Getting the details on consumer law can prove to be helpful for you
A consumer who is also considered as the “Buyer” is the person who buys and uses and also maintains the products or the services. There have been various such situations in which consumers may lost money or may have been harassed by the lender or the collection agency or the creditor. Therefore, the Consumer Protection law was introduced so as to help the consumers handle the debt and financial issues. There have been various discussions on the consumer law blog and websites too.
There are various laws which have been designed for the consumers and these are:
1. The FDCPA law – The FDCPA law is the one which was designed so as to prevent the collection agencies from harassing the consumers. If you know the details of this law, it may help you in avoiding the collection agency harassments. For example, as per the FDCPA, the debt collectors aren’t supposed to threaten or call you at odd hours, for the collection of the debt or debts. If any of the collection agencies breaks the rule, you can file complaints with the FTC.
2. The Debt validation rule – Debt validation rule is the one through which you can get to know if the collection agency trying to collect on a debt is at all a valid one. There have been various such cases where it was seen that the debt is not a valid one. Therefore, if you ever get any call from a collection agency, you can send them a debt validation letter, within 30 days from the first day of contact for the collections. The rule based on the SOL – SOL is the time limit within which a creditor or collection agency can sue you for the non-payment of the debt. If they sue you after this period, they may not be able to win any case against you. However, this time limit or the SOL (Statute Of Limitations) varies from one state to the other and also as per the different types of debts. So, if you ever get to know that you are getting sued or even if you get any collection calls, you can first check if the debt is at all within the SOL. If you find out that the SOL has expired, you can prove that in court in order to avoid getting any judgments against your name.
3. The FTC debt relief law – The FTC debt relief law was introduced in 2010, and was done in support of the consumers. As per this law, none of the debt relief agencies are supposed to charge any upfront fees from you, before actually helping you in your debt problem.
All of the above are the consumer laws, which can hello you do away with the debt problems and the harassments associated with the same.