Menu Contact
866-504-5969
662-655-1012
View Our Practice Areas

CFPB seeks to change rule about debt collector contact

If a proposed rule by the Consumer Financial Protection Bureau takes effect, debtors in Mississippi and elsewhere may be hearing a lot less from creditors. The rule would amend the Fair Debt Collection Practices Act to limit debt collectors to seven phone calls to a debtor per week. Debt collectors would also be required to send a written notice containing information about a debt balance and how to dispute it.

There are already a number of limitations placed on debt collectors under the terms of the FDCPA. For instance, they are only allowed to contact debtors during certain hours of the day, and they cannot threaten to sue a person after the statute of limitations to collect the debt has ended.

There will be a public comment period of 90 days regarding the proposed rule. If the rule is passed, it will go into effect a year after it is published.

Filing for bankruptcy may be one way to deal with financial challenges that a person is facing. Doing so may put an end to phone calls from creditors or debt collectors. It may also put an end to collection letters and other attempts to contact a debtor. In many cases, individuals will not lose their property simply for filing a case, and it might be possible to keep it throughout the duration of the case.

An attorney may help a person fill out paperwork and take other steps necessary to file a bankruptcy petition. In addition to filing paperwork, a debtor will likely need to take a credit counseling class. If an individual files for Chapter 13 bankruptcy, he or she will make payments to creditors for up to five years. Any balances remaining at the end of the repayment period may be discharged.

No Comments

Leave a comment
Comment Information

Don’t wait any longer.Request a free initial meeting now.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Get driving directions to our office.

O'Brien Law Firm, LLC
1890 Goodman Road East
Southaven, MS 38671

Toll Free: 866-504-5969
Phone: 662-655-1012
Fax: 662-349-9869
Southaven Law Office Map