The statement in a recent national news article that about one in every seven adults across the country “is being pursued” by a debt collector conjures up the image of a nation on the run.
A recent report by the Center for Responsible Lending (CRL), a nonprofit group that seeks to identify and combat predatory lending practices, reveals that important details concerning the debt that is being hungrily eyed by creditors — often third-party purchasers that buy deeply discounted accounts from original lenders — are often obscured or outdated.
The result: Collectors are sometimes going after the wrong person for repayment. Key information regarding past payments might be incorrect. In some cases, a debt might have already been fully paid or otherwise settled.
For many people, it is an almost overwhelming experience even dealing with collectors. Creditor harassment is often cited by consumers, who report practices such as the following:
- Repeated calls at home, including late-evening contacts
- Threatening language
- Contacts to employers
As a recent New York Times article states, “getting legal representation is crucial” in instances where legal action is threatened by a collector, such as a judgment.
A proven debt relief attorney who has experience dealing with collection agencies can be an invaluable resource for any person seeking to assert his or her legal rights and fight back against creditor abuse.
In some cases, a bankruptcy filing is the optimal strategy for a New Jersey consumer seeking to regain firm financial footing. In addition to the clear benefits conferred through the discharge of debt, a bankruptcy filing also results in an automatic stay that will stop creditor harassment.
Filing for bankruptcy is a legal right. Invoking that right is often a sound move for a person facing an overwhelming debt load and suffering abusive treatment from creditors.
Source: The New York Times, “Dealing with debt collectors,” Ann Carrns, May 20, 2014