What Are The Rules For Debt Collectors Calling On Past Due Credit Accounts?

What happens to debt that people are unable to pay back? A lot of the time, the banks just have to stamp them as uncollectable and write them off. They just give up trying to get those people to pay up. People who owe money and who cannot pay it back have traditionally been able to heave a sigh of relief to know that the bank has got off their case. But not anymore. The banks have found a way to give these uncollectable loans a new lease of life; almost. They call these zombie debt these days.

debt collection companies uk use our taxpayer-funded court and prison systems to collect their private debts. It doesn’t matter to them how much it costs because they are not paying for it and they are just eventually getting paid from it. If they find a friendly judge like the one above then so much the better.

It has to be reflexive; when anyone calls about the loan that you aren’t completely sure is current, you have to automatically deny it’s yours. If you show the slightest amount of hesitation, they can use that as proof that you do owe them something. All you need to do is to ask them to send you proof. The Fair Debt Collection Practices Act requires that they provide you with this kind of proof.

Unfortunately, even if individuals start off paying off their credit card balance on a monthly basis they often end up in a situation where they’re unable to pay off their balance. And when this happens repeatedly the debt can mount up.

I got results because I was consistent. I used a tried and tested system. My colleagues could not match me because they were inconsistent. They acted haphazardly.

If the collection account has been on your credit report for more than 7 years, you can have it deleted. If not and you actually own the account, you can negotiate to pay an amount less than the original amount owed. It is important to also request that the collection be deleted from your credit report once you come to an agreement with them.

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