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Fair Debt Collection Laws Article
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The Basics of Debt Collection Software
Debt collection software is a program that helps companies track debts. This software is designed to keep track of payments, fines, penalties and other matters concerning the accounts of debtors.
Benefits of debt collection software
First of all, debt collection software will help you get organized. Instead of having piles and piles of paperwork in the office, debt collection software can consolidate all the information in one place. At the same time, debt collection software can be easily updated. Once the debtor pays a certain amount, it can be easily recorded by the software. This way, you can keep better track of the activities in each account. You will have all the necessary information, including the date and time that the payment was made and the amount that was paid.
Secondly, debt collection software is a great way to keep track of your correspondence with your debtor. Debt collection software has features that allow you to record the exact day and time the collection letters were sent. In some cases, debt collection software can record portions of phone calls. If ever the case goes to court, you can use the debt collection software to show evidence that you tried to maintain correspondence with the debtor.
Lastly, using debt collection software is much cheaper than hiring people or agencies to track accounts for you. For smaller businesses, hiring an external agency or person to do organization and collection of debts will be too costly. Debt collection is a much cheaper alternative.
Features of debt collection software
When purchasing debt collection software, there are a few features that you should look for:
An accounting feature – When debt collection software has an accounting feature, it will be able to account for all payment activities that are made for each account. This way, even if the debtor insists on smaller but more frequent payments, you can still keep track of each payment.
Auto dialing – You should get debt collection software that can be hooked up to the telephone for auto-dialing. With just a single click, the computer can instantly dial the debtor’s home phone number or cellular phone. You will no longer waste time to locate contact details of the debtors.
Letter Templates – Choose debt collection software that has templates for debt collection letters. This way, you don’t have to spend too much time drafting letters. By simply plugging in the information of the client onto the template, you will be able to print the letter in minutes.
However, remember that the software should also serve your company’s needs. The software you use should help make debt collection easier. It should help you monitor the accounts. In the event that the debtor disputes the debt, you can easily use the debt collection software to verify the nature of the debt.
Fair Debt Collection Laws Specific links
Fair Debt Collection Laws News
Bad News for Most Debt Collectors and Good News for Consumers - Huffington Post
 InsideARM | Bad News for Most Debt Collectors and Good News for Consumers Huffington Post Also in 1978, Congress enacted a debt-collection law known as the FDCPA, or "Fair Debt Collection Practices Act," which we're still working under today, 34 years later. Hemlines have changed a zillion times since then, but our debt-collection laws have ... How to Protect Yourself From Criminal Debt Collectors |
Debt collector may not call you at work - Victoria Advocate
Debt collector may not call you at work Victoria Advocate Under a federal law, called the Fair Debt Collection Practices Act, it is unlawful for a debt collector to call you at work once he knows your employer prohibits such calls. If the debt collector continues to call, you would have a claim for damages ... |
FTC settles with debt collectors over bogus magazine payments - Chicago Tribune
 The Consumerist (blog) | FTC settles with debt collectors over bogus magazine payments Chicago Tribune According to the FTC's complaint, the defendants, who handle collection of hundreds of thousands of accounts each year, violated the FTC Act, the Fair Debt Collection Practices Act and the Telemarketing Sales Rule. The complaint also alleges that the ... Fake debt scam surfaces in Upson County Debt Collectors Settle With The FTC, Say They Won't Pose As Ed McMahon Anymore |
Online Payday Advances Launches Lending Policy Article - DigitalJournal.com (press release)
 Deseret News | Online Payday Advances Launches Lending Policy Article DigitalJournal.com (press release) These include the Truth in Lending Act, which prevents loan lenders from hiding details such as late fees and interest rates, and the Fair Debt Collection Practices Act, which prohibits dishonesty or harassment on behalf of debt collectors during the ... Faxless Payday Loan Launches New Lending Policy Material 24HourPaydayLoan.com Unveils Lending Policy Article GetCashToday.com Offers Up New Lending Policy Resource |
Private collection firms go after public debt in Fulton - Atlanta Journal Constitution
Private collection firms go after public debt in Fulton Atlanta Journal Constitution But Sergei Lemberg, a Connecticut attorney who represents debtors in harassment claims, said residents will be in a precarious position because the federal Fair Debt Collection Practices Act doesn't cover government fines. The law forbids calls past 9 ... |