"Collections" is the process by which creditors attempt to get nonpaying debtors to pay the money they owe. There are a large number of laws in Iowa Falls, Iowa governing the tactics that collection agencies can and cannot do.
What if I Am Owed Money in Iowa Falls, Iowa?
If someone owes you money and won't pay, you have some legal options to seek repayment of your debt. However, you need to be careful in this area. There are many laws and regulations detailing what debt collectors can and cannot do. Breaking these laws, even inadvertently, can harm your chances at collecting, and maybe even expose you to civil penalties.
As an example, when trying to collect, creditors may not use abusive language, contact third parties regarding the debt, or use violence or threats of violence.
You may, however, send a written demand for timely payment. The demand should lay out exactly how much the debtor allegedly owes. If there is a large amount of money involved, it might be worth it to hire an Iowa Falls, Iowa collections agency, which will probably take its fee in the form of a percentage of the debt collected. You should do some research on various collections agencies in your area, to make sure the one you hire is reputable, and scrupulously follows the law.
What if Someone Is Trying to Collect Money Against Me in Iowa Falls, Iowa?
If you actually owe the money that they are trying to collect, and are able to pay it, doing so would be your best option for ending the collections calls. Of course, this is not everybody's situation. When dealing with collectors, you should try to maintain the high ground by behaving in a calm and civil manner. In any event, you should never ignore the problem, as this usually makes things worse.
Luckily, you have some options in Iowa Falls, Iowa. First of all, you should attempt to directly contact the creditor, and see if some modified payment plan can be worked out. If this doesn't work, you can ask the collectors to stop contacting you by phone, and they will usually be obliged to do so. Of course, this doesn't make the debt go away, but it might give you some time to collect yourself and prepare a legal defense. Once this happens, the collection agency can only contact you to inform you that it intends to sue you for the debt owed.
If you have retained an Iowa Falls, Iowa attorney during this process, they might advise that the best course of action is to file for bankruptcy. This is a major decision, however, and should not be made lightly. You should only file for bankruptcy if an attorney advises you that it is a viable viable option, given your individual circumstances.
How Can a Iowa Falls, Iowa Collections Attorney Help?
If you believe that the collections agency is engaging in illegal or abusive activity, you should consult with a local attorney in Iowa Falls, Iowa, as you might actually have a claim for damages against the collection agency.
If you are thinking about bankruptcy, a good Iowa bankrutpcy attorney can help guide you through the process.