Tough economic times haven’t been easy on anyone’s finances. You currently might be in a situation where, in addition to your living expenses, you are drowning in student loans, car payments, credit cards, and possibly even medical debt. You are trying to work through the mess, but debt collectors won’t leave you alone.
Are there any laws that can protect you from their harassment?
Finding relief from collection agencies
The Fair Debt Collection Practices Act (FDCPA) is a federal law that regulates the behavior of debt collectors. The act prohibits them from using abusive, unfair, or deceptive practices when collecting debts. They also cannot harass, threaten to use violence, or harm the debtor in any way.
The Consumer Financial Protection Bureau (CFPB) is a federal agency that protects consumers from harmful or unfair practices by financial institutions by regulating the products and services that banks and other financial companies offer.
The CFPB’s Debt Collection Rule requires debt collectors to provide certain information to consumers when they first contact them about a debt. This includes the debt amount, the creditor’s name, and a statement that the consumer has thirty days to dispute the debt. In addition, the rule prohibits debt collectors from making repeated phone calls or contacting consumers at odd hours.
Even with these protections in place, you may still find yourself being barraged by collection agencies. Filing for bankruptcy may help you get that fresh start you desperately need. Contact someone who knows the process and can help you understand your options.
