Broadly, the term "Collections" refers to the practice of creditors attempting to force debtors to pay what they owe. There are many laws and regulations in Holdenville, Oklahoma that govern collection agencies, and strictly limit the types of tactics they are allowed to engage in.
What if I Am Owed Money in Holdenville, Oklahoma?
If someone owes you money and refuses to pay it, you have several 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 Holdenville, Oklahoma collections agency. If you go this route, it is critical to make sure that you hire an agency that is reputable, and follows the relevant law to the letter.
What if Someone Is Trying to Collect Money Against Me in Holdenville, Oklahoma?
If you actually owe the money being sought, and you are able to pay it, you should of course do so. If the collection caller is behaving cordially, you should do the same. Even if the caller doesn't behave in a cordial manner, you should resist the temptation to respond in kind, and ask to speak with a supervisor, or simply end the conversation. Whatever you do, you should never ignore the issue. This will not make the problem go away.
However, you do have some options in Holdenville, 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 stop calling you, and they usually are obliged to do so. Of course, this doesn't eliminate 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 a Holdenville, Oklahoma lawyer to help, he or she might advise that you file for bankruptcy. If you do file 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 Holdenville, Oklahoma Collections Attorney Help?
If you think that the collection agency is violating the law in its attempts to collect, you should probably call a Holdenville, Oklahoma attorney, since such conduct on the part of the creditor might actually give you a claim for damages against it.
If you are thinking about filing for bankruptcy, a good lawyer in Oklahoma can help you with that process, too.