The number of people interacting with debt collectors in Spain has drastically increased. According to recent research, the number of people dealing with debt collectors has increased from 14% to 27% in the last five years.
With the harsh economic times, you are definitely struggling with bills you cannot pay and maybe the debt collectors are always on the other end of your phone demanding you to pay up. If you fail to pay as they request, the debt collectors will make it sound like lots of bad things will soon happen to you.
However, here are some of the things you need to know. The federal government by using the Fair Debt Collection Practises Act provides one with certain rights. In case the debt collection agency calling you goes against any of them, you can always report them to the Federal Trade Commission or the state attorney. Below are five important things any debt collector will never want you to know.
1. You are able to stop their phone calls using a letter
Are you tired of receiving calls from the debt recovery Spain every now and then? Do you know you can stop the calls by writing to the agency and requesting them they stop contacting you in the near future? The debt collection agencies are usually required to abide by the request as prescribed in the Fair Debt Collections Practises Act. This is one thing any debt collection agency will not want you to know. However, you need to be aware that the debt you still owe the agency still exists and if you fail to pay them back, the agencies are always allowed by law to take legal action.
2. You can always Request for a Payment Plan
The collection agencies usually prefer that you do come up with all the cash that you owe them at once. In case that is not possible, the collection agencies will always seek to have the biggest repayment possible. You can always request for a repayment plan that works within your budget though. You can negotiate with a collection agency to come up with a smaller monthly payment plan which will not drain your bank account. The collection agencies are never required by law accept a payment plan, however, it will never hurt to request for one.
3. The Debt Collectors Usually Have Limits
The debt collectors are never allowed to call you several times in a day or during odd hours under the federal law. Collectors should not be making calls at 3 am or five times a day. The collectors cannot call you while at work if you request them not to do so. They are only allowed to contact your neighbours, co workers, family friends or family members requesting for your current address of phone number. They are not allowed to talk with other people apart from you and your attorney concerning your debt according to the Fair Debt Collection Practises Act.
4. You cannot be Jailed Because Of Debt
You will never be jailed just because you own one some money. So, the debt collection agencies will never threaten you that you will end up in prison just because you owe them some money. The collectors are also not able to sue you unless they are contemplating beginning to take a legal action against you.
5. The Debt Collectors also have Certain Responsibilities
The collection agencies are required to abide by certain guidelines whenever they are trying to collect the unpaid debts. Within the first five days after they have contacted you about the unpaid debts, the debt agency should email you a notice stating the total amount you owe them and indicate the name of the creditor who is seeking the money.