"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 Valley Park, 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 Valley Park, Missouri?
If someone owes you money and declines to pay it, you have various 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.
For example, it should go without mentioning that creditors are not allowed to use threatened or actual violence when attempting to collect. They are also not permitted to use abusive language to the debtor, or contact a third party about the debt.
Creditors may, however, send written demands for timely payment, along with an invoice that precisely lays out exactly what the debtor owes. If the debt is substantial, it might be worth it to hire a Valley Park, Missouri collection agency, which usually gets paid through a percentage of the debt collected. You should make sure, however, that the agency is trustworthy, and hasn't been cited for violations of consumer protection laws.
What if Someone Is Trying to Collect Money Against Me in Valley Park, 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 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.
However, you do have some options in Valley Park, 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 cease calling you, and they typically are obliged to do so. Of course, this doesn't expunge 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 Valley Park, Missouri attorney, they may 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 Valley Park, 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 Valley Park, Missouri attorney, since you may actually have a claim for damages against the creditor.
If you are thinking about bankruptcy, a seasoned Missouri bankrutpcy attorney can help guide you through the process.