Dealing With Debt Collectors

If it has been months since you've made payments on your bills and you are being called by a Collection Agency chances are that the original creditor got sick and tired of calling and writing you and hired a Debt Collection Service to get the money that is owed to them.

Some do this. Especially Capital One Bank. They will hired Collection Agencies and Collection Attorneys to get the money owed to them. They've been known to sue 90% of their accounts.

If you keep ignoring the Debt Collector who was hired by the original creditor chances are you will either get sued by the original creditor via their agency or lawayer or after about 6-9 months of no payments from you they will charge off your account and sell it to a Third Party Collector.

A third party collector will buy that debt off of your original creditor for basically pennies on the dollar. Let's say you owe $5000 to a bank and they charge it off and sell it to collection agency that third party collector most likely bought that debt for $50 or a few hundred at the least.

They are now going to try and hunt you down to get the full $5000 back from you plus interest & late fees. That's why most screw up here and there. When they purchase this debt they must have a paper showing that they are the assignee of this debt by the original creditor.

Most collection agencies just buy debt portfolios that are old hoping to collect hundreds of thousands of dollars in debt.

The people they go after do not know they have rights and they scare them into paying. That's what this site is all about.

Know that most Collection Agencies do not have ALL THE PROOF behind the original debt. Especially old debts. These companies are hoping you don't know a thing about your rights under the FDCPA. They are hoping they don't get a debt validation letter from you. They are hoping you are stupid and will pay the amount that they want you to settle for. Or pay the full amount if they can scare you into doing it.

When you are contacted by a Debt Collector and decide to talk to them ask them who the debt is for and make them prove that they legally can collect on it (that they own the debt).

This is important because the "so called agency" calling you could be an imposter trying to steal your identity.

That is another reason why the FDCPA stepped in. To protect the consumer from debt collectors.

Know your rights under the FDCPA! Have them validate the debt and take it from there. Don't FOLD. Prove it or REMOVE IT.