| Debt settlement laws refer to the legal structure in | | | | After first contacting you in regards to an alleged |
| place designed to safeguard the constitutional rights | | | | debt, collectors have five days to follow up with a |
| of debtors in relation to their creditors. Essentially, | | | | written statement indicating the amount owed, who |
| what debt settlement laws come down to is this: | | | | it is owed to, and what to do if you feel this debt is |
| you have the right to negotiate a settlement of your | | | | in error. If, in fact, the debt is an error, the collector |
| debt with your creditors, or to hire someone to do it | | | | cannot contact you again once you have written |
| for you. Your creditors have the right to harass you | | | | them informing them that the debt is an mistake. |
| until you tell them, in writing to stop. | | | | Unless they can prove otherwise, they will have to |
| One of the biggest factors preventing people from | | | | cease contacting you regarding this debt. But if the |
| exercising and understanding their rights is simply | | | | debt is valid, then until you tell them to stop, they |
| anxiety and fear. For some, having the phone ring off | | | | can harass you pretty much incessantly, between |
| the hook all day can be traumatizing, and lead to a | | | | the hours of 8 am to 9 pm. |
| certain level of emotional paralysis that prevents | | | | Fortunately, debt settlement laws are quite clear in |
| them from taking effective action in their own best | | | | this matter: you don’t have to tolerate creditor |
| interest. For this reason, understanding your rights in | | | | harassment for a single minute. Under the same Fair |
| regards to debt settlement and the related laws can | | | | Debt Collection Practices Act, you are entitled to tell |
| empower you, end your anxiety, and provide the | | | | them you don’t wish to be bothered by them. |
| psychological and emotional breathing room so | | | | As soon as you do so, they are required by law to |
| essential towards making rational, reasoned decisions | | | | stop, or you can, quite literally, sue them for |
| in your best interest, rather than under the duress of | | | | harassment – for a lot. However, you do need |
| creditor-induced stress and anxiety. | | | | to take proactive action in the form of writing to |
| Under the Fair Debt Collection Practices Act, debt | | | | each of your creditors, or to any collectors they |
| collectors can begin contacting and harassing you as | | | | have turned your account over to, and tell them not |
| soon as you fall behind. This can take the form of | | | | to contact you any more. |
| endless phone calls, visits to your house, calls to your | | | | While this won’t eliminate the debt, it will |
| relatives, calls to your employer, or waiting outside | | | | eliminate the stress and anxiety caused by their |
| your work place to accost you in person, in front of | | | | harassing you. Debt settlement laws favor debtors |
| your co-workers. Many debt collectors lack any | | | | against their creditors immensely, but only if you |
| shame or scruples what-so-ever, and will gladly | | | | know your rights and execute them. Once you |
| humiliate their own mother if they think it will cause | | | | have written your creditors or the collectors, they |
| her to fork over her grocery money to pay on a | | | | may not contact you again except to inform you |
| credit card. They may also contact third parties in | | | | they no longer be contacting you in reference to |
| order to confirm your phone number, place of | | | | your debt. In other words, they can only harass you |
| employment, and address – but they are only | | | | if you allow them to. |
| allowed to so once. | | | | |