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Debt Collectors – What you can do!

It’s 7am on a Saturday – the one day you get to sleep-in late. You’re in a blissful and sound sleep, but an annoying yet familiar buzz is slowing invading your dream. You slowly realize it’s your telephone.  Who would dare disturb you from your sleep?

Reluctantly you drag yourself to the phone.   In your deepest voice you say, “Hello”.   An unfamiliar voice, says, “is this…..?” Rubbing sleep from your eyes, you answer, “Yes” and they begin that dreaded dialog…”This is the Dreaded Collection Agency.  We are calling regarding a debt and this call may be recorded”.   You hear someone go, “Arghhhhh” and realize its you!

What you may not know is that the “Dreaded Collection Agency” may have just broken the law and furthermore, their conversation with you may break other laws.  Do you know your rights regarding debt collection?

The Federal Trade Commission has created a video that will help you understand your rights and what a collection agency can and can’t do. Check it out below.

The FTC has several videos at its site that could help you avoid scams involving advertising, business, identity theft and telemarkeing – click this link -> FTC Video Library for more information and get back to a sound sleep.

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Written by

James Fleming is an accountant and Certified Tax Coach with over 40 years experience working in and with small businesses. His company, Fleming Financial Solutions offers tax planning and preparation, bookkeeping, business and marketing consulting.