The Consumer Financial Protection Bureau is in place to field complaints from consumers and determine ways in which make their financial experiences better. However, those Tennessee residents who are plagued by considerable debt may not yet be protected from harassing phone calls and misinformation presented by collection companies. While the bureau is looking to implement new regulations in those areas, some consumers may wish to explore other options such as Chapter 13 bankruptcy in the meantime.
Debt collection complaints may not be the number one complaint heard by the bureau, but that area could face an increase in issues as the bureau hopes to have more oversight in how collection is handled. They could soon be looking for public input on how collectors approach consumers and what issues consumers may be facing. As of this time, the biggest complaints stem from harassing phone calls and lack of specific information concerning the debt in question.
Consumers do have rights when it comes to being protected in debt situations. However many of the laws created are too old to cover issues such as debt collection tactics using the Internet. Those on the collection side of the issue recognize that consumers have rights, but they also want it to remain in focus that collectors also have rights to obtain money that is owed.
The protection of consumers is an important practice that the Consumer Financial Protection Bureau wishes to uphold. While ensuring that those with debt are not threatened or harassed is valuable, this protection does not help manage an individual’s debt. Exploring options in Tennessee such as Chapter 13 bankruptcy and other management options could help consumers stop collection calls entirely as they move toward financial stability.
Source: The Atlanta Journal-Constitution, Debt collectors now on consumer agency’s radar, Christopher Seward, Nov. 25, 2013