Monday, June 05, 2006

How I Became My Own Consumer Credit Counseling Service And Bounced Back From My Bad Credit Nightmare (part 7, continued)

The calls continued because I didn't know that I could make collection agencies stop calling me. Did you know that the law states if you write a letter to your creditors informing them that you want them to cease and desist calling, they have to comply with your request? According to the law, the creditor, after receiving the letter, can only call you to notify you that

1.) no further contact will be forthcoming or

2.) to let you know that the creditor will be taking some specific action.

There's something called The Fair Debt Collection Practices Act. This act makes it possible for you to get collection agencies off your back by simply writing a letter that goes a little something like this:

"Please be advised that this letter is your notification, under provision of public laws known as the Fair Debt Collection Practices Act (public laws 95-109 and 99-361) that your services are no longer required. I will not acknowledge or respond to any collection agency and am exercising my right to communicate only with the original creditor (name the creditor); therefore, your organization must immediately DESIST and CEASE all efforts to collect this debt."

It doesn't get much simpler than that, does it? Unfortunately, I didn't know that back then. By the way, feel free to use that letter word for word if you want.

Now back to my sorry saga ... (consumer credit counseling, to be continued)


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