Follow Ethical Practices in Debt Collection
You may be suffering from heavy debts and will not be in position to repay it. You may possibly encounter some aggressive acts from the debt collectors.
In such conditions, you will be protected from the maltreatments of lenders or debt collectors with the help of the Fair Debt Collection Act (FDCPA).
This act has framed all about the rules to be followed by the collection agency on how to collect debt from a person.
Since the people are unaware about standard rules, these lenders take more advantage of it and try to invade your privacy or may harass you.
It tells the creditors on how to find different ways to collect money from the debtors and to charge for paying debts very late.
The law is mainly to concentrate on the ethical practices, which are to be followed by the money lenders.
Misleading and offensive actions against the debtors are not allowed.
The debtors will be given ideas on how to pay back the debts with lower payments and on time.
Your vehicle will be repossessed by the financier, if you stop making the payments without informing him.
It is better that you approach the help of the banks in order to make them understand your situation.
Vehicle repossession can be prevented by asking the financier for payment holiday, which is nothing but in which you will be given considerable time to repay that particular month's amount. The repaying time can be further varied from 3 to 6 months.
In order to get this time, you must have proper reason for missing the payments of that month and should have a plan on how you are going to repay the amount further.
If you unable to pay the original amount, then you will have to negotiate with the creditor to give some time.
Contact US 227-228 Strand London WC2R 1BE Tel: 0845 520 2000 http://www.burlingtongroup.net/
You may be suffering from heavy debts and will not be in position to repay it. You may possibly encounter some aggressive acts from the debt...