"Collections" refers broadly to the many tools that creditors have at their disposal to obtain payment from debtors who are not paying what they owe. There are many Pontotoc, Mississippi 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 Pontotoc, Mississippi?
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.
For example, it should go without saying that creditors are not allowed to use threatened or actual violence when trying to collect. They are also not authorized to use abusive language to the debtor, or contact a third party about the debt.
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 Pontotoc, Mississippi collections agency. If you go this route, it is critical to make sure that you hire an agency that is dependable, and follows the relevant law to the letter.
What if Someone Is Trying to Collect Money Against Me in Pontotoc, Mississippi?
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 civil 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 Pontotoc, Mississippi. First of all, you should attempt to directly contact the creditor, and see if some modified 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 normally 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 Pontotoc, Mississippi 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 Pontotoc, Mississippi 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 Pontotoc, Mississippi attorney, since you might actually have a claim for damages against the creditor.
Also, if you are considering bankruptcy as an option, a good Mississippi attorney can help guide you through the process.