"Collections" refers broadly to the numerous tools that creditors have at their disposal to receive payment from debtors who are not paying what they owe. There are many Fenton, 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 Fenton, Missouri?
If someone owes you money and refuses to pay it, you have many 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 clearly 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 Fenton, 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 Fenton, Missouri?
If you really 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 cordial 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.
However, you do have some options in Fenton, Missouri. First of all, you should make an effort to get in direct contact with the creditor, as opposed to the collection agency, and try to work something out. If this fails, you can tell the collections agency to stop calling you, and they normally are obliged to do so. Of course, this doesn't eliminate the debt, but it can buy you some time. You should know, however, that when you show that you are not interested in dealing with the creditors or collectors directly, they will usually resort to a lawsuit.
If you have retained the services of a Fenton, Missouri attorney, they might advise that you declare bankruptcy, depending on your individual situation. In any case, you shouldn't consider bankruptcy before weighing other options, and discussing the matter with an attorney.
How Can a Fenton, Missouri Collections Attorney Help?
If you think that a collection agency is engaging in illegal tactics, you should call a local Fenton, Missouri attorney, as you might have a claim for damages against the creditor or the collection agency.
Also, if you are considering bankruptcy as an option, a good Missouri attorney can help guide you through the process.