Fair Debt Collection Act Deals
Being in debt is not a good feeling. You feel hopeless, helpless and out of control. While it makes sense to have these feelings, they certainly don_t help the situation, and may reinforce behavioral patterns that are contributing to the problem.
How you got to being in debt is irrelevant; what matters is how you are going to get out of it. There are a plethora of roads you can travel down to eliminate your debt. Some roads are longer or bumpier than others, and all of them seem to extend for a lifetime when you’re in the midst of a budget crunch. Collection agencies may make you want to turn back and hide. However, the Fair Debt Collection Act (or FDCA) can be the walking stick you lean on in times of turmoil
The FDCA sounds pretty, but understanding it is really a thing of beauty. Though fair has been considered as the new “f-word”, it does have a place in personal finance. The FDCA states that both the debtor (that’s you) and the creditor (that’s them) must handle debts with fairness.
This act gives creditors the ability to seek their money. It allows them to use a multitude of methods to track down the debtor, set up punitive fees for lateness and layout procedures for in the case of default.
Really, the Fair Debt Collection Act is a protection of the consumer. It means that the creditors have to be fair and understanding in their dealings with you. It can translate into lower payments, a better payment schedule, and rewards for your engaging with collections agents trying to contact you.
It’s a win-win situation
It doesn’t matter if you’re in the hole or looking to be paid; the Fair Debt Collection Act guarantees that the process will be a civil one and benefit everyone involved.