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Here’s how to respond when you are sued for credit card debt: 1. Don’t ignore the summons. When you get a court summons for credit card debt, pay attention to it — and make a plan of action ...
Receiving a call, email or letter from a company purporting to be a debt collector can spark alarm. Before disclosing any information, look for these eight signs of a fake debt collection scam. 1 ...
You might also be interested in how to set up a debt payoff plan and stick to it. 8. Make your payment (s) as agreed. Once you’ve agreed on a payment plan with the debt collector, make sure you ...
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 ...
A class action, [a] also known as a class action lawsuit, class suit, or representative action, is a type of lawsuit where one of the parties is a group of people who are represented collectively by a member or members of that group.
Debt settlement is the process of negotiating with creditors to reduce overall debts in exchange for a lump sum payment. A successful settlement occurs when the creditor agrees to forgive a percentage of the total account balance. Normally, only unsecured debts, not secured by real assets like homes or autos, can be settled.
December 15, 2023 at 12:36 PM. Ting Shen/Bloomberg/Getty Images. The Consumer Financial Protection Bureau on Friday ordered Commonwealth Financial Systems, a debt collection agency specializing in ...
U.S. state laws on fair debt collection generally fall into two categories: laws which require persons who are collecting debts from consumers to be licensed, registered or bonded in order to collect from consumers in their states, and laws that protect consumers from specific unfair practices by debt collectors, which may include collection agencies and sometimes original creditors. [2]