Can A Creditor Use Mediation?

Tue, 29 May 2007 21:19:00 GMT

Yes, mediation resolves disputes better. Mediation costs less, takes less time, and you don't have to go to court.

Can A Creditor Collect A Secured And Unsecured Debt?

Tue, 29 May 2007 21:19:00 GMT

If you're collecting a secured debt, you probably need legal help. You shouldn't try to repossess a car, for instance, unless you fully understand the law in this area. Hiring a reputable and bonded repo company is one option. Another is to hire an attorney and use the courts. Likewise, if you're trying to foreclose on a mortgage, you'll need the expert assistance of an attorney.

You can turn over an unsecured debt to a collection agency, which normally asks for 30 to 50 percent of the collected debt and expenses. But, if you are owed a lot and you believe the debt is collectible, hire an attorney.

Can A Creditor Contact Anyone Else About Your Debt?

Tue, 29 May 2007 21:19:00 GMT

If you have an attorney, the creditor must contact the attorney, rather than you. If you do not have an attorney, a creditor may contact other people, but only to find out where you live, what your phone number is and where you work. Creditors usually are prohibited from contacting such third parties more than once. In most cases, the creditor may not tell anyone other than you and your attorney that you owe money.

Can A Creditor Take Legal Action On A Consumer?

Tue, 29 May 2007 21:19:00 GMT

In case of any action to enforce an interest in real property securing the consumer's obligation, the creditor can bring action only in a judicial district or similar legal entity in which the real property is located; or, in which the consumer signed the contract sued upon. Also, in which the consumer resides at the commencement of the action.

How May A Creditor Contact You?

Tue, 29 May 2007 21:19:00 GMT

A creditor may contact you in person, by mail, telephone, telegram or fax. However, a creditor may not contact you at inconvenient times or places, such as before 8 a.m. or after 9 p.m., unless you agree. A creditor also may not contact you at work if the creditor knows that your employer disapproves of such contacts.

What Is A Creditor?

Tue, 29 May 2007 21:19:00 GMT

A creditor is any person or organization that extends credit regularly to others.