"Collections" refers broadly to the various tools that creditors have at their disposal to get payment from debtors who are not paying what they owe. There are many Ladue, 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 Ladue, Missouri?
If someone owes you money and declines to pay it, you have many options at your disposal. However, when it comes to collecting their debts, creditors are governed by specific consumer protection rules. Violation of these rules while attempting to collect could hurt your chances at effectively recovering your money, and/or subject you to civil penalties.
As an example, when attempting 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 clearly how much the debtor allegedly owes. If there is a large amount of money involved, it may be worth it to hire a Ladue, Missouri collections agency, which will probably take its fee in the form of a percentage of the debt collected. You should do some research on different collections agencies in your area, to make sure the one you hire is dependable, and thoroughly follows the law.
What if Someone Is Trying to Collect Money Against Me in Ladue, 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 an amicable 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.
Fortunately, you have some options in Ladue, Missouri. First of all, you should attempt to contact the creditor directly, and see if something can be worked out. If this doesn't work, you can demand that the collection agency stop contacting you by phone. When this happens, they are not authorized to contact you further. This, of course, doesn't make the debt go away, but if the calls are becoming unbearable, it might buy you a little bit of time. Usually, when this happens, the creditor gives up on extra-judicial collections, and files a lawsuit against the debtor.
If you have retained the services of a Ladue, Missouri attorney, they may 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 Ladue, Missouri Collections Attorney Help?
If you believe that a creditor is violating the law in its effort to collect from you, you should get in touch with a Ladue, Missouri attorney, since you might really have a claim for damages against the creditor.
Also, if you are considering bankruptcy as an option, a seasoned Missouri attorney can help guide you through the process.