Debt Collection A to Z: X is for X Marks the Spot

Signing a contract or document can have major consequences.  Hence the need to read, understand, ask questions, understand, and agree BEFORE signing. Some documents still have an “x” to mark the spot where parties are supposed to sign and assent to the terms that appear on the page and are otherwise referenced on said page.  Often folks realize after signing that they made a bad deal and the finances and consequences catch up with them.  Be it a car loan, credit card agreement, payday loan, promissory note, lease, X Marks the Spot or other contract that involves you agreeing to pay money to another party be abundantly clear you understand what you are signing.  Admittedly you may not understand all of the minutia or  small details but be sure to assess whether these smaller items can spell big trouble for you down the road.

For too many rogue creditors that portion of the contract is the proverbial sweet spot as they can then take advantage of an unsuspecting consumer.  Consumer beware and debtor beware when you get to that “x” on the contract.  Do not assume there is a right to cancel the contract; make sure such a right exists and get it in writing.  If the need should arise contact a consumer lawyer sooner rather than later.


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