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When you miss too many payments, your creditor may charge off the debt. When your debt is charged off as a bad debt, don’t fool yourself into thinking it goes away. A charged off debt can lead to harassing phone calls, garnished wages, and a major drop in your credit score. When Will a Charge-Off Happen?
The Fair Debt Collection Practices Act (FDCPA) applies to collection firms and debtcollectors attempting to recover consumer debts. Consumer debts include credit card debts, vehicle loans, medical costs, and school loans. Falsely stating the legal repercussions or remedies if a debt remains unpaid.
If you fail to pay back your creditor or lender or miss out on instalments regularly, they may resort to a debt collection agency or sell your account to a debt buyer. However, they most likely will call you or send emails to inform you about selling your account to a debt buyer. Taurus Collections (UK) Ltd.
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