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G&G Associates
Tax & Financial Consulting Services
e-Newsletter

How To Keep Debt Collectors Off Your Back

Dear G&G Readers,

This is something a little different for you but, it can be a stress relief for many. Because of the credit woes many are having now, the stress of having debt collectors calling your home can be mind boggling. Those who know me personally or are frequent readers of my newsletters, know I despise banks and the credit industry because they are crooks. Sorry…for those of you who work for banks, but the truth is the truth and if you didn’t know already they don’t care about you anyhow. Ask the tens of thousands of employees who have been laid off by the banks over the last year.

Did you know if you a debt collector a letter to stop calling you they have to stop calling you? The Fair Debt Collection Practices Act protects you from being harassed by unwanted contact and phone calls from debt collectors, including attorneys, and collection agencies. It does not apply to employees that work directly for an actual creditor that you owe money to.

The Law is Simple: Write a Letter

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The law requires you to write a letter to the collector telling them to stop calling you or that you are refusing to pay the debt. Be sure to send it certified mail, requesting a signature for receipt. You cannot make this request via FAX, email, or telephone. It must be done in a written letter.

Once a debt collector receives your letter, they can only contact you to:
• Acknowledge receipt of your request letter; or
• To advise you of specific legal action they plan to take against you to collect the debt.

If you continue to receive calls, you can take further steps to stop a creditor from harassing you, or you may even be able to sue a debt collector.

Here is a good site you can go to for more info to fight the creditors playing by “THERE” rules, caution I didn’t say what the DEBT COLLECTORS were doing was “LAWFUL."

http://womeninbusiness.about.com/od/debtcollectionproblems/a/debtfilecomplnt.htm

Question: If you signed a contract with say supposed Lender XYZ, and they write-off aka (set-off) the loan and sell a copy to a debt collector, why would you pay a debt collector “who you didn’t sign a contract with” any money on the supposed loan that has been written off …hmm.

Answer: Lack of knowledge

The Fair Debt Collection Practices Act at 15 USCs 1692 et seq., and which states in relevant part: “A debt collector may NOT use any false, deceptive, or misleading representation or means in connection of any debt.” Which includes, “the false representation of the character, or legal status of any debt,” and “the threat to take any action that cannot legally be taken,” all of which are violations of law.

So, if you didn't sign a contract with the Debt Collector and the Debt Collector isn't the holder of the original note do they have a right to harass you? Aren't they committing FRAUD? Isn't this in violation of the LAW? But, if you acquiescence (remain silent) and ignore the mailings that come to your home and fail to challenge the debt collectors to show you proof of the debt, then you agree to the debt and they can get a judgment to do whatever they want to you (garnish checking acoounts, paychecks, etc) because you have defaulted.

FYI...a copy is not proof of the debt. Make them send you a "CERTIFIED" copy of the debt and have them state in writing they are the owners of the original supposed debt. In a nutshell, "CERTIFIED" copy means they are doing it under oath and face penalties of perjury if they can't proof up. Give them the same amount of time to respond to your request they gave you, and if they acquiescence, then they agree they have no "LAWFUL" debt. If they contact you after that, wouldn't that be Fraudulent? Somehow, I don't think you'll here from that Debt Collector again.

Don't waste your time doing it over the phone, do everything in writing.

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Thanks

Gary Gray
Tax & Financial Consultant, RFC
G&G Associates
757-251-0174 office
866-361-3872 toll free fax
www.gngassociates.net

"Your mind is like a parachute, it only works when it is open."
C. Brown


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