There is just one reason why debt collection agencies come hard after consumers.
It’s called money.
Third party debt collectors make money two ways. The first way is to receive payment for collecting an outstanding consumer debt for an original creditor. Payments are typically high, as original creditors only want to get back some of what consumers owe.
The second and much more profitable method for making money collecting consumer debts involves purchasing a debt from an original creditor for a fraction of what is owed. Sometimes, a third party debt collector can pay less the 50 cents on the dollar for a delinquent consumer debt.
Because of profit, many bill collectors cross the legal line by harassing consumers into paying off outstanding credit card and personal loan balances. In response to the overly aggressive tactics used by debt collection agencies, the United States Congress passed the Fair Debt Collection Practices Act (FDCPA).
According to the FDCPA, a large number of previously acceptable debt collection practices are now outlawed. The FDCPA also gives consumers the power to send cease and desist letters to third party debt collectors.
How to Draft an Effective Cease and Desist Letter
It might seem like writing a cease and desist letter is a simple process that requests a bill collector such as Commonwealth Financial Systems refrain from communicating with you. However, far too many consumers allow emotionally charged language like “you better not” and “I’ve had enough of your behavior” diminish the impact of the intended message.
Your best strategy for crafting a cease and desist notice is to hire a licensed FDCPA attorney that has amassed years of experience helping clients stop communications from bill collectors. Writing the most impactful letter is important, but so is how the letter is sent to Commonwealth Financial System.
Your lawyer will send the notice via certified mail to ensure the debt collection agency signs for it, which creates a paper trail that can help you win a claim in a civil court.
An Example of an Effective Cease and Desist Notice
Successful consumer protection attorneys like to follow a standard format in writing a cease and desist notice. Some minor changes might be made among different notices, but the following message remains the same.
“Under the provisions of Public laws 95-109 and 99-361, known collectively as the Fair Debt Collections Practices Act (FDCPA) I formally notify you to cease all communications with me in regards to this debt, or any other debts that you allege I owe. Please be advised that if collection attempts continue after receipt of this notice, I will immediately file a complaint with the Federal Trade Commission and the [Your State Here] Attorney General’s office.
Additionally, if I’m contacted again after receipt of this notice, I will pursue both criminal and civil claims against your company for violations of the FDCPA. Please be aware that going forward, after I have confirmed your receipt of this notice, any communications from your company may be recorded to be used as evidence for my claims against you.”.
Speak with an accomplished consumer protection attorney today to learn how to draft the most effective cease and desist letter for Commonwealth Financial System.
*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 Commonwealth Financial System or any other third-party collection agency, you may not be entitled to any compensation.