Ever wonder what debt collectors do with the lawsuits they receive for violations of the Fair Debt Collection Practices Act? Look no further than "Alright, You've Been Sued, Now What Do You Do?," a creditor's guide to responding to FDCPA complaints. The undated posting, written by Mark Ellis of the Sacramento, CA law firm Ellis Law Group, LLP, gives tips to debt collectors ranging from setting procedures on interaction to deciding whether to tell insurance companies about a suit.
The article proves enlightening insofar as it gives consumer advocates a glimpse into the bargaining mindset of debt collectors. Here are some items from the article which it may be helpful to know are in the forefront of a debt collector's mind during settlement:
• If at all possible, any threat of a possible lawsuit or demand should be forwarded to, and handled by, one person or department within your organization. For example, this person may be designated as the “risk manager” in your organization . . . If possible, your “risk manager” should normally handle a call from an attorney.
There is also a full section on trials. Be aware of all this when negotiating an FDCPA claim: on the mind of the debt collectors are their records of the facts, their own standard procedures, their insurance deductible, and the potential cost of litigation.
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