Getting drowned into the depth of debts is a horrible experience. A debtor gets threatened by the debt collectors and every other person for not paying the debt on time. You may think that you are at risk but take a breath of relief because you have certain rights as a borrower. According Fair Debt Collection Practices Act (FDCPA), well-laid rights are favouring the borrowers. These rights can be claimed by any debtor when troubled by the debt collectors.

Phone Calls-Etiquette:

Debt collectors cannot disturb your routine life either by calling before 8 am or after 9 pm. They cannot call you at your workplace. They should not call you repeatedly any day. Any debt collector should stop calling you, if you ask them not to call, preferably in writing.

Make sure you send the letter by certified mail and keep the copy of the letter for future reference. After they receive your letter, they may only contact you through emails and not through phone contact any longer.

No Offensive Means:

Debt collectors should not use inappreciable and intolerable language to abuse you verbally to make you pay the debt. Any other threat is considered offensive.

Right to Verify:

You have the right to verify the amount and the other details of your debt as a debtor. If there is any variation, you have the right to dispute. The debt collector has no right to collect the debt until the dispute gets settled. You cannot be forced to pay more than what you owe.

Right to Privacy:

Debt collectors have no option to disclose your debt details to any third parties like your neighbors, friends or co-workers. If unavoidable, they can share the details with your attorney, spouse or parents.They are not supposed to inform any other third party under the pretext of collecting details about you. Hence know your rights as a borrower and keep away unnecessary stress!

Repaying debts should be consistent and regular; otherwise, you may land up in chaos and trouble. Due to various unforeseen and explainable reasons, a borrower may fall short in his promptness in paying the dues on time. In such an instance, the lenders may hand over the responsibility of collecting the debt to professional debt collectors.  These debt collectors have their own way of dealing with the borrowers and their approach may not be adorable but stern and harsh. They operate in the following manner to collect what the borrowers owe the lenders.

Initial Steps:

Once you stop paying your credit card dues, the debt collectors get in touch with you through phone calls or letters. They contact you in a few days or weeks when you miss your repayment for the first time. Their communication would continue further until you make an effort to pay off your debt.

Legal Procedure:

After repeated intimation through phone calls and letters, they may take the matter with the court. Despite their communication, if you are unable to settle the repayments within six month’s duration, the debt collector would warn you several times before he goes to the court for judgment. You will start receiving sufficient notice before the very last notice. In case you do not report for the proceedings, the collectors get a default judgment that adds on the favor to the debt collectors.

Default-Not Appreciable:

When the legal proceedings end up in default, the collector takes his own decision and means of collecting the debt. His mission is only to collect the debt. Hence the person or agency may approach your employer and work with him to get the due amount deducted from your paycheck. It is always wiser and safer to pay your debts on time rather meet the consequences!