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five things debt collectors are allowed to do

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five things debt collectors are allowed to do

although their tactics are limited by the fair debt collections practices act, third-party debt collectors, those who collect a debt on behalf of another creditor are allowed to pursue these actions:seek payment on an expired debtall unsecured debts, like credit cards and medical bills, have a statute of limitations. after this date, the debt is "expired" and you can't be sued for payment. but you still owe it, and debt collectors can still seek payment on these old financial obligations. pressure youwhile debt collectors can't threaten you or mislead you, they can apply pressure to collect payment. this pressure can include daily calls, frequent letters or talk about pursuing a lawsuit for payment on the debt — as long as they stay within the bounds of the law. sue you for payment on a debtdebt collectors can sue you for payment on a debt as a last-ditch effort. these lawsuits often result in wage garnishment, bank levies or both, because most debtors don't show up to court and lose by default. sell your debta collector may resell debt it hasn't been able to collect on, or sell the remainder if only partial payment was made. so if one debt collector stops contacting you about a debt, don't be surprised if another starts. if you do pay off a debt in full, make sure you get the agreement in writing so you can prove it. negotiate what you owebecause debt collectors buy debts for pennies on the dollar, they have fairly large profit margins if they collect the original a...