The debt collection industry is essential to the credit market. By making sure borrowers make good on their delinquent debt. Credit card debt is what drives the US debt collection industry.
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A Debtor in Possession must keep meticulous financial records. If the court or creditors find that court orders aren’t being followed adequately
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Do: Leverage to Collect the Debt, Impact on Credit Score, Send a Demand Letter, Offer to Settle the Debt, etc.
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So what does it mean when your debt goes into the hands of a collection agency. When the past due goes to collections, the company has the choice
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Trying to pay off debts are faced with the difficult question of prioritization. What’s known as a debt avalanche - Snowball Debt Plan
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What is a Debtor’s Prison? Back in the old days, if a person owed a debt to anyone, he or she could be arrested and thrown in jail. Under FDCPA
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Mini-Miranda rights were established by the FDCPA of 1977 to guard consumer protection. It gave consumers legal protection against abusive debt collectors
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As discussed in previous articles, creditors seeking to collect on old accounts that are long past due must collect within their state’s defined statute of limitations. Failing to recover unpaid bills before the statute of limitations expires means sacrificing any legal recourse to sue the borrower/debtor to force them to pay what they owe. However,…
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In-house collections is rated according to the standard known as the Collection Effectiveness Index. How effective are your collections
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Time-barred debt also directly affect business credit as well. Collecting on old debts is a bit of a two-edged sword because it gives the creditor a chance to recover some or all of their unpaid accounts
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