Debt collection practices can be a confusing and intimidating process for many individuals in Calgary. Whether you are a consumer who owes money to a creditor or a business trying to collect on unpaid debts, it is important to understand the laws and regulations surrounding debt collection in order to protect your rights.
In Calgary, debt collection is governed by the Alberta Fair Trading Act and the Collection and Debt Repayment Practices Regulation. These laws outline the rules that debt collectors must follow when attempting to collect on outstanding debts. For example, debt collectors are prohibited from using threatening or abusive language, contacting individuals outside of specified hours, or misrepresenting themselves in order to collect on a debt.
It is also important to note that there are different types of debt collectors in calgary collections agency. First-party collectors work directly for the creditor and may be more lenient in their collection practices. Third-party collectors, on the other hand, work for agencies hired by creditors to collect on their behalf and may be more aggressive in their tactics.
If you find yourself being contacted by a debt collector in Calgary, it is important to know your rights. You have the right to request written validation of the debt within 30 days of being contacted. This validation should include information about the original creditor, the amount owed, and any fees or interest that have been added.
You also have the right to dispute the validity of the debt if you believe it is inaccurate or if you do not owe it at all. In this case, you should send a written dispute letter to both the creditor and the collection agency within 30 days of receiving validation of the debt.
If you are unable to pay off your debts in full, you may be able to negotiate a payment plan with your creditors or seek assistance from credit counseling services in Calgary. These services can help you create a budget and develop a plan for paying off your debts over time.
It is important to remember that ignoring your debts will not make them go away. In fact, failing to address unpaid debts can result in legal action being taken against you by creditors or collection agencies. By understanding your rights and responsibilities when it comes to debt collection practices in Calgary, you can take control of your financial situation and work towards becoming debt-free.
Bison Credit Solutions
6125 11 St SE #260, Calgary, Alberta, T2H 2L6
403-263-7670
