Welcome to Creditor Guide
Debtor Creditor Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Understanding Creditor Harassment Laws
from:Harassing refers to an unwanted communication, either by phone or personal visits, and understanding creditor harassment laws can prevent these unwanted intrusions from strangers. If it is legitimate, the person will know the person or persons communicating. And society's mounting debts creditors are the number one reason so many complaints are being given to harassing.
The best protection for any consumer wanting information on the creditor harassment laws is to look at the Office of Fair Trading and their financial guidelines, better understanding what is fair or unfair in regard to debt collecting. This agency enables creditors to lend money to consumers as long as it is done legally, also setting guidelines for collecting. The OFT issues the creditors' "Consumer Credit Licenses." As long as the guidelines are followed, fair practices of money lending and collecting allow the businesses to stay in business. Otherwise, they will not.
As most attorneys will tell a person in regard to creditor harassment laws, the best way to avoid creditor harassment is to pay bills on time. A simple statement, a simple solution. But this is easier said than done, when natural occurring situations happen to every one of us at one time or another. Individuals do not go into debt on purpose, or as a way of life—even though it appears that way to several. Creditor laws are to help creditors regain a debt owed either to them and this is fair, but meanwhile what about the debtor? Creditor harassment laws are available to protect the debtor or consumer from the illegal and ruthless practices of creditors, attempting to regain a debt owed in any manner they can. Granted, not all are like them, but many are.
A big thing to do in applying steps of the creditor harassment laws is to decide whether or not the bill is actually legitimate. Do not take the creditor's word about it, ask for verification. This is a changed world, and if a buck can be made at someone's expense—well, we know what happens with scamming. Request a written report from the original creditor or the creditor's representative—"especially" if the debt cannot be remembered.
Another thing when looking at creditor harassment laws is to look at who the debt is owed to and what payment plans were set up, if any. At this point, it needs to be decided whether or not the bill is legit. If it is not, then some sort of proof needs to be showed that it was paid. If not, contact the creditor and set up some sort of payment plan with them, regardless how old the bill is.
If the terms are refused, and the creditor harassment continues, write a letter to them using the guidelines in several online law agencies, such as the Fair Debt Collection Practices Act or the Office of Fair Trading, following the legality of both agencies to take the creditor to court for harassing.
Debtor Creditor News
Saint Vincent's plan gets approved - The Deal Pipeline
 The Deal Pipeline | Saint Vincent's plan gets approved The Deal Pipeline The debtor closed its core business -- its Greenwich Village hospital -- on April 6, 2010, and filed for Chapter 11 for a second time eight days later. Overwhelming staffing costs, the inability to repay creditors under its previous confirmed ... |
Retirement Fund opens its books - Marianas Variety
Retirement Fund opens its books Marianas Variety Based on the last pay period, April 15 prior to the Fund filing for Chapter 11 petition on April 17, Variety learned that the debtor paid 57 creditors of the 1151 creditors which Variety infers as pensioners — given that some information has been ... |
Supreme Court set to weigh in on cramdown debate - Thomson Reuters News & Insight
 Blogcritics.org | Supreme Court set to weigh in on cramdown debate Thomson Reuters News & Insight May 21, 2012 (Westlaw Journals) – Lawyers for two Chapter 11 debtors and a secured creditor have made their case before the US Supreme Court on the question of whether encumbered assets may be sold free of liens in a so-called “cramdown plan” without ... The Rising Cost of Going Bankrupt |
Saul Ewing Appoints Maria Ellena Chavez-Ruark Partner - Citybizlist (press release)
 Citybizlist (press release) | Saul Ewing Appoints Maria Ellena Chavez-Ruark Partner Citybizlist (press release) Ruark brings to Saul Ewing extensive experience representing debtors, creditors' committees, secured creditors, unsecured creditors, lessors, purchasers of assets, and trustees in complex bankruptcy and debtor-creditor matters. |
Brenda Shanahan: Four types of debt problems - Montreal Gazette
Brenda Shanahan: Four types of debt problems Montreal Gazette If that doesn't work, a credit counsellor can help you negotiate a debt management plan. 3) “Chronic Collection Debtor.”You are more than 90 days late on your payments and are already in collection with creditors threatening legal action. |