Posts tagged with "Debt Collectors"

Debt Collectors/Payday Loans – Did You Know!

Payday loans are illegal in New York. A payday loan is a high-interest loan borrowed against your next paycheck. To apply for a payday loan, you need to have a checking account and proof of income.   In New York State, most payday loans are handled by phone or online. If a collection agency tries to collect on a payday loan, visit nyc.gov/dca or contact 311 to file a complaint with DCA.

For information on Serving legal papers visit www.undisputedlegal.com.  Open Monday – Friday 8am-8pm.  “When you want it done right the first time” contact undisputedlegal.com

Rules Debt Collectors MUST Follow!

By: Undisputed Legal/Court Service Department

False Claims and Harassment Are Illegal

A debt collection agency may not make false statements, including

  • Claim that it represents a government agency, such as a marshal, sheriff, or District Attorney Office
  • Threaten, that you will be arrested
  • Threaten that it will report you to immigration authorities
  • Claim that you have committed a crime
  • Threaten that it will have you evicted take or garnish your wages, take the money from your bank account, or take your personal belonging without first obtaining a judgement against you in court.

Credit Repair Tips!

By: Undisputed Legal/Court Service Department

Disputing the Debt With A Collection Agency

Write the debt collection agency within 30 days of receiving validation— phone calls are not enough—to confirm that its information on the debt is wrong. For example, alert the collector that the amount owed is wrong because it doesn’t include payments you’ve made. Include with your letter copies of any proof that the collector’s information is wrong. 

You can also stop the collector from contacting you during the time you dispute the debt by writing a cease collection letter. Simply write: 

Can you inherit your dead parent’s debts?

By: Jeanne Sahadi

For adult children, the death of a parent is a fraught experience. Adding to the stress: the unwelcome surprise that Mom or Dad died with big debts.

Who is on the hook to pay them?

Unless you cosigned one of your parent’s loans or accounts, it’s usually the estate, not you.

Usually. Not always. The rules are complex and differ depending on the type of debt and where your parent lived.

Creditors typically have a fixed period of time — usually between two and six months — to make claims against your parent’s estate.

If there’s not enough money to cover the debt, in many instances “[your parents’] debt will die with them,” said certified financial planner Mari Adam of Adam Financial Associates. Continue reading