debt collectors, including attorneys.
The law applies only to "debt collectors." This means that the person calling you is collecting the debt that you owe to someone else. If the XYZ Company calls you directly to collect their debt, the Fair Debt Collection Practices Act does not apply to them. However, if the XYZ Company hires a debt collection agency to collect the debts, the law does apply to the debt collection agency.

Debt collector contacts

A debt collector may contact you over the telephone, by mail, in person, or by fax. The debt collector cannot call you at unreasonable times or places. Typically, this means that they should not call you before 8:00 a.m. in the morning or after 9:00 p.m. at night unless you agree to let them call you at those hours. A debt collector may call you at work unless you let them know that their employer disapproves of this. If you do get contacted at work, immediately notify the debt collector if your employer prohibits this.

Stopping debt collection contacts

You can request that the collector stop contacting you. You should do this by writing a letter to the debt collection agency in addition to telling them over the telephone. Be sure to keep a copy of the letter for your own records. When the debt collection agency receives the letter, they should not contact you again except to tell you if they are going to take specific action concerning the debt.

Debt collector contacts with other people

The debt collector may contact other people such as friends, relatives, or neighbors to find out information about where you live and work. Normally they can only contact these people once. In most cases, they are not allowed to tell these people about your debt, but only obtain information about your address and work.
If an attorney represents you on this debt, notify the debt collector of your attorney's name, address and phone number. The debt collector should then contact only the attorney.

What the debt collector must tell you

A debt collector may contact you initially by telephone. If they do, they are required to send you a written notice within five days telling you the amount of the debt you owe, the name of the creditor that you owe the money to, and what action you should take if you do not owe the money.

Disputing the debt

If you do not owe all or part of the money that is being collected, you can request that the debt collector verify the debt. For example, if you signed a loan agreement, you can request that they send you a copy of this document. If you dispute the debt, you should notify the debt collector in writing within 30 days after you are first contacted by the collection agency. You should write them a letter explaining why you do not owe the money and requesting that they verify the debt. During the 30-day period after you are first contacted, the collection agency should not contact you again until they provide you proof of the debt.

Prohibited Harassment

Debt collectors can call you and request that you pay the debt. However, they cannot harass you or abuse you. These are the types of things that they should not do:

• Use obscene or profane language.
  
• Make repeated frequent calls to annoy you.
  
• Telephone you without identifying themselves.
  
• Use threats of violence or harm against you.
  
• Threaten to arrest you if you do not pay the debt.
  
• Threaten to take action such as lawsuits, garnishments, or taking your property unless the collector intends to do so and it is legal. (Creditors must usually take you to court and get a court "judgment" against you before they are able to garnish your wages in Missouri.)

Debt collectors cannot make false statements about themselves or the debts. They cannot misrepresent:

• they are government officials;
  
• that you have committed a crime;
  
• that they work for the "credit bureau";
  
• that the papers you received are legal summonses
  or legal papers, if they are not;
• the amount of your debt; or
  
• that there is an attorney involved, if there is not.

Debt collectors are also prohibited from:

• depositing a post-dated check before it is due;
  
• threatening to take your property unless it is legal to do so;
  
• contacting you by postcard.

Payments on multiple debts

If you owe more than one debt to the same collector, you can specify the debt you are paying. If you clearly indicate that you are paying one account, the debt collector should apply the payment to the account you request. You should always keep records of your payments and correspondence with any debt collector.

What if the debt collector has violated the law?

The Fair Debt Collection Practices Act gives you a right to sue in state or federal court within one year from the violation. If you win, you can recover damages for your loss, court costs, and attorney's fees. Remember that the one-year period runs from the date the debt collector violated the law. You should act promptly to contact an attorney if you believe a debt collector has violated the law. If you fail to file your suit within one year of the violation, you lose your right to do so.
You can also notify the Federal Trade Commission (FTC) of violations. They cannot file lawsuits on your behalf, but they can investigate your complaints. Their address is: Consumer Response Center, Federal Trade Commission, Washington, D.C. 20580. You can also file a complaint through the Internet.

What should I do to prove my claim?

You should always keep copies of everything that the debt collection agency sends you. Use a file folder or large envelope and keep all of your letters together. Always keep copies of everything that you send to them.
When they call you, be sure to jot down notes of the exact words they used while talking to you on the telephone. Right after you hang up, write a summary of everything they told you, and what you told them. Note the date and time they called you. Be sure to write down their names and telephone numbers and the company they are with.

Get help

If you believe you have been harassed by any debt collector, you should contact an attorney for specific legal advice on your problem. If you are elderly, or have low income, please call Legal Aid of Western Missouri for further information or advice.

Finding the best credit card offers

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BankAmericard® Better Balance Rewards™ Credit Card No annual fee Purchases Balance Transfer Regular APR Annual Fee Credit Needed Intro APR Intro APR Period Intro APR Intro APR Period 0%* 12 billing cycles* 0%* 12 billing cycles for qualifying balance transfers* 11.99% - 21.99% Variable* on purchases & balance transfers None* Excellent Credit

BankAmericard Cash Rewards™ Credit Card Get $100 cash rewards bonus after you spend $500 on purchases in the first 90 days of account opening Purchases Balance Transfer Regular APR Annual Fee Credit Needed Intro APR Intro APR Period Intro APR Intro APR Period 0%* 12 billing cycles* 0%* 12 billing cycles for qualifying balance transfers* 12.99% - 22.99% Variable* on purchases & balance transfers None* Excellent Credit

Citi Simplicity® Card 0% Intro APR on Balance Transfers and Purchases for 18 months. After that, the variable APR will be 12.99% - 21.99% based on your creditworthiness. Purchases Balance Transfer Regular APR Annual Fee Credit Needed Intro APR Intro APR Period Intro APR Intro APR Period 0%* 18 months* 0%* 18 months* 12.99% - 21.99%* (Variable) $0* Excellent Credit

BankAmericard Travel Rewards® Credit Card Earn 10,000 bonus points when you spend $500 on purchases in the first 90 days of account opening, which can be $100 towards travel purchases Purchases Balance Transfer Regular APR Annual Fee Credit Needed Intro APR Intro APR Period Intro APR Intro APR Period 0%* 12 billing cycles* N/A* N/A* 14.99% - 22.99% Variable* on purchases & balance transfers None* Excellent Credit

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My brother died 3 years ago should I negotiate with the Collection Agency?

I lost my brother 3 years ago on March 2010. His name was John and he died at age 32 from lung cancer. My brother has some credit card bill and I was a authorized user. Now the collection agency is calling me for the unpaid amount then I inform the collection agency about his death. They told me to send death certificate and after that they deleted my name off the account but few week back I got a letter from the collection agency about the payment from his estate but he had no assets. Should I negotiate with collection agency to get off of my back?

Answers:

Once the owner of the account died the authorized user status terminated. Here the point to be noted that the authorized user in not a co-owner of the account. As you have says that there is no assets on his name then just inform them that there is no property as such in the name of your brother.

May be possible that debt was probably re-sold and now the collection agency is trying to get anything out of it.

Note:  This is not a legal advice only for general information, and this answers does not  have any relationship with Collection Agency and client.

How Debt consolidation works

Before consolidation program

Outstanding balance on credit card (15%)
Outstanding balance on Home Loan (17%)
Amount you owe on medical bills (16%)

So, the average interest rate = (15% + 17% + 16%)/3 = 16%

After consolidation program, the interest rates on your debts are negotiated down to:

Credit card - 10%
Home Loan - 16%
Medical bill - 10%
So, the average interest rate = (12% + 14% + 10%)/3 = 12%

Now if your total debt amount is $65000, you'll save = (16% - 12%) * 65000 = $2600 per year.

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What resources are available to get out of debt in USA?

By Tim

Is there any option to get my grandparents out of debt?

My grandparent has taken $9700 to repair their house in 1-feb-2005 but they are not in the condition to pay their debts and are also disabled.

Is there any nonprofit network of professional in USA who can help my grandparents out of debt?

How to Choose the Best Secured Credit Card?

To choose the best secured credit card, you must determine what features are most important that suits your financial situation and budget and measure them against the costs associated with each offer.


Make sure to find out the application fees, finance charges, annual fees, accrued interest on the deposit, available line of credit and minimum savings deposit associated with the card.




Here are few things to look into a secured credit card before applying for it-

• Get a list of all the secured credit cards by contacting your bank, or credit union. You can also find it online at bankrate.
• All secured cards charge an annual fee. But this fee varies considerably with issuers. So, enquire about the fee beforehand. As why to pay a high fee when you can get a card for much less.
• Some secured credit cards charge an application fee, while some don’t. Don’t just go for the first offer you come across, but look for a card issuer that will process your application fee for free.
• Determine how much you can afford to put down as deposit. As applying for secured card require an amount to be deposited at first and this amount determines your credit limit. Choose one that fits your financial style and goal.
• Evaluate the interest rate before applying for a secured card. The rate may range from 9.9 to 20 percent. Keep in mind that as long as you make your payments in time, you won’t incur any interest fees.
• Many cards also charge monthly account fees and credit limit increases fees or to access your bill online. Enquire and find out for secured cards that do not charge for these services.
• After applying for secured card check that the card issuer reports to the credit bureaus. If they don’t or do delay in reporting to the credit bureaus, having the secured card won’t improve your credit.
• Frequently ask the card issuer how long it will take to qualify for an unsecure credit card. Secured cards charge higher annual fees and interest rates than regular credit cards. So, make regular timely payments, to migrate to an unsecured credit card as soon as possible, by 12 months or less. 

Debt Collection

A debt arises when one party (the creditor) loans money to another party (the debtor) with an expectation of being paid back at a later date (usually with interest). At times a person will find himself burdened with more debt than he can handle; however, all debts must be repaid according to the terms of the loan contract, even if economic hardships or other problems arise for the debtor! This means that a debtor who finds himself in an economic tough time should immediately:

• Contact each of his creditors and explain the situation.
• Try to work out a payment plan that, while different from the one originally agreed upon, will be feasible for the debtor and satisfactory for the creditor.
• Stick to it! Although creditors are usually eager to work with their debtors to solve problems, they may lose patience if a debtor often reneges on newly formed payment plans.
• Consider contacting a credit counseling service. This service works out a payment plan for the debtor, and distributes the actual payments to the creditors.

Other methods of dealing with debt include consolidating debt through loans or declaration of bankruptcy. These are steps with serious consequences and should be taken only after consultation with an attorney.
Although working toward a solution is advantageous for both sides, if a debtor (person who owes the money) fails to pay back the creditor (person who has lent the money), the creditor will likely take action to try to get his or her money back.
Dunning is the creditor’s practice of trying to encourage the debtor to pay back debts. This practice is entirely legal, except when the creditor:

• Calls the debtor at home more than two times in each 7-day period or at any other place in each 30-day period for each debt.
• Calls the debtor and does not identify himself or that he is calling on behalf of the creditor.
• Sends collection notices to the debtor that openly indicate/imply that the person is in debt.
• Tells anyone about the debt in hopes of intimidating the debtor into paying.
• Contacts the debtor directly when the creditor has been notified to communicate only with the debtor’s attorney.
• Calls the debtor outside of normal waking hours (approximately 8am to 9pm).
• Causes the debtor to be charged for long distance phone calls.
• Falsely threatens to take legal action.
• Threatens to use violence.
• Uses obscene language.

For telephone, gas and electric utility companies, however, some exceptions are made.

By: hcs harvard edu

What is a judgment?

A judgment is the official decision of a court at the completion of a lawsuit. Regarding a debt, a judgment will stipulate the amount owed. Once a debt has been reduced to a judgment it may be enforced through wage garnishment, garnishment of bank accounts or liens against property depending on state law.

wikipedia : Judgment (law)
A judgment, in a legal context, is synonymous with the formal decision made by a court following a lawsuit. At the same time the court may also make a range of court orders, such as imposing a sentence upon a guilty defendant in a criminal matter, or providing a remedy for the plaintiff in a civil matter.

In the United States, under the rules of civil procedure governing practice in federal courts and most state courts, the entry of judgment is the final order entered by the court in the case, leaving no further action to be taken by the court with respect to the issues contested by the parties to the lawsuit. With certain exceptions, only a final judgment is subject to appeal.
In some legal systems (particularly civil law jurisdictions), a judgment is not considered final until after appeals have been exhausted or waived.



Noun
The ability to make considered decisions or come to sensible conclusions.
An opinion or conclusion.
Synonyms
judgement - verdict - opinion - sentence - decision


Judgment

• an act or instance of judging.
• the demonstration or exercise of such ability or capacity: The major was decorated for the judgment he showed under fire.
• the forming of an opinion, estimate, notion, or conclusion, as from circumstances presented to the mind: Our judgment as to the cause of his failure must rest on the evidence.
• the opinion formed: He regretted his hasty judgment.