Junk Debt Buyers
Junk debt buyers are people or companies who purchase old debt and attempts to collect on it.
If you have been contacted by a debt buyer, this article will tell you what to do if they are trying to collect on your old debt.
Don't Worry About It
First, you do not need to worry excessively. If the debt that you owe is older than the debt statute of limitations, you may not need to pay on it.
Legally speaking, you may be off the hook. However, ethically speaking, you may need to consider whether or not you should pay it.
What To Do and Not To DoIt is also very important to know what not to do. Do not assume that you are in deep trouble. Rather, assume that the law is being violated. This very well may be the case.
Be sure to file away any documentation that you receive from the debt buyers as well as any information regarding the debt that you owe.
Be sure to never update your personal information with the junk debt buyer and never acknowledge that you even have any debt owed to them.
Do not agree to a payment plan and be sure to always keep track of your credit score.
Examples of Junk Debt BuyersSome examples of junk debt agencies include: LVNV Funding, Midland Collection, NCO Financial, Asset Acceptance.
There are many, many other companies that purchase out of date debt from companies in order to attempt to collect them.
You'll find a list of junk debt companies along with more information on this site.
Check Out State Laws
Be sure to check out the laws in your state. Every state has different laws regarding junk debt and the legality of your paying it.
It is possible for a company to sue you in order to collect on the debt. You need to know exactly what to do in order to win the lawsuit against any one of these debt collection agencies. And that leads me to my next point.
You need more education in order to win the debt battle.
The Fair Debt Collection Practices Act (FDCPA) and the Fair Credit Reporting Act (FCRA) are both excellent documents to further instruct you regarding the next step you should take in order to win the debt battle.
Although having debt on your credit record is not fun, you can get that debt paid off or resolved if you gather the right information and act on it. But you need to know the exact steps to take in order to get that debt resolved and taken off your credit record.
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