Debt Collection Legal Advice and Best Practices
Now more than ever debt collection law and compliance is something that agencies can’t ignore. In today’s episode, Alex and Spencer are joined by Monica Littman of Fineman, Krekstein & Harris where she shares debt collection legal advice and best practices to keep your firm legal savvy.
The Key Points
- The first reason people file a lawsuit is they’re angry. They got a phone call they didn’t like. There’s something that they believe is impacting their credit report. They’re just unhappy.
- The second reason that lawsuits get filed is when an attorney files a lawsuit and those are a little different. The consumer’s attorney may be looking for technical violations of the FDCPA. Looking at language in a letter or what was said on a telephone call.
- collection agency should have their telephone scripts and letter templates reviewed by lawyers or compliance officers. They should always be aware that the attorneys are either listening to calls and also are looking at the letters when coming up with telephone scripts or letters.
- When You Get served a lawsuit the best first step is call your lawyer. when you get served when a lawsuit, deadlines In court start ticking right away. It’s important that your lawyer gets them so you can calendar in those deadlines and evaluate your potential strategy.
- To Navigate the debt collection legal field stay on top of it and know the different areas where there are different changes in the law. It’s been in the news lately that laws in California are very different than laws back here on the east coast so go speak with your lawyer to make sure that you’re doing everything should.
Looking for more educational information? Check out these Debt Collection 101 episodes covering Debt Collection Lawsuit: Overly Aggressive Tactics and TCPA Lawsuits and the Three Second Pause. Sharing is caring! If you like what you see, don’t forget to like, share and subscribe to Arbeit U for the latest in collections and small business!