The decision to file bankruptcy versus opting for credit card debt settlement may seem like it’s a tough call but after you examine the pros and cons, you won’t feel that way. In the final analysis it’s all about one thing: putting an end to the debt collection nightmare and getting on with your life! How you arrive at that point will affect the interest rates you will pay on future mortgages, car loans and credit cards.
After a series of letters, you may receive a monthly statement with a $0.00 (zero) balance. They may cancel the debt, and write it off. Often, any unpaid “balance” on the fraudulent account simply disappears. The debt may be charged-off, or sold to a collector. When you receive a letter from the debt collection companies uk, you will then request a validation of the debt, asking them to prove you owe them any money and showing the collector why no claim against you can be maintained. A true Debt Relief Course will also teach you how to stop all of the harassing phone calls and nasty collection notices.
Stop paying on all the card accounts because it takes six months for your information to get to a collector so just be patient but if you have stopped paying already that’s even better. Use waiting time to practice your phone etiquette.
Why read the Fair Debt Collection Practices Act? – First, to get your sanity back! Debt collectors will turn your life into a living nightmare… if you allow them!
Firstly you have to ascertain whether you are on private land or public land. If you are on public land or the highway then the notice should be from a traffic warden, parking attendant or whatever they happen to be calling themselves this week.
They commonly send you a response, stating you signed a contract and you must pay it, or offering you payment counseling, or even reducing the amount you owe and telling you to pay the discounted amount. They often claim to have the proper authority, but they never provide any proof of any authority. If they have the authority to lend their credit, WHY CAN’T THEY PROVE IT?
Remember, creditors are trained to scare you and force payment. These people are just doing their job (right or wrong remains to be a question) do not fear them, they must abide the law.