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What Is a Debt Collector and Why Are They Contacting Me?

Taurus Collect

A debt collector might sound like a character from a Charles Dickens novel, but if you’ve been contacted by one, you know they’re very much a reality of modern financial life. Simply put, it’s an individual or a debt collection agency in the UK employed by a creditor to retrieve funds that are overdue.

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How Do Debt Collection Companies Operate?

Taurus Collect

The debt collection process involves recovering debts from the borrower who has initially failed to repay or recover payments on accounts that are past their due date. When asked about “what collection agencies do?”, most people tend to think of a debt collector trying to contact debtors about some unresolved debts.

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How To Know the Difference Between Legitimate Debt Collection Company and Scams?

Taurus Collect

Dealing with debt collection issues can be overwhelming, especially when you are unsure if the person contacting you is legitimate or a scammer. When an account becomes past due, your creditor may attempt to collect the amount owed or hire a debt collection agency. A Scammer Will Withhold Information From You .

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How Debt Collectors Work

Taurus Collect

They are responsible for pursuing the repayment of debts on behalf of creditors. Understanding the Debt Collection Process The debt collection process typically initiates once a creditor concludes an account is non-performing, meaning the debtor has missed payments for several months.

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Can Debt Collectors Call on Holidays?

Credit Corp

Although there are no regulations that specifically make calling on holidays illegal, there are regulations that prohibit debt collectors from contacting consumers at unusual or known inconvenient times. . Can creditors call on holidays? Can a Debt Collector Contact You at Any Time? The creditor might stop reaching out.

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Tax Season Debt Collection Strategies and Why They Matter

Taurus Collect

But while it can be exciting to think about that refund cheque hitting your bank account soon, there’s another equally pressing reason why you should pay attention this tax season – debt collection! These companies typically employ several tactics in order to recover debt, including phone calls, emails, letters, and even legal action.

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How to Handle Collection Calls

Sawin & Shea

When you hire Sawin & Shea for your bankruptcy, we give you a phone script that helps you handle collection calls. After you retain the firm, creditors must stop calling you once they have notice of our representation. There are also a few important things you should keep in mind about talking to collection companies and creditors.