How can debt just be ‘eliminated’?
When debt collectors don’t play by the rules, they lose their right to collect.
First, you need to understand that there is an entire industry trying to collect on old debts.
The company that you originally borrowed money from or owed a bill is called the ‘original creditor’. When the bill or debt wasn’t paid, they reached a point when they decided it was no longer worth their time to try to collect. Then, they sold it to a collection company for next to nothing and wrote it off as a loss. The companies that buy debts are the ‘collection industry’. Since these companies bought the debts for next to nothing, they stand to make huge profit collecting the debt. The potential profits are so large in fact, that many collection companies simply play the odds, buying a bunch of debt, knowing if they collect on a small percentage of it, they will still make a lot of money. Then, they re-sell the debts they couldn’t collect on for even less money. Over the years, this has created an environment where most collectors play fast and loose with the rules.
Okay, the collection industry is unscrupulous. How does this allow me to eliminate debt?
Over the years, government regulators passed a number of consumer protection bills to stop predatory collectors. All debt collectors are required to have very specific paperwork in order to legally collect a debt. The debt collectors know that few consumers are aware of the rules and even fewer would ever challenge a debt they know is real. Most of the collection companies out there are playing the odds. They don’t need to collect on every debt. They focus on creditors they can intimidate and sell off the rest. Because of this, a huge percentage of re-sold debt does not have the proper paperwork. By serving collectors with the proper validation request, you can force them to prove they have all of the legally required paperwork. Once you have served them, they have to stop the collection process until they can prove they have the right to collect from you. If they can’t produce the paperwork, even if the debt is real, then you can have the item removed from your credit report and end all collection efforts on that debt – for good.
How does the debt validation process work?
Re-sold debts seldom come with the original contracts and legal paperwork. By the time a debt is re-sold once or twice, collection companies just receive a list of creditors and balances and very little else. Even though these agencies may have actually bought the debt, they seldom have the paperwork required to show that it is legally binding. When a client signs up with MyDebtShield, we go through their credit report and send a formal validation letter to all of their creditors. This stops the collection process in it’s tracks. If the creditor cannot produce the paperwork to validate the debt, then we help the client file to remove the debt from their credit report. If the creditor can validate the debt, then we work with them to negotiate a greatly reduced pay-off amount. The collection company paid pennies-on-the-dollar so they can profitably settle for a much smaller amount. Never pay an outstanding debt without validating it first!
Can MyDebtShield help if I’m being threatened by collectors?
You bet. Once we start the validation process, collectors must respond to our requests before they can continue pressing for payment. In fact, collectors have very strict rules on what they can do to pressure you. The Fair Debt Collection Practices Act prohibits debt collectors from using any harassing or abusive practices in an attempt to collect the debt. Debt collectors cannot call you repeatedly to annoy and harass you. They cannot use profane language or threaten you with violence. Collectors are also not allowed to call you without identifying themselves or list your debt for sale to the public. If a collector has violated any of these rules, they can be sued – and they know it. We can help you stand up for your rights and put a stop to harassment. We’ll even help you sue unscrupulous collectors who’ve violated the FDCPA rules.
What does it cost to sign up with MyDebtShield?
Our pricing is based on your individual circumstances. Not just on what you owe, but also what we can do for you. We’ll review your situation and, after looking at your debt and who your creditors are, we’ll let you know what we think we can accomplish for you and give you a price for our service. No hidden fees, no long-term contracts, just a fair price with clear goals. Our pricing is usually much less expensive, with shorter terms than debt consolidation or debt settlement.
How does the ‘Free Consultation’ work?
You can either give us a call or click the ‘schedule a free consultation’ link. If you give us a call, we’ll either put you through to someone on the spot or we’ll work with you to find the best time to discuss your situation. If you click the link, it will take you to a calendar app where you can choose the best time for you. Either way, when you schedule your consultation, we’ll give a list of information you’ll need to have ready so that we can properly assess your specific situation. This will include a list of your creditors and amounts owed. Our goal in the consultation is to gain an overall understanding of your particular circumstances and to give you a clear expectation of what we can do for you. If you have questions before you’re ready to schedule a consultation, give us a call or send us an email. We’re happy to answer your questions and help you decide if MyDebtShield is right for you.
Need help fighting back?
MyDebtShield is here to help. Our agents can help you protect your rights and stop bill collectors in their tracks.
- Validate and dismiss fraudulent collection efforts
- Put a stop to collection calls and written demands
- Negotiate the most favorable terms for any valid debt
- Even sue collectors who are using unethical tactics
Call us today at 844-328-7453 or click the button below to schedule a call with one of our agents. Take control of your financial future!
1180 N Town Center Dr. Suite 100, Las Vegas, NV 89144 I 1-844-DBT-SHLD I firstname.lastname@example.org