October 2007 Archives
My friend, the hoity-toity designer, bought several houses the last time the economic wheel hit dirt. He rented them out and had quite a nice piece of pocket change. When property values plummeted, unemployment rose and tenants decamped, he couldn’t pay the mortgage on some of those empty houses. He walked away. I was at his house one day when the phone rang. “Hello?” he answered, “yeah, just a minute, I’ll get him.” Then he set the phone down and continued our conversation on the dying art of marker comps. After about ten minutes, I reminded him about the caller on hold. “No worries, it’s just a collection agent. I like to tie up their line and let them sweat it out. After a few times, they just give up.” No fear here.
The Consumer Credit Protection Act lays out the rules for collection agents. One thing you can do to end those calls is send a certified letter telling them to stop calling you. They are obligated by law to stop and if they don’t, you can sue them for 3 times the amount of money you owe them plus any punitive damages the court will allow.
