Debt Collection A to Z: U is for Understanding
Understanding applies in many ways in the world of debt collection.
A consumer understanding the terms and conditions of the documents she signs at the time she incurs the debt;
The seller or creditor understanding the legalities of the disclosures required to be provided to the consumer at the time or the debt is incurred or shortly thereafter;
Both the debtor and creditor understanding their contractual and legal obligations to each other regarding the debt and collection thereof;
A collector or creditor being understanding if and when a debtor gets behind on the debt.
The most important application, however, of understanding is that the debtor/consumer understand his or her rights. For more information on your rights you should consult an attorney with specific questions if you think something is not right. Ask before you act—this you MUST understand.
- Posted in: Consumer Law/Consumer Protection ♦ Debt Collection Defense
- Tagged: conditions, Consumer Leasing Act, disclosures, Equal Credit Opportunity Act, Fair and Accurate Credit Transactions Act, Fair Credit Reporting Act, Fair Debt Collection Practices Act, North Carolina Consumer Finance Act, North Carolina Debt Buyer Act, North Carolina Debt Collection Act, terms, Truth in Lending Act, understanding