debt recovery solutions
Debt Recovery Solutions (Drs) is a debt recovery agency, that gets tons of consumer complaint for debt harassment from consumers. If DRS has notified you of past due collection items, be sure to know your rights under the law before taking any action. Debt recovery solutions is an agency contracted by creditors to collect overdue debts. They will do anything in their power to collect on outstanding debts. According to The Fair Debt Collection Practices Act (FDCPA), all collectors of debts must abide by certain rules and regulations. Some of these rules include: adhering to the proper time limit; not making inappropriate offers; not harassing the consumer and never threatening to have the consumer’s residence blocked. One thing DRS may not do is: violate the person’s right to privacy or confidentiality. A debtor can bring a lawsuit against an agency if they are not treated properly. In addition, a debtor can file a complaint with the Federal Trades Commission if they feel that the debt recovery solutions they are having is unfair.
The Fair Debt Collection Practices Act was originally founded as the Nedo v. Segal case. Here, Segal was awarded $6 million due to a botched debt recovery solutions plan. Segal sued Nycomed, which is an apartment building company, in an effort to reclaim his funds. Eventually, the company was instructed by the court to cease all collections activities. Nycomed was also instructed to stop contacting Segal and pay up. Nycomed did comply and later appealed the ruling to the Federal Court.
Once the appeal was made, a bench warrant was attached to it stating that Nycomed was in violation of the FDCPA. The court heard arguments from both sides before issuing its ruling in the matter. It initially ruled in favor of Nycomed however, the full bench was later overruled and the ruling was made final. As a result, Nycomed was ordered to pay restitution to SeneGore. This was the second major case of its kind in the New York State.
What Can Debt recovery solutions do
As a direct result of this case, the New York State legislature passed the Fair Debt Collection Practices Act. The Act states that debt recovery solutions cannot contact a third party unless there is cause to believe they committed a violation of federal and state laws. In addition, the agency cannot contact an individual more than once unless it is to seek verification of a debt. As a result, the New York State has now officially declared that it is not permitted to contact an individual more than once for the purpose of collecting a debt owed. Unfortunately, many consumers do not realize that they have rights when it comes to contacting collection agencies. Many individuals do not realize that the Fair Debt Collection Practices Act gives them certain rights when it comes to filing complaints with the credit reporting bureaus. This is why you need to understand your rights and find out exactly how you can file complaints with the bureaus. If you are unsure what your rights are, you can always speak to a legal counsel who can explain all the requirements of the FDCPA. Once you know what your rights are, you will be better equipped to deal with debt recovery solutions (drs) that fail to meet the law.