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  • Debtors’ Rights and the FDCPA (Part 1)

    The debtors’ rights laid out in the Fair Debt Collections Practices Act are intended to protect borrowers from potentially abusive creditors.

    The debtors’ rights laid out in the Fair Debt Collections Practices Act are intended to protect borrowers from potentially abusive creditors.

    Borrowers who may find themselves drowning in debt and fending off their creditors should know that Fair Debt Collections Practices Act (FDCPA) gives them specific rights in order to prevent them from being the targets of potentially abusive behaviors at the hands of creditors. In fact, while the FDCPA was first enacted in 1977 to foster fair debt collection practices, it has been updated a number of times over the years in order to establish debtors’ rights and give them recourse for keeping creditors in line. It’s important to note that the FDCPA only covers personal debt (i.e., debt related to an individual’s, family’s or household’s financial transactions) and not business-related debt.

    By taking the time to get familiar with the debtors’ rights laid out by the FDCPA, borrowers can make sure that they are not being abused by creditors and that, if creditors are acting illegally, they can report these creditors to the proper authorities.

    Required Practices for Creditors

    Part of the FDCPA stipulates what creditors are legally obligated to do when they are interacting with borrowers regarding a particular debt. Specific required practices for creditors, according to the FDCPA, include (but are not limited to):

    • Clearly establishing that they are in every communication they have with a borrower
    • Providing their exact name and address (or the name and address of the creditor if a third-party debt collection agency is contacting the borrower on behalf of the creditor)
    • Clearly explain to the borrower that he has the right to dispute the debt in question
    • Send the borrower verification of the debt within 30 days of receiving a written request from the borrower (A creditor’s failure to send this verification means that the company must cease and desist from its debt collection efforts going forward.)

    If you are struggling with debt and are looking for a financial fresh start, contact the trusted Colorado bankruptcy lawyers at The Law Office of Andrew McKenna. For more than 20 years, we have been successfully overseeing our Clients’ bankruptcy cases so they can resolve their financial issues as beneficially as possible. Our comprehensive legal knowledge coupled with our vast experience allows us to consistently and efficiently help our Clients achieve the best possible resolutions to their financial matters. For an evaluation of your case and expert advice regarding how to move forward, call us at (719) 201-4527.

    
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