People often dread opening the mailbox or answering the phone if they know that they owe someone money. Creditors have used those two contact methods as the primary options for a long time. A new law lets them do even more.
Creditors can now send text messages or direct messages on social media to people who owe them money. This change comes as a limit of seven phone calls per week — per debtor — was instituted.
What are the limitations of the new contact methods?
Creditors can send you texts or direct messages on social media; however, they can’t make or comment about your debts in any manner that the public can see. One concern that some people have is that these creditors might be releasing private or protected information to the wrong person. Would a situation like that be counted as a violation of the privacy laws or will it be chalked up to a valid debt collection method?
The Consumer Financial Protection Bureau still has to clarify some points related to this new communication method that debt collectors are allowed to use. It’s important to try to learn what your rights are regarding these new methods so you’re aware of what steps you can take if the messages become harassing.
Anyone who’s drowning in debt may want to consider filing for bankruptcy protection. This can help you to stop the collection attempts while using a valid way to get out of debt. It’s best to do this as soon as you realize that you have a problem so you can start enjoying your fresh financial start.