Business
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3 Dangerous FDCPA (Fair Debt Collection Practices Act) Myths
   
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Opportunity Does Not Knock
Q: Im graduating this year with a degree in business and would like to start my own business rather than get a corporate job. I have a few business ideas, but none of them really gets me excited. Should I just put my business plans on hold and get a .....
Q: Im graduating this year with a degree in business and would like to start my own business rather than get a corporate job. I have a few business ideas, but none of them really gets me excited. Should I just put my business plans on hold and get a .....
Think you've got the FDCPA (Fair Debt Collection Practices Act) figured out' Don't be so sure. While nothing can take the place of a lawyer's advice, if you've at least overcome these three dangerous myths about the law, you may save yourself a lot of money and heartache.
FDCPA Myth 3: the Fair Debt Collection Practices Act is the only law governing collections
Fact: The FDCPA is a US federal law. Each state has additional laws that govern fair debt collection practices. Some portions of those laws may have been invalidated by the federal law. But, as a general rule, state laws are valid if they provide greater protections (or restrictions, depending on your point of view), and invalid if they allow debt collectors too much leeway. Meanwhile, other countries have their own laws, which may or may not apply if the collector or debtor is currently located outside the US.
Start A Small Retail Business With Multiple Sales Channels
Starting a small business with several sales channels maximizes your chance of success
In those tender first few years after you start your small business every sale is significant. It's unfortunate that many .....
Starting a small business with several sales channels maximizes your chance of success
In those tender first few years after you start your small business every sale is significant. It's unfortunate that many .....
Reality: it is important to keep in mind all the relevant state laws. Those state laws may include the laws of up to three or even more states: the debtor's current state of residence, business, and/or work; the debt collector's state; and the state of any outside collection agency. The multiplicity of laws is just one reason why lawyers are so often brought into the collections process, especially when the amounts are large.
Don't Fear Your Home Business Competition
You have taken a great deal of time and put forth effort seeking out a home business opportunity that matches your individual desires, skills and goals. You have registered with a legitimate and supportive .....
Debt collections that cross national borders are notoriously complicated, whether it's a US collector seeking payment from a foreign national or vice versa. That's just one reason that businesses that have a large customer base in another country will often open a branch office there.You have taken a great deal of time and put forth effort seeking out a home business opportunity that matches your individual desires, skills and goals. You have registered with a legitimate and supportive .....
FDCPA Myth 2: if a collector violates fair debt collection practices, the debt is thrown out.
Fact: it's true that unfair debt collection practices will likely cost the collector the judge's sympathy if the collections go to court. But the Act does not say that the debt itself will necessarily be invalidated.
That may be why some unscrupulous collectors still violate the law. Of course, as already noted, breaking the law is not a good idea, since the collectors will lose much if not all of whatever moral standing they might have had. Besides, who wants to be sued for damages'especially by the person who still owes you money'
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Much of the literature and advice on implementing business change focuses on knowing where you are going and making sure that you understand and communicate a consistent vision .....
Much of the literature and advice on implementing business change focuses on knowing where you are going and making sure that you understand and communicate a consistent vision .....
Reality: it's in the best interest of anyone who owes money to document any FDCPA violations, and in the best interest of debt collectors to follow fair debt collection practices scrupulously.
The Number-One FDCPA Myth: the Fair Debt Collection Practices Act is hard to follow
Biometrics And Return On Investment
At this time of tight budgets, the mantra of business is Return On Investment! With few exceptions, expenditures are measured against the bottom line. Outlays for capital expenses are strictly evaluated in terms .....
At this time of tight budgets, the mantra of business is Return On Investment! With few exceptions, expenditures are measured against the bottom line. Outlays for capital expenses are strictly evaluated in terms .....
Fact: the Act's requirements are nothing more than common sense and basic courtesy. The days of debtors' prison or publishing debtors' names in the newspaper are over, and threats are strictly for the mafia. Any attempt to collect a debt through humiliation or intimidation, or anything hinting at intimidation or humiliation, should be avoided.
Reality: The vast majority of violations could have been avoided if the debt collectors had simply put themselves in the other person's shoes and thought about how they would feel if they were treated in the same way. This also means that it is not in fact easy for debtors to get out of their obligations by turning the tables on the organizations to which they owe money.
Micromanagement And Delegation
Micro-Management and Delegation
Recently I had a long discussion with a friend of mine about Managers and managing. She is a former HR Manager for several major companies and was bemoaning the fact that training for managers has been .....
Micro-Management and Delegation
Recently I had a long discussion with a friend of mine about Managers and managing. She is a former HR Manager for several major companies and was bemoaning the fact that training for managers has been .....
In short, we've come a long way since the days when debtors might have ended up in the stocks, and the FDCPA is largely to thank. But if you take fair debt collection practices lightly, you may find your troubles make a day in the stocks look pleasant.
About the Author: Joel Walsh is a regular contributor to Collection Agency Information ( http://www.collection-agency-information.com)