"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 Lake St. Louis, 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 Lake St. Louis, 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. The demand should lay out clearly how much the debtor allegedly owes. If there is a large amount of money involved, it might be worth it to hire a Lake St. Louis, 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 various collections agencies in your area, to make sure the one you hire is dependable, and carefully follows the law.

What if Someone Is Trying to Collect Money Against Me in Lake St. Louis, 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.

Your best option in Lake St. Louis, Missouri might be to contact the creditor directly, and try to work out some type of new repayment plan. The sooner you do this, the more receptive to your ideas the creditor is likely to be. If this isn't successful, you can demand that the collectors stop contacting you by phone, and they will normally be obliged to do so. Of course, this doesn't make the debt go away, and you should only take this route if you are prepared to defend against a lawsuit from your creditors, since demanding that they stop contacting you typically leaves them with no other option but to sue.

If you have hired a Lake St. Louis, Missouri lawyer to help, he or she might advise that you file for bankruptcy. If you do file for bankruptcy, creditors are immediately required to suspend all collection activities. Of course, bankruptcy is a major decision, and should not be made without the advice of an attorney.

How Can a Lake St. Louis, Missouri 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 Lake St. Louis, Missouri, as you might actually have a claim for damages against the collection agency.

If you are thinking about filing for bankruptcy, a good lawyer in Missouri can help you with that process, too.