"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 Park Hills, 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 Park Hills, 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.
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 a Park Hills, Missouri collections agency. If you go this route, it is crucial to make sure that you hire an agency that is trustworthy, and follows the relevant law to the letter.
What if Someone Is Trying to Collect Money Against Me in Park Hills, 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 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.
Luckily, you have some options in Park Hills, Missouri. First of all, you should attempt to directly contact the creditor, and see if some adjusted 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 a Park Hills, 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 Park Hills, 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 a Park Hills, Missouri attorney, since you might truly have a claim for damages against the creditor.
Also, if you are considering bankruptcy as an option, a good Missouri attorney can help guide you through the process.