Dealing with debt collectors - 5 steps to protect

When it comes to debt, stress and anxiety can make you forget one fundamental fact: you have rights. There are a number of debt collection federal and state laws exist to protect, including the Fair Debt Collection Practices (FDCPA).

So when a creditor calls, do not worry. Instead, here's a simple 5 step process you can follow when it comes to debt collectors.

Step one
Whencollection agency calls, we ask that you send a written notice of the debt. And 'their legal rights under the FDCPA. You will then have five working days to send the invitation.

Step two
Upon receipt of the notice of debt, carefully reviewed. In particular, must ensure that:

* Is it really owes the debt. If not, you can dispute.

* The amount is correct. Make sure that creditors do not add any additional cost illegal. IfI think the number is incorrect, you can protest and / or a lawyer.

* The debt is not too old. If the debt is too old, you can send the collection agency a cease contact letter. Note that some debts, like child support, tax debts and student loans are not covered by this requirement

Step Three
If you think you owe the debt or too old, you can send a collection agency cease contactletter. The text of the letter by certified mail and keep a copy for your records - good records are important when it comes to debt collectors.

IMPORTANT! If you send a letter to the creditor a cease contact, the only way you can collect from you is that you demand. It is best to talk to a lawyer before sending a letter to cease contact, to ensure you're protected.

Step Four
If you think you have to make debt but can not afford to pay, you have options. Abankruptcy attorney can help you determine if your property is protected from collection agencies.

Step Five
If you have debts, but you can not pay in full, negotiate a solution. The collection agencies often accept a lump sum less than the full amount. Just be sure to reach an agreement reached in writing!

If you follow these five steps when the debt, you should end up in pretty good shape. Remember,the law is there to protect!

If you are looking for a lawyer, but can not afford to pay for a part, has some options available.

* If the lenders acted illegally at any time, you may be able to sue any failure. If you win, you might have to pay legal costs. For this reason, some lawyers will take your case on a contingent fee basis - do not get paid unless you win.

* The collection of complaint hotline offers free and confidentialconsultation with counsel dealing with debt collectors.

Dealing with debt collectors can be stressful, but this five-step process to help you create the right track.