While it seems that the economic downturn is still on the horizon, its trickling effect can still be seen and felt within the financial activities, regardless of economic class. This particular economic phenomenon is threatening every individual with real and unimaginable debt, which in turn, will be requiring an outside force to help, to put an end to this debt cycle.
Programs that can contribute to relieve debt have been in place for quite a time now. Credit counseling and bankruptcy has been regarded as the handiest methods for financially unstable individuals and statistics on its success, advantage and benefits are readily available to prove it.
Until recently, debt settlement is being recognised by more individuals who are seeking a third option for debt related issue. Well, it has to be the most favourable of all the options because of its flexible approaches towards recovery – that’s when choosing a firm.
Why Is Debt Verification Important In Every Debt Settlement Process?
The job of debt collectors is not just to collect debts immediately, but involves a validation process. This process is time-sensitive since it must be done within 5 days from the first communication sent to the debtor.
The job of debt collectors is not just to collect debts immediately, but involves a validation process. This process is time-sensitive since it must be done within 5 days from the first communication sent to the debtor. The corresponding notice, then will state the debtor’s right to dispute the debt validity within 30 days. Also, the debt validation notice can be included in the first communication if it is in a form of a letter, but if the notice is made through a phone call, then the creditor should send a debt validation letter. This is the initial process of debt settlement.
How Did Your Contact Details Get To The Collection Settlement Agent?
Debtors will find out when their account is with a collection agency in three ways: they start to receive phone calls from debt collectors, they receive letters from collection agencies or they will discover the account when they check their credit reports.