![]() Keep in mind that not paying the full amount of your debt could show up on your credit and count as a mark against you. If all they want to do is recoup their initial investment and make some profit, then there might be room to settle for a partial payment. Many times, debt collectors have purchased your debt from the original debt at pennies on the dollar. If it turns out that the debt is yours and it belongs to you, then it might be best to start planning for the payoff. Original creditors are not bound by the FDCPA.Ĭome up with a reasonable repayment or settlement proposal Finally, you should know that the FDCPA only applies to third-party debt collectors like debt collection agencies. It’s also possible that you might be able to get actual damages, attorneys' fees, and court costs.ĭepending on the entity you are dealing with, your only recourse may be to file a complaint with the Federal Trade Commission (FTC) which will conduct its own investigation and, as needed, take action against the creditor. If a debt collector or credit is found to be in violation of the FDCPA, the statutory damages are up to $1,000 for each action.
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