Understanding Debt Collection. Learn about debt collection laws, how to handle debt collectors, and explore options for resolving debt.
You can pay the original creditor—but only if they still legally own the debt. Once it’s sold to a collection agency or debt buyer, your obligation transfers. Paying the wrong party won’t resolve the debt—and could even leave you paying twice. Understanding Debt Ownership: Assignment vs. Sale Debt moves through two primary channels: Tip: If…
Yes, you are still legally obligated to pay the full amount of your debt even after it has been sold to a third-party collection agency. The debt doesn’t disappear—it simply changes hands. However, strict consumer protection laws like the Fair Debt Collection Practices Act (FDCPA) give you powerful tools to dispute, verify, and negotiate debt…
Yes, it is legal for collection agencies—known as debt buyers—to purchase delinquent debts and pursue repayment. However, their actions are tightly regulated under the Fair Debt Collection Practices Act (FDCPA) and relevant state laws. Consumers retain critical rights throughout the process. How Debt Buying Works From Charge-Off to Sale When a debt becomes 90–180 days…
Are you responsible for your spouse’s debts after separation or divorce? Divorce is not just about dividing assets; it also involves addressing any debts accumulated during the marriage. With the average UK household debt at £65,000 (The Money Charity), financial difficulties often contribute to relationship breakdowns. Understanding how debts are treated in divorce proceedings is…
In the realm of interstate debt collection, questions often arise about the ability of attorneys to pursue debts across state lines. A common inquiry is whether a Hoosier state attorney can engage in debt recovery in the Yellowhammer state. This article will explore Can an Indiana Lawyer Collect a Debt in Alabama? And their complexities…
When faced with mounting debts and persistent creditors, many individuals find themselves wondering whether they should look for legal representation for debt recovery or not. This article will explore should you get a lawyer for debt collection, understand various aspects of engaging a lawyer for debt collection, helping you make an informed decision about your…
When faced with the challenge of recovering unpaid debts, many creditors and businesses turn to debt collection attorneys for assistance. However, one of the first questions that often arises is: How much does a debt collection lawyer cost? This article will explore the various factors that influence debt recovery attorney fees and provide insights into…
In a surprising turn of events, retail giant Walmart and financial services provider Capital One have settled their high-profile lawsuit concerning their credit card partnership. The resolution, announced on June 21, 2024, marks the end of a contentious legal battle that began in April 2023. Background of Walmart and Capital One Reach Settlement in Credit…