Why do some debt collection agencies continue to harass and intimidate consumers?
The answer is all about the almighty dollar.
Original creditors have little time to spend chasing down consumers to collect on outstanding credit card and personal loan accounts. Instead, most original creditors hand off the job of collecting delinquent consumer debts to third party debt collectors. An original creditor has the option to pay a bill collector a commission for collecting a consumer debt. It is sort of a finder’s fee, if you will. The second and by far the more profitable way original creditors delegate debt collection efforts is by selling delinquent consumer debts for a fraction of what was initially owed.
For example, let’s say you owe American Express $1,000. The credit card giant has the option to sell your debt to a debt collection agency such as Sequium Asset Solutions, Inc. for much less than the original amount due. Motivated by the huge profit margin, a third party debt collector might go all in trying to convince you to pay the entire original balance.
Report Bill Collector Harassment
Fortunately for consumers, the United States Congress passed the Fair Debt Collection Practices Act (FDCPA). Under the FDCPA, a debt collection agency like Sequium Asset Solutions, Inc. is not allowed to implement harassing and intimidating debt collection tactics. This means a third party debt collector cannot use abusive language over the phone, as well as not threaten to seize your private property to take care of the money you owe on a delinquent credit card or a personal loan balance. In addition to outlawing certain debt collection practices, the FDCPA empowers the Federal Trade Commission to handle all FDCPA-related complaints that are filed by consumers. If Sequium Asset Solutions, Inc. violates one or more provisions of the FDCPA, you should speak with a licensed FDCPA attorney to file a report with the FTC.
File a Report with the Better Business Bureau
Established in 1912, the Better Business Bureau (BBB) offers consumer several services, including web pages devoted to presenting consumer feedback about companies operating in the United States. You can file a report with the BBB that the consumer advocacy organization posts on the web page devoted to Sequium Asset Solutions, Inc. Consider your report a form of consumer feedback and if enough consumers file similar reports, the debt collection agency will fall out of favor with original creditors searching for a bill collector to pursue debt collection efforts.
The FDCPA and Filing a Claim
After spending considerable time reviewing evidence, your FDCPA attorney might decide to file a claim in civil court against Sequium Asset Solutions, Inc. Within your FDCPA claim will be a detailed account about how the third party debt collector harassed and intimidated you. Evidence in the form of documentation and the testimony of expert witnesses will bolster your case. Filing a lawsuit is a time consuming process, so make sure to be proactive whenever a bill collector violates the FDCPA
Schedule a free initial consultation with an experienced FDCPA lawyer today to get the legal ball rolling for your case.
*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 Sequium Asset Solutions, Inc. or any other third-party collection agency, you may not be entitled to any compensation.