In the first two articles I defined what a delinquent account that had been sent to collection was, how sending late accounts out to an debt collection company benefits a creditor, and the practice of selling an old debt to a third party collection agency.

I wrote about what type of information a collection agency will collect and use in their efforts, and also that third party collection agencies are governed by federal and state laws and are overseen by the FTC.

A minority of collection companies will utilize deceptive, strong arm and illegal methods to confuse and scare debtors that include pretending that they are one of their creditors and asking them to verify information, pretending to be an old friend or neighbor to catch a debtor off guard, repetitively calling or mailing a debtor to the point where it gets to be a nuisance, or sending threatening letters or leaving threatening voicemail messages.

Legal but manipulative methods include pressing the consumer, preying on their emotions, and utilizing vague threats such as “respond within so and so amount of days or further collections attempts will follow.” Other illegal practices include making an idle threat of litigation or pursuing litigation when the debt collector has no intention to, threatening to throw a debtor in jail, threatening to garnish wages or seize bank accounts when they have no authority to, lying about the amount that is owed, or asking for more than what is owed are used as well.

For the collections industry, time is the enemy and a good bill collector is completely aware of this bit of information. Their main task is specifically to get money as soon as possible.If you are talking to a debt collector, keep in mind that at any time you have the legal right to tell them you are busy and will call them back if you are flustered, hang up, cool off, develop a game plan, and contact them later. An aggressive debt collector will ask you why you can’t make payment arrangements today.

Rapid Recovery Solution is a commercial collection agency that writes articles on medical collection companies.

Asset Acceptance is one of those collection agencies that purchases the debt that you failed to pay off at some point. It is one of the largest collection agencies in the U.S. To avoid a lawsuit, you need to negotiate with Asset Acceptance to settle your debt. Try to follow the suggestions listed below to avoid any unpleasant situations.

1. Always make sure that the debt is not outside of the statute of limitations. If by any chance, the statute of limitations has expired, chances are you might get lucky. You can then choose to leave the debt unpaid and not face any consequences legally. But before you do that, verify with your state Attorney General’s office, the statute of limitations in your state.

2. If there is a debt item in your credit report that seems incorrect to you, request for debt validation. Fair Debt Collection Practices requires Asset Acceptance to provide written proof of valid debt.

3. Figure out a way of making payments. Make a list of your assets and see if you can pay off your debt in a lump sum payment. Asset Acceptance or any other collection agency will work with you and even negotiate the amount of your debt for a lower amount if you choose to pay a lump sum amount rather than pay in installments.

4. You should always talk to a supervisor at Asset Acceptance to discuss your debt. Only supervisors have the authority to negotiate the terms of a debt settlement with a consumer. Customer service representatives can discuss your debt but they are in no position to discuss the terms of a debt settlement.

5. Do not try to enter into a debt settlement with a supervisor in haste. Propose a lower amount than the amount you can afford to pay. That way, you can negotiate a better rate that will be more affordable for you.

6. Any debt settlement terms and negotiation need to be documented. Not only that, you should request the supervisor at Asset Acceptance to send you a copy of the debt settlement terms in writing. If you agree on meeting the terms of the agreement, and the supervisor fails to provide you the documents, chances are, Asset Acceptance will demand the full debt amount from you again.

7. Avoid making a payment with a bank draft or check since they contain checking account information. Make a payment via money order. This way you can avoid any additional money to be pulled out from your checking account by mistake without your permission. Make it a point to remind Asset Acceptance to remove negative information on your credit report as part of the settlement agreement. You do not want a collection amount on your credit report by any means. Having a collection amount can damage your credit score for as long as it remains on your credit report.

Remember to get into an agreement with Asset Acceptance only after they have documented in writing that the balance of the debt will not be sold to any other collection agency. After they have confirmed this, enter into an agreement with them. Failure to do so might lead to Asset Acceptance harassing you again for the same debt again in the near future.

Do not let asset acceptance or any other collection agency harass you. Fight asset acceptance, get rid of them and get the erroneous items erased from your credit report.

In the city of Cody, Wyoming, 219 utility accounts were sent for collection. Only four of the bills belonged to property owners. Some are suggesting that the city council consider holding property owners responsible for utility costs that their renters left unpaid. A policy like that could have added $180,000 to the city budget during the past five years, and furthermore, other utility users are subsidizing those that don’t pay their bills.

Landlords are offering obvious and swift objection, wondering why it should be their job to pay a bill that somebody else was responsible for. Another plan has been suggested however, one that would require a deposit from every person opening up a utility account.

This change in policy would involve a number of modifications like a requirement that a property owner co-sign for a renter’s account. Tenants would be billed under their own account but have an open landlord account for each property. Unpaid bills would be transferred to the landlord’s account if the tenant doesn’t pay.

Deposit requirements would go from $150 to $200, and would be necessary for all accounts, regardless of their past credit history. Property owners would be notified of delinquencies, and they would be encouraged to get in touch with the city to determine if the bill got paid before returning rental deposits. All property owners would have to keep utilities in their names.

Supporters of the plan allege that it is not out of line with what other cities are doing, and it is a simpler and the most cost efficient way to collect debts. Collection agencies get about one third of what they collect in the city, and 60 percent of bills that go to collection remain unpaid.

Whatever decision they come to, it should be fast: city officials are noticing a trend toward less people making deposits and more accounts being sent to collection agencies.

Mallory McGuinness works for a debt collection company. She also composes articles on business and finance, consumer spending and collection agencies.

Are you a newcomer when it comes to playing the stock market? No big deal at all! This series of articles on mutual funds will make it simple for you to understand what a mutual fund is, what it is all about and whether it is worth your while to invest in one. My first three articles are called “Mutual Funds For Beginners” and they lay down the basics.

The next one is called “Expenses Associated With Mutual Funds” and it covers the basic things you can expect to be charged for if you decide to invest in a mutual fund. The last two are titled “Is Investing in a mutual fund worth your while?” and they go over the advantages and disadvantages of mutual funds. First let us break things down to a molecular level and talk about securities. The fancy definition of a security is a negotiable instrument representing financial value.

This definition is quite esoteric so let’s look at an example of a security to help you get a better idea of what one is. A stock is considered a security. Stocks can be bought or sold, and thus have financial value, and a share of stock literally means that as a stockholder you “share” a portion of ownership in the business whose stock you own. Bonds, which are contracts to pay back money with interest on specific dates, are securities too. If you hold a bond, you know that you are going to receive money on these set dates, so bonds have financial value as well.

Stocks are purchased and sold at exchanges called stock markets, and bonds at bonds markets. A bonds market is generally quite different from a stock market. If you were trying to invest in stock, or sell the stock you have, you would enlist the help of a stock broker who would charge you a commission for performing this work for you.

Typically, unless you own stock from the company you would like to buy from already, you are going to want some sort of a broker to help you do this. The same goes for bonds – you are going to want a dealer. Now that we have the very basics down, let’s go over mutual funds. See my article “Mutual Funds For Beginners Part Two!

Mallory Megan works for Rapid Recovery Solution and writes articles on medical collection agencies.

In the last article I spoke about debt settlement programs and whether it pays to agree to one or not. Keeping all of this information I relayed to you in mind, if you decide that debt settlement is not the best option for you, there are four other main choices: stay delinquent, come up with extra cash to make payments, work with a credit counselor, or file for bankruptcy.

Staying in delinquency will simply make your credit score lower, and the longer you wait, the harder your score will be hit. Just one thirty day late payment can cause your score to drop by up to one hundred and ten points. Ninety days? You are currently three times as late with your card payment, and you are only getting later as more time passes by.

Coming up with extra money to make payments might just be worth your while. Take a look at your finances and budget. Is there anything that can be adjusted, or sold? Use any extra money to pay your debt and prevent any further damage to your credit score. For a lot of us, budgeting isn’t as easy as that. If you need outside help, seek out a credit counselor. They will get to the bottom of the problem, and find a solution.

Finally, you can also consider filing for bankruptcy. This means that you won’t have to repay the debt, but filing will cause your credit to drop even lower than a debt settlement, by as much as two hundred and forty points. If you are considering bankruptcy, have a consultation with a bankruptcy attorney to discuss the details.

All told, experts say that talking to a good credit counselor is the best choice. They can help you assess your financial situation, offer possible alternative options, and show you how to avoid making the same mistakes in the future.

Rapid Recovery Solution is a medical debt collection company.

In part one in these series of articles I wrote about potentially shady debt consolidation schemes that you should be on the lookout for. Read on to find out more:….

Meanwhile, your creditors are going without being paid. Unluckily, while you are collecting that payment, you aren’t paying your bills and you may be sinking lower and lower into debt.Instead of taking this gamble check out a nonprofit credit counseling firm that may charge you only twenty dollars, if anything. Instead of billing the debtor, these counselors will typically get what is called a fair share percentage payment from your creditors after you have been paid.

Finally, and most important, do NOT put trust in the debt settlement counselor who assures you that “We will handle everything. You should stop communicating with your creditors.” Despite the fact that the idea of not speaking to creditors and ignoring their mail sounds like a real load off of your back, ultimately, it is your debt and your credit score at hand. Never send in a change of address form directing all creditor mail to a debt settlement company.

It is important to bear in mind that the creditor is the one with whom you signed your contractual agreement. When all of your statements are being sent to the debt settlement company, you relinquish that control. You do not know how much in interest and late fees are being tacked on. You also won’t know if your debt has been moved into collection.

A few final words of wisdom. If you think you need debt settlement, try debt management first. Get in touch with your creditors and request reduced interest, suspended payment or any other payment terms that may suit your financial situation more favorably. Although it may seem like a long shot, or a pain, it is always very important if you are about to miss a payment to call your creditor and say “Listen, I can’t make this month’s payment. I’d like to work something out with you.

Rapid Recovery Solution is a credit debt collection company.

Divorce, coupled with bankruptcy can pose serious problems for those involved. When a married couple who no longer wants to stay together have debts piling up and are heading for divorce, bankruptcy may be one way to sort out the financial problems. Bankruptcy has the capacity to be filed by just one spouse, or jointly. The effects of bankruptcy on divorce proceedings? Abrupt at best. An automatic stay will put a stop to all activities on divorce proceedings.

Although one lawyer may seem trying in a time of stress, two lawyers may be necessary to sort the matters out, a bankruptcy attorney and a divorce lawyer to hash things out between the unhappy couple. Some good advice to take would be to immediately seek out a bankruptcy lawyer to guide you through your finance, in addition to the attorney who is assisting you through your divorce. The expert guidance with alimony, child support, property settlements, and other financial issues is key when you are suffering from the stress of bankruptcy and divorce simultaneously.

If the spouses together have a lot of debt, filing for bankruptcy jointly is a good idea. This can even simplify the divorce settlement, and filing bankruptcy jointly is more cost efficient. If you are a spiteful ex, filing individually for bankruptcy is a good way to send the creditors after your spouse.

Then there is the matter of property that you have accrued during marriage. That’s marital or community property. If you are filing jointly for bankruptcy, and your ex spouse has marked some of your separate property as marital property, you should take these actions. First, you should prove what is yours isn’t community property. The bankruptcy court will release the exempt property, and the remaining property that you share will be part of the bankruptcy estate and therefore will be used for paying off the money you owe.

After the bankruptcy court has sorted out which property is exempt from bankruptcy, the divorce court can spread the property between the couple in an equal fashion. The non exempt property will be sold by bankruptcy trustees (representatives) to pay off debts.

A different way to steer clear of financial loss on account of your former spouse’s debt is to attach a property of your spouse as a security lien. This lien will permit you to take hold of the property and utilize it to pay off your spouse’s loan if he or she is thinking of ditching and letting you pay. The property with a lien may get you less than the market price, but this is still a good way to protect yourself.

Finally, you can work an indemnity clause into your divorce decree. This will help guard you from creditors who are coming after you to pay for your ex spouse’s debts after the divorce. If your husband or wife files for bankruptcy, don’t worry. The judge will enforce it to protect you.

Rapid Recovery Solution is a medical debt collection agency.

Trying to deal with collection agencies can be frustrating and make you want to pull your hair out! Now, think what it would be like to deal with a debt collector that actually is the collection agency for yet another collection agency. This is the normal scenario when dealing with LVNV Funding Collection Agency (LVNV).

You might wonder how a debt actually ends up being collected by one collection agency for another one. Simply put, for whatever reason, you wind up owing a debt to a creditor who, in time, is unable to collect the debt from you. The creditor may become tired of chasing the debt and decide to sell it to a collection agency. At this point, LVNV may come along and snatch the debt up from the original creditor and assign it to a third-party debt collector, who then attempts to collect the debt for LVNV. This debt is no longer owed to the original creditor but to LVNV. Over the years, LVNV has used many collection agencies, such as Sherman Financial Group, LLC; Alegis Group, LP; and, Resurgent Capital Services.

If you find yourself dealing with a collection agency, the first thing you need to determine is to whom the debt is owed. If the name is not familiar to you, you should ask if your original creditor sold the debt and, if so, who was the original creditor and what was the basis of the debt.

It is crucial to become familiar with consumer rights laws if you plan to take on a collection agency on your own. It is imperative that you know your rights! You can easily download the various consumer rights laws by doing a quick online search. Keep in mind that if you decide to pursue this alone, you need to know and understand the law before you attempt to deal with a debt collector.

In light of this, you should locate and read, at a minimum, the Fair Credit Reporting Act (FCRA) and the Fair Debt Collections Practices Act (FDCPA). The FCRA is Federal law which is enforced by the Federal Trade Commission and which offers consumers substantial rights. The FDCPA is enacted law which governs the practices of collection agencies. If a collection agency violates the FDCPA, they can be fined or possibly even face legal action. If there are multiple violations of the FDCPA, the government may shut the collection agency down altogether.

There are a couple of things you might consider if the debt is valid and you owe it. For example, you might consider discussing a payment plan with the collection agency. If you can come to an agreement, this should effectively stop the harassing phone calls and threatening letters.

If you would prefer to just get the whole issue behind you so you can move forward, and providing you have some cash set aside, you can offer the collection company a lump sum payment in exchange for a reduction in the amount you owe. If you decide to do this, you might want to wait until the end of the month when the collectors are trying to meet their quotas and obtain bonuses.

It is important that you know your rights as a consumer. Remember, you need to know these rights as well, if not better, than the collector you are dealing with. Lastly, if you are able to reach an agreement with the collector, demand that the agreement be in writing and signed by both parties.

Lvnv Funding Ruined my Life. What I Did to Get Revenge against the lvnv funding llc collection agency.

It was revealed in recent news that top legal prosecutors in Washington and Louisiana announced actions they had taken against accounts receivable management firms and their owners and managers.

Louisianian attorney general James Caldwell made the announcement on Friday that his office had obtained injunctions against two collection companies and their managers. On the same day, Rob McKenna, Washington’s Attorney General stated that his office had settled charges with a collection company that had promised to stay on the straightened arrow. In a press release, Caldwell’s office said that in late December they had obtained an injunction against Bush and Kennedy, Inc, a Baton Rouge based collection agency. The order he won placed restrictions on the business, banning them from operating further, and specifically, ordered that two of the firm’s principals, Quay W. Pattott Jr, and William S. Fesguson were banned from conducting business together.

Late last week, a judge hit Ferguson and Parrott with additional injunctions as was requested by Caldwell’s office. Ferguson is barred from using deceptive and unfair acts and practices at his current place of business, Franklin, Grant and Associates Incorporated, a collection agency based out of Metairie Louisiana. Parrott is completely restricted against conducting any new business at his new place of work, Metairie based Halsey and Associates, LLC.

In Washington, McKenna’s office stated that Topco Financial Services Inc, a Washington based collection company agreed not to harass, curse out, or threaten consumers as part of a settlement. The collection company must pay around $38,000 in legal fees and penalties. An additional $82,000 in fees and penalties were suspended pending that the company agrees with the settlement terms.

As per the agreement, Topco is restricted from harassing, intimidating, threatening and embarrassing debtors, including using profanity. They are banned from implying that failure to pay a delinquent bill will result in suspension, a revocation, or impairment of the debtor’s driver’s license. They are no longer allowed to threaten debtors with impairment of their credit rating. However, the company is allowed to legally report debts to credit reporting agencies.

Mallory Megan works for a debt collection agency. She also writes articles on business and finance, consumer spending and collection agencies.

Much like every other profession, the collections business has become even more trying as the economy takes a fall, while the rate of unemployment rises. With the advent of more and more unpaid bills, the collections industry may very well be booming. However logic dictates that with unemployment, and an awful economy more and more people in debt will be unable to pay. These days, if a collector is able to recoup anything, they will usually have to accept longer periods of time and smaller payments.

Collection Agencies such as Rapid Recovery Solution think that for the most part, people want to pay their bills; it’s just that they need a bit of help. John Monderine’s workers are standing by to deliver this help. With a relaxed environment and thoroughly trained callers, they strive to work with the debtor to come up with a payment plan.

Practicing unfair business, untrustworthy collection agencies do make things harder for the ethical ones. There is an industry-wide effort to turn around collectors’ image. Working with a commission based, difficult business, being cooped up in a cubicle all the time and making three hundred calls a day can be quite tough. Yet it has been documented that forty billion dollars are pumped back into the economy.

Technology that is available is able to make the work more efficient. Using “predictive dialers,” which is the same technology that let telemarketers figure out when people are more prone to answer the phone. The industry also now uses skip tracing. This system allows a caller to locate debtors who may not want to be located. This system allows the agency to make a financial profile of each debtor, and that will aid collectors in determining the probability of a consumer to pay.

Despite the fact that consumer complaints about debt collectors is at an all time high, the industry is striving to reinvent their image. So next time a debt collector calls, try picking up the phone. You very well might be surprised.

Mallory Megan works for a debt collection agency. Also she composes stories on business and finance, consumer spending and collection agencies.