"Collections" refers to the process by which creditors attempt to get nonpaying debtors to pay what is owed. There are many laws in Olney, Illinois regulating the conduct of collections agences.
What if I Am Owed Money in Olney, Illinois?
If someone owes you money and refuses to pay it, you have several options at your disposal. However, when it comes to collecting their debts, creditors are governed by strict consumer protection rules. Violation of these rules while attempting to collect could hurt your chances at successfully recovering your money, and/or subject you to civil penalties.
Some practices that collectors cannot engage in include the use of abusive language, contacting third parties about the debt, and threatened or actual violence.
One thing you are allowed to do is send a written demand for immediate payment. The demand should lay out the exact amount you believe is owed, so the debtor cannot plausibly claim ignorance of that fact. If a lot of money is involved, it might be prudent to hire an Olney, Illinois collections agency. If you go this route, it is essential to make sure that you hire an agency that is reputable, and follows the relevant law to the letter.
What if Someone Is Trying to Collect Money Against Me in Olney, Illinois?
Of course, if you owe money and have the ability to pay it, you should do so. If the collections caller is behaving civilly, you should do the same. In any case, it is never a good idea to ignore the issue, because that will definitely not make it go away.
Thankfully, you have many options at your disposal in Olney, Illinois. First, you should try to contact the creditor directly, and see if some sort of deal can be worked out. If this is unsuccessful, you can tell the collectors to stop contacting you, which may work in some instances. Of course, this doesn't make the debt go away, but it might give you a little bit of breathing room. The collectors will only be allowed to contact you to let you know that they are suing you for the money owed, or that they have stopped attempting to collect the debt.
If you have retained the services of an Olney, Illinois attorney, they might advise that you declare bankruptcy, depending on your particular situation. In any case, you shouldn't consider bankruptcy before weighing other options, and discussing the matter with an attorney.
How Can a Olney, Illinois Collections Attorney Help?
If you believe that a creditor is violating the law in its attempts to collect from you, you should get in touch with an Olney, Illinois attorney, since you might actually have a claim for damages against the creditor.
If you are thinking about filing for bankruptcy, a good lawyer in Illinois can help you with that process, too.