[creditwrench newsletter] New Post/Thread Notification: ASK AN ATTORNEY

Hello,

Creditwrench has just posted in the ASK AN ATTORNEY forum of CreditWrench under the title of credit law network.

This thread is located at http://www.creditwrench.com/consumers/showthread.php?t=3663

Here is the message that has just been posted:
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Having been hit by the mortgage crisis, and increasing defaults, banks looking to increase profits, or decrease losses, are trying harder to get money owed to them, faster.
Banks are putting people to work collecting, as opposed to lending.
They are contacting you earlier if you are late on a payment.
Banks are making some deals to reduce credit card debt (http://online.wsj.com/article/SB122100709651817495.html?mod=googlenews_wsj), but there are no programs that "the credit card companies don't want you to know about", like you hear on the radio ads.
You have nothing to lose by contacting your credit card holder if you are, or will have, trouble making the payment.
Some of them offer programs online, so you can avoid any embarassing phone call.
If you are making an offer, be sure you have figured out your complete budget (http://www.bankruptcylawnetwork.com/2008/01/08/preparing-your-chapter-13-budget-part-one/) first, and only commit to pay an amount you are certain you can pay.

There is more stick than carrot in the intensified collection efforts.
Some banks are sending phone cards, which can only be activated if you talk to them about your debt.
And, they are sending files out to collection agencies faster.
This is not legally worse for you, in fact, there are more restrictions on what collection agencies can say or do than on the debt holder itself, under the Fair Debt Collection Practices Act, or FDCPA (http://www.bankruptcylawnetwork.com/2007/07/02/the-fair-debt-collection-practices-act-fdcpa-2/).
*If you liked that post, then try these...*

E-threats to Your Identity - Phishing (http://www.creditlawnetwork.com/e-threats-to-your-identity-phishing/) by Stephen Otto, Pittsburgh Consumer Attorney
Debt Collectors Are Making Money Hand Over Fist In This Time Of Crisis (http://www.creditlawnetwork.com/debt-collectors-are-making-money-hand-over-fist-in-this-time-of-crisis/) by Carmen Dellutri, Attorney at Law
A merchant in Texas cannot charge you extra if you pay by credit card (http://www.creditlawnetwork.com/a-merchant-in-texas-cannot-charge-you-extra-if-you-pay-by-credit-card/) by Pam Stewart, Texas Bankruptcy Attorney

More... (http://www.creditlawnetwork.com/feed/)
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