4 Keys to Stopping Abusive Debt Collectors

TL;DR

Debt collectors have rules and regulations they must follow when trying to collect a debt, and there are criteria you can assess to determine if you have a claim against them.

Transcript

• Hey everybody, John Skiba here. And in this video we're going to talk about debt collection and debt collectors in general. If you've ever dealt with a debt collector you know it can be a really stressful situation. But what a lot of people don't know is that debt collectors have rules that they have to abide by. It's not just, free game that the... Read More

Key Insights

• 😫 Debt collectors must follow the rules set out in the Fair Debt Collection Practices Act (FDCPA).
• ❓ The FDCPA only applies to debt collectors, not original creditors.
• 🛄 Criteria such as whether a debt collector is involved, if you are a consumer, and if it is a consumer debt determine if you may have a claim against a debt collector.
• 🥳 Violations of the FDCPA include restricted phone call times and contacting third parties without permission.
• ❓ If you believe a debt collector is violating the FDCPA, it is worth consulting with an attorney to discuss potential legal recourse.
• 🤱 Pursuing a claim against a debt collector under the FDCPA may result in statutory damages, actual damages, and attorney's fees being awarded.

Questions & Answers

Q: What rules do debt collectors have to follow?

Debt collectors must follow the rules outlined in the Fair Debt Collection Practices Act (FDCPA), which regulate their conduct when collecting debts.

Q: Do the FDCPA rules apply to original creditors?

No, the FDCPA rules only apply to debt collectors and not the original creditors themselves.

Q: Is there a limit on the times debt collectors can call?

Yes, according to the FDCPA, debt collectors cannot call before 8 AM or after 9 PM, unless you give them permission to do so.

Q: Can debt collectors contact third parties about my debt?

Generally, debt collectors are not allowed to share your personal debt information with third parties unless those parties are co-signers on the loan or have your explicit permission.

Q: What can I do if I believe a debt collector is violating the FDCPA?

If you think a debt collector is violating the FDCPA, you can consult with an attorney to assess if you have a claim. The FDCPA allows for statutory damages, actual damages, and attorney's fees to be recovered in successful cases.

Summary & Key Takeaways

• Debt collectors must adhere to the Fair Debt Collection Practices Act (FDCPA), which sets out rules for their conduct.

• The FDCPA only applies to debt collectors and not original creditors.

• To have a claim against a debt collector, you need to consider criteria such as whether they are a debt collector, if you are a consumer, and if it is a consumer debt.

• Violations of the FDCPA include abusive phone calls, calling at inappropriate hours, and contacting third parties without permission.