A secured debt is a debt for which a specific property — known as security interest or collateral — guarantees payment of the debt. They cannot accept property without a court order. Or you can ask them to leave. If the collection agency violates these laws, this may be regarded as harmful and abusive practices.
You can wait for them to leave.
What can debt collection agencies not do?
Re-obtain the agreement in writing so that you have proof that the debt has been considered to have been paid in full for the agreed settlement amount. And in the case of a collection agency that infringes your rights, a lawyer can tell you whether it is appropriate to file your own lawsuit. However, they may contact you frequently and even discuss a potential lawsuit to get you to pay off your debts. It’s helpful to work with a lawyer who is familiar with debt collection practices, particularly if you’re wondering how to deal with a time-barred debt or have been sued.
Can a debt collector knock on your door?
The Fair Debt Collection Practices Act limits and prohibits many things, but there is actually no provision that prohibits a collector from knocking on your door to collect a payment. However, the Fair Debt Collection Practices Act prohibits a collection agency from contacting you at a time or place where it is known that if you have any questions or feel that a collector has crossed the line into harassment, you have the right to defend yourself. In some cases, collection agencies say they’ll come to your house, but they have no intention of doing so, making it an empty threat.
References:
- Debt Collection FAQs | Consumer Advice
- https://www.stepchange.org/debt-info/debt-collection/home-visits-from-debt-collectors.aspx
Barry Ritholtz is a renowned finance expert, author and blogger. With over 30 years of experience in the financial industry he has gained a reputation as a thought leader and influencer in the investment community.