In the September 22, 2011 edition of the Reader’s Digest, Michelle Crouch authored an article entitled “13 Things A Debt Collector Won’t Tell You“. The article used as sources Fred Williams, who worked as a debt collector for three months to write Fight Back Against Unfair Debt Collection Practices ; Michelle Dunn, former owner of a debt-collection agency and author of The Guide to Getting Paid ; and debt collectors in Florida, New Jersey, and Pennsylvania. It is presented in an easy to read slideshow and confirms information that most of us have always believed.
The article illustrates that Debt Collectors have a very low opinion of the people that they are calling, claiming that collectors are trained to believe that all debtors are compulsive liars. It also confirms that a top performer can collect up to $10,000 per month in bonuses. Finally, the article reveals information that collectors actually have a great deal of authority to settle debts with one time lump sum settlements for pennies on the dollar.
Finally, the author gives very good advice regarding those collectors who “threaten to arrest you” for failing to pay your debt or if they call you after 9 pm in the evening or before 8am in the morning. If a debt collector steps over the line, she suggests that you either call your state’s Attorney General (www.naag.org) (Ohio Attorney General Mike Dewine ) and the Federal Trade Commission (www.FTC.gov), as these are violations of the Fair Debt Collection Practices Act. Of course, you may also want to contact an attorney familiar the FDCPA and debt collection as well.
Michael P. Dansack