Ethical Practices for Debt Recovery Which Help Debtors Getting Rid of Their Debts

There is a perception about Debt Recovery about their way of collecting debts. One can find many complaints against debt recovery agencies but there are few debt recovery agencies that follow the rule and regulations defined by the FDCPA. As per FDCPA the fair practice of debt recovery does not include harassing the consumer or debtors in any way. The debt collecting agency can call or send emails to the debtors for debt recovery purposes. The debt can be of any type including credit card debt, bank loan debt, or borrowed money from any person.

Prohibited Practice by the FDCPA for debt collection:

1. Time of Making Phone/Mobile Call to the Debtors: As per FDCPA, a debt collector can never call a consumer before 8:00 AM and after 9:00 PM. 
2. Failure to Cease Communication upon Request: After receiving written notice from the consumer, a debt collection agency is not allowed to contact the debtor in any way. Litigation is an exception. 
3. Repeated and Continuous Calling to the Debtor: Debt collection agencies are not allowed to make rigorous and continuous calls to the consumer with the intent to harass, abuse or annoy them. 
4. Communication at Place of Consumer’s Employment Place: Debt Collection Agencies are not allowed to communicate with the consumer at the place of their work/employment. 
5. Asking for the Wrong Amount: The debt Recovery Agency cannot ask for an amount that is not allowed or not mentioned in the contract as per applicable law. 
6. Any Form of Threat: Any form of threat to the consumer is strictly prohibited by the debt recovery agencies. 

These are the few of many ethical practices defined by the FDCPA that any reputed debt recovery agencies like the Atlantic Recovery Solutions follow. If both parties follow the rule and regulations defined by the FDCPA, then it will be easy for consumers also to get rid of their debts. While working together the debt recovery agency and the consumer can come up with a solution that will benefit all. The creditor will get back their loaned amount and the consumer with help of a debt recovery agency can devise a payment plan to which all parties can agree.

Atlantic Recovery Solutions is among the reputed debt collection agencies in New York with a motto of zero-tolerance against any form of harassment to the consumer. As part of fair practice, while calling the consumers, an ethical debt recovery agency first tries to understand the reason why debt is not paid. Debt recovery agencies like the Atlantic Recovery Solutions try to know the internal problem of debtors and then let them know how much they owe and to whom. After that cup of coffee, both the party can come to a point that benefits all. So as a consumer, if you looking to settle your debts, a debt recovery agency who follow ethical practice can be very helpful.