Creditors are happy to lend you money. Many of them are also happy for you to fall behind on payments, too, at least for a while. Yet, the day that a friendly lender becomes an unfriendly one can come as a shock.
When a lender fears you will not return the money you borrowed, they go into action mode. That can include using internal or internal staff to bother you in hopes that you will pay up.
How does the Fair Debt Collection Procedures Act protect you?
The Fair Debt Collection Procedures Act (FDCPA) is supposed to restrict debt collectors making life too unpleasant for you. While it ensures that you won’t face certain ill-treatment, many think it does not offer debtors enough protection.
Last year, legislators approved updates to the act that will come into play in November of this year. They clarify that lenders can now contact you via social media or text message and via email or phone.
The revised act limits how often lenders or debt collectors may contact you via each particular means. You can also opt out of some of these communication forms. However, you may still consider them an intrusion of your privacy. After all, you would not dream of sending the CEO of the credit card company a message on their personal Instagram account saying, “Cute photo of you and the kids. By the way, any chance of raising my credit limit?”
There are only two ways to silence lenders for good. Either pay them what you owe or file for bankruptcy. If the first is impossible, finding out more about Chapter 7 and Chapter 13 bankruptcy is essential.