As a consumer in this country you have rights that cannot be impeached by any creditor no matter how much you owe. The foreclosure rate in this country is through the roof and it seems that even the hardest working Americans are being obliged to face foreclosure regardless of years of making an honest living. What if you go through the foreclosure procedure only to find your other outstanding debts have been sold off to collection agencies?
First, it is positively crucial that you understand your rights as an American consumer. You should never have to feel intimidated or bullied by your lenders which could frequently be the case as some creditors could get downright nasty when dealing with debtors.
Fair Debt Collection Practices Act
Many creditors do not keep the most complete records on all the loans they give out which frequently leaves plenty of room for confusion. This does not stop them from trying to get as much cash from their debtors as possible. The Fair Debt Collection Practices Act, or FDCPA, serves to protect consumers from creditors by regulating collection agencies.
The FDCPA controls lenders by allowing debtors to request validation of their debts. If the collection agency cannot properly validate the debt they're trying to collect then they can't continue to attempt collecting it. Just like with any other type of complicated legal situation, it is best to get a basic understanding of the facts before taking the next step. You could only teach yourself so much on such topics such as debt collection, foreclosure, and bankruptcy before tis time to seek the advice of an expert. Speak to a lawyer today if you feel that you are being unjustly harassed for a debt or if you feel that you are being charged for more than you actually owe.
