Debt Free Colorado

FEBRUARY 21, 2022

Bankruptcy may appear to be a scary process, but it does not have to be. You may be able to apply for one of many different types of bankruptcy, each of which accomplishes various aims, depending on your specific situation. The Fair Debt Collection Practices Act (FDCPA) does not apply to original creditors or cover company obligations.

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Better Credit Blog

APRIL 1, 2022

Write a letter to the original creditor or collection agency and ask them to remove the negative entry from your credit history as an act of goodwill. Developing these good habits will help a lot, but let’s be clear: a major negative entry like bankruptcy, foreclosure, or repossession on your credit file will cause bad credit.

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Sawin & Shea

JUNE 9, 2021

The FDCPA applies only to debt collectors (the third-party collection agencies), not to the original lender. Collection agencies may have been hired by original lenders to recoup debts or they may have bought old debts from the original creditors at a vastly reduced cost.

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Sawin & Shea

JANUARY 28, 2021

When you hire Sawin & Shea for your bankruptcy, we give you a phone script that helps you handle collection calls. After you retain the firm, creditors must stop calling you once they have notice of our representation. There are also a few important things you should keep in mind about talking to collection companies and creditors.

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Credit Corp

JUNE 14, 2023

Your creditor may sell your charged-off debt to a collection agency for pennies on the dollar. Pro tip: Even if a debt has been charged off, consider contacting the original creditor to negotiate a settlement. Bankruptcy: Seven or 10 Years Bankruptcies show up in the public records section of credit reports.

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Debt RR

APRIL 5, 2022

Due to this, the original creditors will reach out to you to obtain their due payments. Failure to pay them off promptly, or even paying the amount due when the time comes, could result in a civil lawsuit for commercial debt collection. Usually, you will have 90 to 120 days to pay.

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Troutman Sanders

JANUARY 12, 2023

certified in writing or in Forster & Garbus’ computerized account management system, or any other software program that creates an electronic record, that the initiation of the collections suit complies with the requirements of the proposed order.

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Credit Corp

FEBRUARY 23, 2024

It may be possible to settle zombie debt with your original creditor. If you can’t afford to settle the debt or you’re dealing with several collection accounts or judgments, you might consider bankruptcy. While you’re under the protection of bankruptcy, no creditor covered by the petition can take any action to collect from you.

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The Kaplan Group

JANUARY 19, 2021

Unless an exception applies, debt collectors can’t transfer a debt to another collection agency if the debt collector knows, or should know, that the consumer settled the debt; the consumer discharged the debt in bankruptcy; or the consumer filed an identity theft report.

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Credit Corp

MAY 3, 2023

However, bankruptcies can remain on your account for up to 10 years. Instead of working with the credit bureaus, you need to discuss removing these negative items with the original creditor. Send a Pay for Delete Letter Some creditors may be willing to enter into a pay to delete settlement with you.

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Credit Corp

JULY 20, 2020

Unless you settle or file for certain types of bankruptcy —or the statute of limitations in your state has been reached—you’re still responsible for paying back the debt. Once you have enough money to negotiate, contact the original creditor. How Does Charged Off Debt Affect Your Credit Score.

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Debt RR

DECEMBER 13, 2019

There are 35 major bankruptcies in 2019 so far, and over two-thirds happened in retail. Negotiating with creditors outside of court saves everybody the time, money, and effort of a civil lawsuit. In the worst case scenario, both people and businesses can file for bankruptcy protection from the court. File for Bankruptcy.

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Taurus Collect

NOVEMBER 15, 2023

As a debtor, you have the following rights: Right to Privacy: Debt collectors are not allowed to share information about your debts with anyone else except your attorney or the original creditor. They are also prohibited from contacting you at work once you’ve informed them that your employer disapproves.

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Credit Corp

JULY 7, 2021

I consulted a bankruptcy attorney. He said filing bankruptcy should not be my first option since the amount is quite low. Collection accounts may be reported for seven years plus 180 days from the original date of delinquency — the date he first fell behind with the original creditor.

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Collection Industry News

JANUARY 29, 2021

The debt collector must allow the consumer 30 calendar days from the date the consumer receives, or is assumed to have received, the Validation Notice, to dispute the debt or request original-creditor information about the debt. Proofs of claim filed in connection with a bankruptcy proceeding are not included in this prohibition.

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Consumer Financial Services Law

JANUARY 22, 2021

Finally, if the validation notice is being sent electronically, a statement explaining the consumer can dispute the debt or request original creditor information electronically. The Rule additionally requires the following additional prompt: “I want you to send me the name and address of the original creditor.”

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BN Lawyers

JANUARY 14, 2019

Trott filed a response opposing the injunction, and just hours prior to the hearing on the motion for the preliminary injunction, Scott filed for Chapter 13 bankruptcy. Both the text of the FDCPA and the applicable case law make it clear that Section 1692g does not provide a grace period.

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Better Credit Blog

NOVEMBER 24, 2020

During the transition from the original creditor to the debt collector, a lot of information about a person’s debt can get lost in the process. They can help you challenge a variety of entries including collections, bankruptcies, and liens. Credit repair professionals can remove them without your having to intervene at all.

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Collection Industry News

SEPTEMBER 8, 2020

Note, however, that the FDCPA applies only to third party collectors who collect debt for original creditors. It does not apply to the original creditor itself who uses its own employees to collect debt. Let’s use our beloved Pres. Trump’s businesses as examples since he owns a lot of them. You go to Washington D.C.

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