Being sued is never fun, and when the lawsuit is an attempt to collect money from you, the stakes are even higher. All too often collection suits are filed without first being properly reviewed by the lender, but consumers are not familiar enough with their legal rights to contest the suit. Fortunately, there are agencies and laws in place to keep the collection agencies and their attorneys in line, and you can also hire an attorney of your own to defend any attempt to collect a debt from you.
The law with the most “force” behind it when it comes to debt collection is the Fair Debt Collection Practices Act. This Act prohibits certain actions by collectors, and has provisions for damages to consumers who have been the target of an unlawful collection practice. There is also a governmental agency charged with making sure the collection laws are followed, and this agency is the Consumer Financial Protection Bureau (CFPB). If you believe you have been collected on unlawfully, here is what the CFPB can do for you:
• Provide you with information about lenders, and how to protect yourself from unscrupulous practices.
• Investigate a claim or complaint that a lender has not complied with the law, and take actions to enforce the laws. This is done through the implementation of rules and regulations, for all lenders to follow.
The idea behind the CFPB, which was President Obama’s brainchild, was that the financial marketplace needs to work for everyone. It is hard for a consumer to make a smart financial choice if important data is withheld, or not provided with full transparency. Another need for this type of agency is due to the likelihood that consumers can be taken advantage of by collectors working for large lending institutions. If you are being harassed about a past due debt you can certainly file a complaint with the CFPB, but you should also let our office help you. We can take immediate action on your behalf and hold the lender’s feet to the fire by making them prove their case and by stopping the harassment.
Call us today and let us take on the banks for you! For answers to your questions about debt, contact us at www.DsouzaLegalGroup.com.