| Be Proactive Do Not Ignore Collection Debt |
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| Written by Barbara Thompson |
| Sunday, 02 May 2010 21:00 |
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Do not ignore the letters and phone calls from the collection agencies. It is a serious matter if you are contacted by debt collectors. Pay attention and take action against the collection debt. It is not a regulated industry which uses many tactics to collect and they are not regulated on their methods of collection. You cannot wish this away. The situation could become worse and evolve into a legal matter from ignoring the letters. It takes a few easy steps to eliminate the collection debt.
Do not ignore the letters and phone calls from the collection agencies. It is a serious matter if you are contacted by debt collectors. Pay attention and take action against the collection debt. It is not a regulated industry which uses many tactics to collect and they are not regulated on their methods of collection. You cannot wish this away. The situation could become worse and evolve into a legal matter from ignoring the letters. It takes a few easy steps to eliminate the collection debt. The letters and calls could become a worse scenario. When you receive a "dunning" letter, it is serious and not to be taken lightly. It is time sensitive and there is a 30 day time limit to respond. This is law. Even if you write to the collection agency outside of 30 days they would not be able to validate, but it is best to stay within the guidelines. There is always the possibility of being sued. Some debt collectors are well known for suing for small debt collection amounts. It is not likely, if you were sued, that the collection attorney would have the valid account information. Take these steps immediately when a collection letter is received: 1.Write a VOD (Validation of Debt) letter to the debt collector 2.Send return receipt and certified mail 3.Keep organized correspondence The collection agency has 5 days to respond to the correspondence from you according to the FDCPA. The calls and letters should cease in a few weeks. The alleged debt may be sold over and over. Repeat the steps. Eventually you will no longer be contacted about the alleged debt. The next step after collection debt elimination is to remove the collection agencies from your credit report. DISCLAIMER: This article is provided as information only and is not to be taken as financial advice. Want to find out more about collection debt, then visit Barbara Thompson's site for an analysis and the best strategydebt elimination for your needs. |