Debt and Debt Collectors (US-centric)

Financial desperation sucks, and I'm seeing more of it. Know that you have rights, and can excercise them, though The System won't do that for you.

Many guides come from banks. I recommend those written by legal, union, and advocacy groups. Nolo has an excellent one:

nolo.com/legal-encyclopedia/ha

Summarizing: YOU CAN SAY "NO".

Non-US: You have rights too, though details differ.

The governing US law is the Federal Debt Collection Practices Act:

nolo.com/legal-encyclopedia/il

You can:

1. Tell a debt collector to stop contacting you.
2. Tell them you cannot pay.
3. Negotiate a partial payment (pennies on the dollar).
4. Tell them the debt doesn't apply, if you belive that's the case.
5. Keep a log of interactions.

Show thread

You should NOT do certain things:

1. Don't Give a Collector Your Personal Financial Information

2. Don't Make a "Good Faith" Payment

...this small payment can do is extend the statute of limitations (the time limit that a debt collector can sue you for the debt)...

3. Don't Make Promises or Admit the Debt is Valid

4. Don't Lose Your Temper

nolo.com/legal-encyclopedia/ha

Show thread

@dredmorbius

(This is more about the case where the financial agency screwed up or you were the victim of fraud but the advice on how to act is really helpful.)

Sign in to participate in the conversation
mastodon.cloud

[Notice Regarding the Transfer of the mstdn.jp / mastodon.cloud Services] We have received several inquiries showing interest in a transfer following the announcement of the end of the mstdn.jp and mastodon.cloud services. As a result of subsequently evaluating the situation and making preparations, we have decided that the corresponding services will be transferred to Sujitech, LLC. on June 30. Thank you.