Better Credit Blog

APRIL 1, 2022

Other complaints claim TSI threatened wage garnishment or property seizure, both of which they could not do. Make sure to follow through, because credit agencies can turn a simple collection into a judgment, legally garnishing wages or your bank account, you will be required to pay the full debt as well as legal fees. Debt Validation.

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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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Credit Corp

JULY 20, 2020

When you miss too many payments, your creditor may charge off the debt. A charged off debt can lead to harassing phone calls, garnished wages, and a major drop in your credit score. This could include suing you in court for what you owe and requesting a garnishment of your wages. in the final quarter of 2019.

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Debt RR

AUGUST 3, 2020

In extenuating circumstances, the commercial debt collection agency might work with the creditor to file a lawsuit against the debtor. This could lead to bank account garnishment. Is It Legal for Commercial Debt Collectors to Garnish Bank Accounts? This is provided to the debtor’s bank so they can garnish the account.

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Debt Collection Answers

MAY 18, 2023

A default judgment enables DNF Associates, LLC to seize your bank account, garnish your wages, and take other damaging legal actions against you. This agency specializes in acquiring defaulted consumer debts from the original creditors, such as credit card companies and banks.

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Credit Corp

AUGUST 31, 2021

Judgments may give collectors additional collection powers, such as access to the money a debtor has in their bank account or the ability to garnish wages to collect the judgment. It’s listed as a tradeline by your creditor on your credit report. The creditor closes your account. Always respond to legal summons.

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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. The collection agency may then attempt to collect the debt anew.

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The McHughes Law Firm

JULY 12, 2016

It’s important to remember that the unpaid debt has passed through the original creditor to a debt collection attorney. If you lose the lawsuit, or a default judgment is granted, your paychecks may be garnished and bank accounts seized. Here is how to respond to a debt collection attorney. Keep Calm and Respond Promptly.

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Taurus Collect

MAY 11, 2023

If the debtor still refuses to pay, the creditor may file a lawsuit and take the debtor to court. If the court rules in favour of the creditor, wage garnishment or bank account levies may be put in place to collect the debt. The three main types are first-party collections, third-party collections, and debt buyer collections.

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Collection Industry News

DECEMBER 1, 2022

While debt collectors cannot legally threaten you with prison time or garnished wages, some unethical debt collectors might make similar insinuations. You may be asking yourself: Should I pay the original creditor or the debt collector? That might mean a reduced upfront payment or a payment plan that works with your budget.

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Better Credit Blog

APRIL 1, 2022

If you’re unable to pay your original creditor, your debt may pass to a debt recovery agency, earning a collection letter and possibly a stain on your credit report. They may not threaten you with legal action, whether wage garnishment or harm to your credit without following through. in your timezone, not theirs.

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Debt RR

DECEMBER 13, 2019

Ignoring a process server can cause the court to garnish wages , place a lien against any property, and freeze any accounts. Debts are often sold, so it may not be the original creditor filing the claim. Jail time for debt wasn’t always an option, but it’s become more widespread in the U.S. in recent years.

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Credit Corp

AUGUST 24, 2020

Collectors must provide a written notice explaining the debt—including the amount, the name of the original creditor, and your right to dispute the debt—within five days of contacting you the first time. You should pay off collections to avoid hurting your credit score and having to deal with wage garnishments or bank account levies.

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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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