Illinois Agreement and Assignment of Judgment for Collection to Collection Agency

State:
Multi-State
Control #:
US-02705BG
Format:
Word; 
Rich Text
Instant download

Description

The Fair Debt Collection Practices Act (FDCPA) prohibits harassment or abuse in collecting a debt such as threatening violence, use of obscene or profane language, publishing lists of debtors who refuse to pay debts, or even harassing a debtor by repeatedly calling the debtor on the phone. Also, certain false or misleading representations are forbidden, such as representing that the debt collector is associated with the state or federal government, stating that the debtor will go to jail if he does not pay the debt. This Act also sets out strict rules regarding communicating with the debtor.
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FAQ

On debts based on written contracts, the statute of limitation is 10 years. On unwritten contracts, it's 5 years. Most credit card debit is considered to be based on unwritten contracts. And, on ?secured transactions,? where some personal property was collateral for the debt, the statute of limitations is 4 years.

When a creditor or lender no longer wants to be responsible for attempting to collect your debt, they will sell your debt to a third party. When this occurs, a Notice of Assignment (NOA) is sent out to you. This should inform you of who is responsible for collecting the rest of your loan or debt.

Yes. They can sue you, or threaten to sue you, in court. They can send you letters or call you. Within 5 days of the first time they contact you, debt collectors have to send you a written notice about the debt (see below).

If you're able to do so, pay the original creditor before your debt goes to collections. Having a debt sent to collections will damage your credit score and may limit your options for repayment. In most cases, the original creditor will offer better repayment options than a debt collector will.

The creditor will sell your debt to a collection agency for less than face value, and the collection agency will then try to collect the full debt from you. If you owe a debt, act quickly ? preferably before it's sent to a collection agency.

Even if a debt has passed into collections, you may still be able to pay your original creditor instead of the agency. Contact the creditor's customer service department. You may be able to explain your situation and negotiate a payment plan.

Paying is often a good idea, not only because you presumably owe the debt they're seeking or even because it will get the bill collectors off your back. There's a chance, if no guarantee, that paying off an account in collections could benefit your credit score.

Both the original creditor and collection agency will be listed on your credit reports. That's strike number two against you. It's frustrating, but it's not illegal.

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Illinois Agreement and Assignment of Judgment for Collection to Collection Agency