"Collections" refers broadly to the many tools that creditors have at their disposal to obtain payment from debtors who are not paying what they owe. There are many Excelsior Springs, Missouri laws and regulations concerning the conduct of collections agencies, and what they can and cannot do in order to collect.
What if I Am Owed Money in Excelsior Springs, Missouri?
If someone owes you money and refuses to pay it, you have various 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.
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 which lays out to the debtor precisely how much is owed. If a large amount of money is owed to you, it might be a good idea to hire a collections agency in Excelsior Springs, Missouri. These agencies usually take their fee in the form of a percentage of the debt collected. You need to research agencies carefully however, and make sure the one you hire does not engage in illegal practices.
What if Someone Is Trying to Collect Money Against Me in Excelsior Springs, Missouri?
If you truly owe the money that is being sought, and can afford to pay it, you should do so. If the collection caller is behaving in a civil manner, you should try to do the same. In any case, the worst thing you can do is ignore the issue hoping that it will go away. It won't.
Luckily, you have some options in Excelsior Springs, Missouri. 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 typically 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 the services of an Excelsior Springs, Missouri attorney, they might advise that you declare bankruptcy, depending on your specific situation. In any case, you shouldn't consider bankruptcy before weighing other options, and discussing the matter with an attorney.
How Can a Excelsior Springs, Missouri 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 Excelsior Springs, Missouri attorney, since you might truly have a claim for damages against the creditor.
If you are thinking about bankruptcy, a good Missouri bankrutpcy attorney can help guide you through the process.