Broadly, the term "Collections" refers to the practice of creditors trying to force debtors to pay what they owe. There are numerous laws and regulations in Edmond, Oklahoma that govern collection agencies, and strictly limit the types of tactics they are permitted to engage in.
What if I Am Owed Money in Edmond, Oklahoma?
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.
As an example, when attempting 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 precise 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 wise to hire an Edmond, Oklahoma collections agency. If you go this route, it is necessary 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 Edmond, Oklahoma?
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 Edmond, Oklahoma. 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 hired an Edmond, Oklahoma lawyer to help, he or she may advise that you file for bankruptcy. If you do apply 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 Edmond, Oklahoma 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 an Edmond, Oklahoma attorney, since you may actually have a claim for damages against the creditor.
If you are thinking about applying for bankruptcy, a seasoned lawyer in Oklahoma can help you with that process, too.