Collection agencies and the collection agents have the hard task of trying to collect unpaid debts from borrowers who do not or oftentimes cannot afford to pay. For those who cannot pay, abusive and humiliating tactics are used as tacticts to get the money back. That is exactly the reason why federal laws like the Fair Debt Collection Practices Act and the Fair Credit Reporting Act were established. Many states have also created additional laws to protect consumers from harassment by these debt collectors and debt collecting instituations. However, financially challenged borrowers can take a step to try to take care of the debt before they get to the point of being heckled by debt collectors: they can seek debt settlement advice from debt settlement lawyers in that field with the expertise to help them avoid a lifetime of painful credit consequences.
State officials in Nevada are concerned enough about debt collection abuses to enact state laws reinforcing and in some cases expanding on the federal statutes. One key requirement in Nevada is that all collection agencies be licensed in the state to allow for better oversight and control.
Nevada not only applies federal laws governing fair debt collection practices for collection agents and agencies, it has written its own statutes reaffirming and specifying the state’s fair debt collection practices and the licensing and oversight programs put in place to ensure compliance.
Nevada law, as well as federal laws, prohibit harassing a borrower or their employer in order to obtain payment of an outstanding debt.
There are a number of companies today offering to help debtors consolidate or settle outstanding loans for a portion of the original amount. These businesses can often provide a valuable service in these difficult times. However, others attempt to take advantage of people in financial trouble in several ways:
For those who have been taken advantage of in this way, or for those seeking reliable debt counseling or advice about contracts with these companies, there are many trustworthy debt settlement attorneys who can provide the counsel or advice borrowers seek.
The challenges of financial crises can be daunting. There are many options to choose from, but determining the correct path and understanding the protections that are available is difficult for the nonprofessional. That is why it can be vital to have a debt settlement attorney on hand to provide advice and representation that can preserve a borrower’s financial future.