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A debt collection bureau in Minnesota. Debt collection or cash collection is the process of pursuing payments of money or other agreed-upon value owed to a creditor. The debtors may be individuals or businesses. An organization that specializes in debt collection is known as a collection agency or debt collector. [1]
A demand letter, letter of demand, [1] (of payment), or letter before claim, [2] is a letter stating a legal claim (usually drafted by a lawyer) which makes a demand for restitution or performance of some obligation, owing to the recipients' alleged breach of contract, or for a legal wrong.
From figuring out how much you owe to using a clear payoff strategy, this step-by-step plan can help you pay off high-interest debt and become debt-free.
The Fair Debt Collection Practices Act (FDCPA), Pub. L. 95-109; 91 Stat. 874, codified as 15 U.S.C. § 1692 –1692p, approved on September 20, 1977 (and as subsequently amended), is a consumer protection amendment, establishing legal protection from abusive debt collection practices, to the Consumer Credit Protection Act, as Title VIII of that Act.
Here’s what you can do if you receive a debt collection text, call, email or letter: Get contact information . Request the caller’s name, company details, street address and a callback number.
For-profit debt settlement companies may offer some free resources for ongoing support but often charge for premium versions of these tools. Pros and cons of nonprofit debt consolidation.