There are hundreds of so-called debt counselors, and most of them are broke. Yep, they got no more money than you. Can they be of use to you in your quest to get out from under the debt collector’s boot? Yes, and here is how.
When you are having trouble paying your bills, Debt collection companies will start contacting you demanding payment. Cease and desist instructions can be used to ward off debt collectors to a point, but only really to prevent stalking. Sending the letter does not mean you no longer have to pay the bill, it only stops the collection agency from calling.
Upon writing the demand letter for proof addressed to the collector, he will not likely have any absolute evidence of the amount owed using the old 1960s law. In the end, you will not owe anything to anyone.
Some states’ regulators are fighting back. Illinois is seeking to revoke the license of at least one debt collector and Kentucky is seeking to do the same. Sometimes these companies have been granted a vast number of arrest warrants against individuals for non-payment of a private debt. The Federal Trade Commission is also investigating but in the meantime debtors are still going to debtor’s prison with the full blessing of many judges.
Just one violation is enough to get your card account marked paid as agreed in exchange for not filing a lawsuit. If you read the man who won $1.5 million story then you will remember his money came off the answering machine when the collector made a racist remark. Come to think of it a catchy answering machine message might get you some money without even talking on the phone.
LVNV Funding justification and other bizarre credit reporting have gotten lots of hard working Americans in court. They threaten you will lawsuits if you don’t pay up, but I know first hand that 95% of the time they do not even show up for their own cases.
Debt collection jobs do tend to pay pretty well. The hourly rate is generally pretty decent and workers have the opportunity to earn commissions based on the amount of debt they are able to collect. The more money a person is able to collect, the more money they have the opportunity to make.