A letter arrives in the mail from Scott & Associates. The debt collection agency has purchased an outstanding debt from the original creditor for pennies on the dollar. Now, the hunt is on to collect as much as possible from you, and the hunt includes more letters and frequent phone calls at all hours of the day.
The question for you is how do you deal with Scott & Associates?
The answer is not as simple as it seems. No, you cannot run and hide from a persistent third party debt collector. However, under a landmark consumer protection law, you can decide to dispute the validity of the alleged debt or invoke the statute of limitations mandated by your state.
There is also another option which involves negotiating a settlement with Scott & Associates for a delinquent credit card or personal loan account. Drafting a debt settlement offer agreeable to both you and a bill collector requires the legal expertise of a licensed consumer protection lawyer.
Why You Should Hire a Lawyer
When a debt collection agency tries to collect an outstanding debt, you can expect the agency to use the services of an accomplished team of lawyers to get you to pay the entire amount owed.
Negotiating a debt settlement with a third party debt collector such as Scott & Associates should include working with a lawyer that has litigated cases filed under the Fair Debt Collections Practices Act (FDCPA).
Your lawyer will know exactly how to word a debt settlement letter and just as important, time the sending of the letter to maximize your negotiating leverage.
Hiring a FDCPA lawyer also ensures you are protected against violations of the groundbreaking consumer protection lawyer. Did you know debt collection agencies can contact consumers only between the hours of 8am and 9pm?
Phone calls made outside of the legal window represent grounds for your lawyer to file a lawsuit. The FDCPA allows for the filing of a lawsuit to recover monetary damages up to $1,000 for each violation of the federal law and for actual damages that often include the suffering caused by emotional duress.
How to Write a Debt Settlement Letter
Although there is not one way to write a compelling debt settlement letter, you FDCPA lawyer will follow a template that clearly explains your negotiating position.
Here is an actual sample debt settlement letter:
On “Insert Date” I recieved a letter in the mail from your agency that requested I pay the balance owed to “Original Creditor”. I have attached a copy below of the letter you sent to me.
Since I cannot pay the full amount owed on this debt, I would like for your debt collection agency to accept a settlement that is less than the full amount. If you sign and date the bottom of this letter in agreement to my proposed debt settlement of 50% of the original debt, I will send you a check or money order immediately after receiving this signed and dated letter.
Remember to date your letter at the top of the letterhead, along with presenting your name and contact information. Never send debt settlement money to a third party debt collector until you receive the signed and dated letter confirming the bill collector accepts your debt settlement terms.
Speak with a consumer protection lawyer today to learn more about the rights granted by the FDCPA, as well as to work with a legal expert who knows how to craft a powerful debt settlement letter.
*Disclaimer: The content of this article serves only to provide information and should not be constructed as legal advice. If you file a claim against Scott & Associates or any other third-party collection agency, you may not be entitled to any compensation.