Bad debt is a deadly state to be in. People are harassed by the call of the lenders and the collection agencies. According to the Fair Debt Collection Act the collectors are not supposed to be rude to the customers. However there is nobody to stop the collectors from disclosing some basic facts about the next step of collections. In which they go ahead and inform the customer that if he does not pay up the creditor might go ahead and take legal action against him and take him to the court. There are very few collection centers which are basically run by lawyers who are allowed this discretion. According to the Fair Debt Collection Act it is against the law to give any false information to the customer. However this is often done and this drives the customer to the court of law and he files for bankruptcy.
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Now let us analyze this situation. Did the creditor want the customer to get bankrupt? The creditor would say a loud no because in such cases he loses all the money. However these cases are extremely common as people tend to get under pressure and commit mistakes which are disastrous for their financial health.
So let us analyze what are the measures which are available with the customer which is other than bankruptcy. The other measure is going for the debt relief option which is again a legal measure. In the relief options we have settlement, negotiation and counseling. These different measures depend on the kind of debt condition of the customer. The customer in either of the condition gets counseled for free. The kind of debts would decided if the customer would consolidate or settle his debts.
This process allows the customer to lower down his debt amount and the over all interest rate at which the customer would pay back to the creditor. This allows the customer to work on his over all credit rating. After he has paid back he has a fresh and new credit rating which makes him eligible for all kinds of debts. The customer should take advantage of this situation and get himself debt free with the help of a debt relief company.
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