Moon Twp, PA (PressExposure) June 25, 2009 -- Those that are in the business of extending credit have a reasonable expectation of being paid back. Whether a product is delivered with the agreement to pay upon receipt or an individual is issued tens of thousands of dollars in unsecured credit card cash advances, the lender is entitled to being paid back.
For sure, there are instances when the lender is not getting the payments he/she is due. There can be a number of reasons for this. Sometimes, the borrower needs more time to wiggle out of bad financial circumstances. At other times, they can simply be negligent and default on their obligation. Regardless of the reason, the lender is within their rights to seek payment.
This is the place where collection agencies become very important. Their aim is to collect the monies doe their clients. However, they cannot act in a reckless manner in attempting to collect these past due accounts. Here is where the Fair Debt Collection Practices Act comes into play.
The Fair Debt Collection Practices Act was enacted in 1978. There have been added amendments and modifications to the Act that have altered it in some ways. For example, a new clause to The Fair Debt Collection Practices Act states that a debtor in collections can request the collection agency to cease further contact with him/her, and the collections rep must comply with this request.
Consider though, that this does not prevent the collection agency from pursuing a valid debt. Collection agencies are still within their rights to inform the debtor of their intention to pursue the debt via other legal channels, namely through an attorney.
This can only occur if the debtor makes this request in writing. If communication has stopped because the collection agency can't reach the debtor, then it is legal to contact third parties in a courteous, non-harassing manner. In addition, the collections rep cannot disclose the nature of the call, so as not to violate the privacy rights of the debtor. While these rules can seem skewed towards the debtor in question, they also help the collection agency steer clear of trouble by engaging in unprofessional conduct.
As these laws demonstrate, the intent of The Fair Debt Collection Practices Act is to eliminate abusive and unprofessional behavior on the part of some collection agencies. Such behavior undermines the reputation of the business. It also makes it difficult to collect revenues. After all, no one wants to deal with abusive and rude collection agencies.
Collection agencies found to be in violation of The Fair Debt Collection Practices Act can be penalized in a number of ways, to include legal actions. They can also have their license revoked. Most common are fines levied against offending agencies. However, collection agencies are within their rights to appeal these fines.
If your company is seeking to recover money from your corporate and/or commercial clients, NAMâs Commercial Collection Agency division can handle that. Our purpose is to provide our clients with unmatched support, service and financial growth. We introduce ourselves as National Asset Management, a collection agency with specialized skills, working towards recovery of bad debts.
We believe in working with our clients rather than working for them and it is this belief that sets a passion to deliver prompt services to the clients. For further information contact us.
Customer Service:1-866-289-9940 (Toll Free) E-mail: Sales Department: firstname.lastname@example.org Information: email@example.com Rickard Briggs National Asset Management firstname.lastname@example.org http://www.nationalmanagement.net/