"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 Cherryville, North Carolina 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 Cherryville, North Carolina?
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.
The law prevents creditors from engaging in any form of violence against the debtor in an attempt to collect. It further bars them from using abusive language or contacting third parties about the debt owed by the debtor.
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 Cherryville, North Carolina 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 Cherryville, North Carolina?
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 Cherryville, North Carolina 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 retained a Cherryville, North Carolina attorney during this process, they might advise that the best course of action is to file for bankruptcy. This is a major decision, however, and should not be made lightly. You should only file for bankruptcy if an attorney advises you that it is a viable feasible option, given your individual circumstances.
How Can a Cherryville, North Carolina 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 Cherryville, North Carolina attorney, since you might really have a claim for damages against the creditor.
If you are thinking about bankruptcy, a good North Carolina bankrutpcy attorney can help guide you through the process.