Debt collection laws Florida – The basic nuances involved
“The only man who sticks closer to you in adversity than a friend is a creditor.”
This proverb by some anonymous person sometimes seems closer to reality than anything else, especially if you’re being hounded by debt collection calls. During this painful instance of financial adversity that you must be going through, your creditors are undoubtedly proving to be your friend by dogging your steps with collection calls faithfully. On a more practical note, if you really wish to tackle these friends in times of adversity the right way, then it’s important that you acquaint yourself with the basic nuances of collection and collection laws.
The debt collection laws Florida
If you’re specifically a resident of Florida, then there are a separate set of debt collection laws that’ll govern the debt collection practices happening out there. Florida debt laws along with a combination of federal laws govern the debt collection practices in Florida. Have a look at the following statutes governing the debt collection laws Florida to equip yourself better when dealing with your collectors.
The debt collectors contacting you – Understand this for a fact that collectors actually collect “bad debt” only if they’re assigned this by the creditors or if they buy them out. If a collections agency contacts you for the first time, then they’re bound by law to send you a written notice within the next 5 days by mail. Moreover, this notice should clearly specify the following:
- Name of your original creditor
- Total amount that you actually owe
- Your probable course of action if you wish to dispute the debt.
Collectors can contact you by mail, fax, phone, as well as telegram be it at your home or work. You’ve got to put down your desire in writing and send it to the collections agency if you want them to stop contacting you by a certain mode.
The statutes of limitations involved – Basically a statute of limitations on your debt specifies a particular time period following the last payment on your concerned account. It’s during this time span that your creditor can successfully sue you for payment as per Florida debt laws. The good news for you is, in case this statute of limitations has been crossed, then you absolutely needn’t pay. As per Florida laws, this statute stands at 5 years for a written agreement and 4 years for an oral agreement.
The ways in which you can dispute – If you happen to get a collection call for payment on a debt that you don’t recognize or feel you’ve paid, then make sure you dispute the debt within 30 days of initial contact with the collections agency. Make sure you get across all your messages to the debt collections company in writing. Never provide any original documents, but rather provide copies.
Now that you’ve acquainted yourself with the basics of debt collection laws Florida, make sure that your dear friend of a creditor doesn’t take you on an unnecessary ride. Take care.