The Truth About Credit Card Debt Collection

The Truth About Credit Card Debt Collection

If you are a consumer who has fallen behind on paying your credit cards, this article will benefit you. You are most likely receiving threatening phone calls from debt collectors trying to harass and intimidate you. Debt collectors will call your home or work telling you that if you do not pay they will garnish your wages and seize any assets you own They can not seize any assets that the debtor owns. This is known as credit card debt collection . The collectors are misleading the consumer. In reality assets can not be seized when the debt is unsecured. Only assets that are pledged as collateral for loans such as cars boats houses etc can be seized for non payment.

Credit card debt collection is one of the hardest types of bad debts to collect on. Debtors should be aware that credit card debts are unsecured and very hard to validate when proof of debt is requested. The reason credit card debt is so hard to prove is that when these debts are sold there is very little if any supporting documents to prove the debt is owed. When proof of debt is requested debt collection companies will send a statement showing when the debt was incurred how much is due and the original creditor. This does not validate the debt anyone can print a statement showing that a debt is owed. When the debt collection companies are informed that the debt has not been validated the negative items are usually deleted.

If the bill collectors refuse to delete the negative items you can sue them in court as they can not prove the debt is valid with just a printed statement. Once you win in court they must delete the negative items or there will be serious consequences for them. Any time you are contacted by collectors for credit card debts always request proof of debt and be ready to sue them if needed. Now you know the secrets about credit card debt collection. Become The Victor Not The Victim!

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