Debt is a growing problem for millions of Americans. Large percentages of individuals’ income are consumed with paying off debt, usually from over drafts on their credit cards to paying off the mortgage on the house. While individuals in debt are required to pay off the money they owe, they are nonetheless afforded protection in federal and state statutes. A federal bill known as the Fair Debt Collection Practices Act (FDCPA) provides a number of important protections for debtors from debt collection agencies. Unlike many other states, Louisiana’s regulations on debt collection do adhere to FDCPA in certain instances. One industry that does work with the FDCPA to make sure people are lowering or removing debt is the debt settlement industry.
Debt Settlement is the process of negotiating with creditors to reduce an overall debt into a lump sum payment. Pay As You Settle (PAYS) adheres to the Federal Trade Commission (FTC) ruling about the debt settlement industry. Earlier this year the FTC created a law stating that debt settlement companies cannot charge for fees before services are rendered. Since PAYS was created with the consumer in mind,this program began months before the law became intact. Most debt settlement cases involve unsecured debt; these include medical and credit card debts. Student loads, auto financing and mortgages are secured debt, these cannot be negotiated. Collection Agencies /junk debt buyers agree to take less than the owed amount to the creditors since they bought the debt at a fraction of the overall cost. Most good debt settlement companies can cut the balance of the debt by 35-50% and then pay the creditor with a lump sum to resolve the debt amount.
Debt Settlement in Louisiana has laws that can be found in the civil statutes of Louisiana’s legal code, section 9:3562. The legal actions these include are contacting others that now where the debtor is without divulging the collection information. A debt collector can act outside of the legal boundaries set forth by the sates and federal statutes on if the debtor allows it. The debt collection agency can pursue legal action including liens, garnishment, and asset seizure concerning an outstanding debt obligation.
Illegal actions that collection agencies cannot use are advertisements or disclosing the outstanding debt obligations to other parties besides the individual debt without the debtor’s consent. Collection agencies cannot harass, abuse, or threaten the debtor in any way. A collector cannot falsify information pertaining to their identity; these include that of being an attorney, government office al and police officer. The only information they can speak about is saying they are a debt collection agency.
If you are sick and tired of having creditors and collection agencies call you, let Pay As You Settle (PAYS) work on your debt. PAYS is an accredited leader in the debt settlement industry by advocating for consumers. Traditional debt settlement companies wish to charge up front fees before talking to a negotiator, PAYS only accepts fees after a settlement has been reached. PAYS will negotiate on your behalf for a reasonable settlement. Our goal is to help consumers regain a sense of financial control so they can sleep at night.
Our debt settlement program is free* for consumers with any amount of debt. If you feel you need help with your debt, fill out the form on the left or call 1-877-413-0338 to talk to our debt settlement negotiators.
Pay as You Settle® (PAYS) is the nation’s leading and only state-certified pay as you go debt settlement program. Our goal at PAYS is to ensure that each customer gets back on track to financial well-being.
*Debt settlement program is free until services are rendered
