The Fair Debt Collection Methods Act (FDCPA)– which came into force on March 1978, was created to stop abusive, misleading, and unfair debt collection practices. It also protects legitimate debt collectors from unfair competition and encourages the nation to take regular steps to safeguard customers...
Dealing with debt may be a stressful experience. For many people, the scary reality is that a single external factor like layoff, a medical emergency—could put them in debt. Being harassed by debt collectors and living in fear of what they might do to you...
Most of us dislike receiving a phone call from a debt collector. It can be unpleasant at times, but if a debt collector doesn't follow the regulations, it's likely that they're counting on you not understanding your rights. Don't let a debt collector pressure you...
If your business operates on an invoicing system, you're probably familiar with late payments and even non-payment. Customers don't pay invoices on time for a number of reasons, ranging from lost bills to unexpected additional expenses that customers know they can't afford. Many small business...
Collecting past- due debts has become the common challenge for most of the businesses. Tracking down unpaid debts is yet another critical task that should be applied to a long list. When it comes to chasing off unpaid B2B payments, you need to rely on mails and...
Yes, there exist myths in debt collection as well specifically, when you use a third-party for collection of debts you tend to hear a lot of such myths. They can even make you hesitate in your decision to hire a third-party. Collecting debts can tire...
Bad debts, as the name suggests, can be a very negative mark on your credit history. Bad debts or doubtful debts are that you can no longer clear or pay off. Yes, it sounds scary, but one can provision these debts, and there are ways...
Paying off old debt is very crucial. It can become tough if not given the required importance at the right time. Old debt has astonishing effects on people’s lives and also becomes a burden for the entire family. Old debt, otherwise known as bad debt,...
Letter of demands this is formally known as a debt collection letter. It is a letter that demands the debtor for the settlement of outstanding dues. A debt collection letter informs the debtor about the dues as well as the remaining total amount. Usually, it...
Running after unpaid invoices can be too tiring. Sometimes retrieving money from your customers may not seem such a challenging task. But trust me, in some cases, you might require professional help. Research says that opportunity costs because of delay in payments can destabilize a company's...