{"id":265,"date":"2021-04-19T07:09:26","date_gmt":"2021-04-19T07:09:26","guid":{"rendered":"https:\/\/nwdebtdefense.com\/?page_id=265"},"modified":"2022-08-18T08:38:10","modified_gmt":"2022-08-18T08:38:10","slug":"junk-debt-buyer-defense","status":"publish","type":"page","link":"https:\/\/nwdebtdefense.com\/junk-debt-buyer-defense\/","title":{"rendered":"Oregon Junk Debt Defense Attorney"},"content":{"rendered":"
Purchasing and collecting debts by a collection company is now a huge industry in Oregon and Washington. Old accounts once thought to be completely uncollectible are now sold on the open market. The reality is that collecting even a very small percentage of these debts from consumers by the debtor can be incredibly profitable. They will keep on calling you to collect a debt<\/a> using obscene languages or send you notices telling you to pay. Sometimes there is also the threat to sue and take you to court. If you are experiencing harassment about an old-time-barred debt you owed by an abusive debt collection<\/a> agency, it\u2019s time to reach out to an experienced Oregon junk debt defense attorney. Harassing you is never acceptable and is unfair. Sometimes taking legal action is the best way to move forward.<\/p>\n The game-changer in debt collection practices was the shift from contingency collections where agencies would work for the original creditor and take a percentage of the amount collected as their cut. Now the collections agencies purchase the debts for themselves at a discount and work for themselves to collect. If you are dealing with debt collection in Washington and Oregon and they would not stop calling you, call our law office at 866-388-5106 to get in touch with our trusted debt collection lawyers<\/a> who are experts in debt collection laws!<\/p>\n After receiving a credit card, you may encounter financial difficulties due to mounting debts incurred. As such, job loss or economic difficulties could not be far behind. As a result, difficulty making payments and loads of credit card debt may be expected. While many people make an attempt to cooperate with their credit card providers, it is typical for people to fall behind on payments. After a credit card account has been overdue for at least 120 days, it is “charged off.” This indicates that the initial creditor has discharged the “bad debt.” The creditor will then take one of the following actions:<\/p>\n Collect from bad debt insurance<\/p>\n When a loan is charged off, you continue to owe money; it only means that you no longer owe it to the original creditor because it was purchased by someone. Once the creditor sells the account to a bad debt buyer, it is combined with a large number of other accounts to form a portfolio. Each portfolio may contain thousands of accounts.<\/p>\n These portfolios will be purchased for pennies on the dollar by junk debt buyers. This means that you will be dealing with the debt buyer rather than the original creditor. This is normally when a lawsuit for the full amount will be launched against you and you will be sued. It may even include interest-bearing court costs and attorney’s fees. Your credit score will also take a big hit.<\/p>\n Usually, a trash debt buyer has little knowledge of the debt. They have a spreadsheet with thousands of debtors’ names, which they will use for tracing people with whom they will attempt to collect. They will send a written notice to each one to tell them that they are willing to go through with negotiating with them. They frequently do not need to establish that they owe the bill because consumers will disregard the litigation.<\/p>\n This is the incorrect course of action. If you disregard the litigation, you would still be held liable and a default judgment against you will be entered. This gives the bad debt buyer the ability to garnish your earnings, withdraw funds from your bank account, and potentially freeze your assets.<\/p>\n If you contest the case and request proof, you significantly increase your chances of winning or perhaps settling for a lesser amount. This can be accomplished outside of court and is referred to as a “settlement.” Because they purchased your debt for a low price, they are frequently willing to let it go for a lower price because they will still profit from their investment.<\/p>\n Aggressive collection agencies in Oregon and Washington buy charged-off credit card accounts from the original lenders for pennies on the dollar and then use credit scoring and advanced technologies to focus on debtors that are more likely to repay. It is no wonder then that junk debt has become a multi-billion dollar industry that has produced a sea of violations of both federal and state collections laws. If you need legal help with your consumer debt<\/a>, talk to our Vancouver debt defense attorneys in Washington and Oregon to discuss what steps you can take.<\/p>\n Debtors often wrongly assume that because debt is charged off they are somehow off the hook for the debt itself. The problem is that charge-off has little meaning outside of tax law. In essence, the tax code allows creditors to charge off debts that have become worthless and sell them to these junk debt buyers. In a nutshell, the tax code enables creditors to take a loss on their income taxes when a debt they are trying to collect becomes worthless while allowing someone else to collect. If you\u2019re having trouble with a junk debt buyer, contact our Oregon junk debt defense attorney today.<\/p>\n<\/div>\n<\/div>\n<\/div>\nThe Typical American Debt Situation<\/b><\/h2>\n
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What you should know<\/b><\/h2>\n
A Charged Off Junk Debt Is Still Collectible<\/b><\/h2>\n
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Don\u2019t wait until the last minute to take action. Avoid a default judgment and stop collection efforts by taking a step forward today!<\/h2>\n<\/div>\n<\/h3>\n
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