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Budget Stretcher
Budget Stretcher's Case Studies
How To Take Control
EMAIL RECEIVED BY BUDGET STRETCHER
Could you tell me where to find DETAILED information on
laws regarding creditor harassment in Texas. Specifically
related to phoning my work when we have repeatedly asked
them not to and discussing very private information from
our account with others (our immediate family) who are not
involved?
We have really appreciated your website and through careful
consideration have reached the conclusion that bankruptcy
is our only way out. What wonderful information you
provide! Thank you. (Consequently we have contacted a
lawyer and will have the money to file the bankruptcy in
a few weeks BUT I need to know what I'm talking about when
I speak to the creditors about their conduct).
RESPONSE BY BUDGET STRETCHER
Hi,
Thanks for trusting Budget Stretcher with this sensitive situation.
First, you don't need the laws for the state of Texas. The Federal Trade Commission has complete guidelines for just your situation. They spell out what creditors can and can't do under Federal Law. Contacting your work after being informed not to or discussing your private information with anyone else but you is a violation of these laws. Here is a link to this information: http://www.ftc.gov/bcp/conline/pubs/credit/fdc.htm
Next, once you have hired your attorney, all correspondence, phone calls, etc. will be directed to him/her. I'm sure your attorney will inform you of this fact.
My suggestion would be for you to contact the offending creditors and inform them that if this persists you will file a complaint with the Federal Trade Commission. You can do this online. Just look for the link at the above site.
I hope this helps. I wish you the best,
Grandpa Terry
WHAT HAPPENED
I should be ashamed of myself for taking this long to write back to you and say Thank-you for your quick response to my question regarding Federal Trade Commission laws pertaining to creditor collection actions.
As you know, things seem to snowball and I had put your reply on the back burner trying to juggle the creditors. Thanks to the information you have provided me, the creditors have not again contacted my place of work or third parties (read our family) regarding our accounts. That was a major stress releaval. I had one creditor tell me that he would remove the work numbers and family contact numbers, but if I ever once failed to call him back he would call them immediately. The new empowered me told him if he did that I would immediately file a complaint with The Federal Trade Commission. He retracted his statement and I have it recorded (with his knowledge)on our answering machine. It's already embarressing enough without them making stupid comments like that! Both of our vehicles were voluntarily repossessed. We were able to get a mechanically sound, though somewhat less attractive automobile with very little down and though the interest was 18%, for the term of the loan (20 months) the interest is only $900. I groaned about the 18% until my husband reminded that had we kept my Ford p/u over the life of the loan we would have paid over $10,000 in interest!!! I should own the financing company!
Your website and information has provided us with so much knowledge and helped us to understand that we are not alone! And, subsequently, not terrible people for having financial trouble. We're budgeting and earnestly looking into our expenses. Asking questions that before we never bothered with. "Do we need this?" "Is there a more economical alternative?" "Can it wait?" and we have determined to PAY CASH! Thank you, thank you and Thank you again for the (free) information you provided and continue to provide for those in dire need.
P.S. We paid $500 over book for a 1995 Crown Victoria with only 64,000 miles! Not as sporty or "cool" as the '02 Ford F-150 lariat with everything I was driving, but not near as expensive either. Took a little effort to find it, but it was worth it! My husband and I have finally taken control of our lives!!! My husband had an '02 Dodge Ram 1500...our vehicle payments WERE $1330, makes me weak just thinking about it...we've cut them by $930!
And...I'd love to read that newsletter when it's done, I don't think we're signed up!
R & A
SUMMARY
This couple learned a valuable lesson. When you are in charge of your finances you can steer them in any direction you choose.
Grandpa Terry
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