Do you tend to be late in paying your credit card bills? Is your pile of notices from creditors getting higher and higher? Do you fear you might lose your properties because you can’t pay off your credit card debts?
Next, tell the collector that you want to request for the official debt collection letter from the agency with all the details of your debts so you can check the information. After that, finish the call and pass the time for the letter to turn up. In case you receive other calls from the same Scottish Debt Collection Agency, tell them that you have requested for the letter and waiting for it.
If you are looking for a debt relief or consolidation company make sure it’s legitimate. You should make sure to do research and look for reviews of the business online or with the Better Business Bureau to make sure the company isn’t fraudulent and does what they claim to.
Tell them you are recording the call. Most debt collections agencies will back off when they think they are being recorded. They know your rights under the law. Debt collectors are just hoping that you are unaware of the law. If the person starts to use obscene or profane language, remind them they are being recorded. If you have access to a telephone recorder, it’s probably not a bad idea to go ahead and use it, just in case.
I called the debt collector back on behalf of my friend and they tried to tell me that the statute of limitations runs from the date of the last activity on the account, which was when the original creditor charged off the debt. Statutes of limitation are laws that set the time within which a legal action must be filed, after which no legal action can be brought regardless of whether a cause of action existed. In other words, if you don’t file a lawsuit within the time set by the statute of limitations, the court will not allow you to bring an action.
The company he founded, Commercial Financial Services (CFS), grew at an astounding rate 15,000% per year. The company won the Inc. 500 Award for being one of the fastest growing companies in America 4 years in a row. And over a period of 13 years CFS grew to a point where revenues were in excess of $1 billion and earnings were in excess of $182 million.
If the credit bureau follows the old method of calculation of the credit score, then you can be rest assured that your report will show a negative remark and your score will take a hit. This is the reason why you should make use of the services of professionals. There actually are instances where not paying the debt and letting it go in to the limitation period will actually work to your benefit. The trick is to know when to pay and when not to pay.