With a promissory note, you can loan money with a signed agreement that obligates the party to pay it back. Still, there is the chance that litigation could erupt if the debtor contests some of the note terms or even the validity of the note itself. As a creditor, you...
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Creditors’ Rights
Collect outstanding debt according to FDCPA guidelines
Business owners in Cincinnati, Ohio, who collect debt must understand and follow the Fair Debt Collection Practices Act. In 2021, the Federal Trade Commission reported they had sued over 300 companies in the previous 10 years for failure to adhere to FDCPA...
The balance between creditor and debtor rights in Ohio
Creditors play a significant role in Ohio's financial landscape. To protect their interests, Ohio has established a legal framework that outlines the rights and actions available to creditors. There are some limitations on the actions creditors can take and debtors...
Understanding creditor’s rights when facing fair debt lawsuits
When lenders find themselves facing lawsuits, there can be a financial stake. They may have to pay for legal fees and potential settlements. But it is not just about money – the lender's reputation is also on the line. Staying financially strong and keeping up a good...
What to do when facing lawsuits for violating the FDCPA?
Lenders play a crucial role in the financial landscape. But when it comes to collecting debts, they must adhere to strict guidelines to ensure they treat debtors fairly. However, there are instances when lenders may also face challenges. For example, some borrowers...
What are the rights of a creditor?
A creditor is an individual or entity that lends money to another party. The person or entity that owes money becomes a debtor. The creditor has the right to protect themselves and their assets. They have the right to take back what the debtor owes them. Their rights...
Examples of potential creditor harassment
Creditors can contact borrowers about the monies that they owe. They can try to collect on that debt. But there are still specific guidelines that they have to follow. If they don’t do so, then these efforts to collect could turn into illegal forms of harassment. How...
What are a creditor’s rights during Chapter 7 bankruptcy?
The consequences of filing for bankruptcy can be both far-reaching and enduring. One of the most significant implications is how it affects creditors and their rights to pursue a claim against the bankruptcy estate. If you are a creditor, understanding Chapter 7...
When does debt collection turn into harassment?
Debt collection is an integral part of the credit system. It encourages people to pay their debts and keeps the economy running smoothly. However, there are rules that debt collectors must follow when collecting a debt, including not harassing people to get them to...
Some nursing homes and their collectors are violating the law
It’s been 35 years since the Nursing Home Reform Act (NHRA) become law. It provides, in part, that a guaranteed payment from family members or others can’t be required for a person to be admitted or allowed to continue to stay. The Consumer Financial Protection...