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Debt Collection Laws Saves Debtors from Torture of Debt Collection Agencies

By Smith Jhonson Subscribe to RSS | March 20th 2012 | Views:

We all know that finance is the most important requirement of the people in modern times because without finance it is really difficult to live a respectable life. In the absence of proper financial support it is not possible to fulfill all the requirements. However, it is found there are many people who do not have sufficient funds to fulfill many of their requirements. In such situations they seek financial help from various lending institutions. There are many financial organizations which provide financial support to the people who are in need of finances. But the borrowers are required to return the money along with proper interest on it after a certain period of time. In case they are not able to return the money on time the lending institution can take action against them by hiring debt collection agencies to collect the debt amount. However, it is necessary for these agencies to follow debt collection laws.

When these debt collection agencies start collecting the debt amount from the borrowers they tend to use offensive and harsh methods. They usually threaten the debtors, keep calling continuously even at odd timings or visit the debtor’s home or place of work regularly. They may even indulge in violent activities. This leads to torture and harassment of the debtors. They have to be embarrassed in front of their family and office colleagues again and again. Their life becomes a living hell.

In such situations the need for debt collection laws arises. These are a set of rules and regulations which the collection agencies must follow while collecting the debt amount from the borrower on behalf of the lender. Initially these laws were set up to provide some benefits to the lenders but gradually they became popular as the protector of the borrowers. These laws provide protection to the debtors from the harsh debt collection methods of these agencies. In fact, these laws have now become guidelines which the debt collection agencies have to follow.

According to the debt collection laws these agencies cannot call the borrowers during odd times like early in the morning or late at night. They are not allowed to visit the debtor’s home or office with the purpose of embarrassing them. They are not allowed to hide their identity and misguide the debtors. Further, they cannot use offensive or harsh methods of collecting debt. In case the debtors feel that they are being harassed by the debt collection agencies they can lodge complaint against them.

Smith Jhonson - About Author:
Smith Jhonson is a legal advisor who has good information on debt collection. To know more on debt collection laws please visits

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