What is debth collection company? their letters is sometimes too legally scary. are they lawyers?

Question

What is debth collection company? their letters is sometimes too legally scary. are they lawyers?

Answer 1

They are not lawyers but are accorded authority  to collect outstanding debts. Perhaps, U should speak to them and work out a solution to pay monthly. Avoiding will lead u to more problems and unnecessary worries. Always remember, all problems can be solved, it only vary in timing and the span of duration

Answer 2

Credit card companies send your debt information to a collection company. I don't know how it works in Singapore but in the United States, the collection company is paid to send out threatening letters to try and get you to pay your debts. But, despite that, there's really not much that the collection agency can do. Eventually the collection company might start garnishing your wages if you do not pay. But most people, by the time that happens, will have done bankruptsy.

Answer 3

don't be scared.. they are just trying to find you.. do NOT make any contact with them.. or they will harrass you.. they can't do anything if they can't find you

Answer 4

they are not lawyers but they are legal loanshark. Which needs to collect money back from the customer who borrowed the money? or h;p other companies to collect back their bad debt.

Answer 5

Debt collection companies are agencies where the vendor, either Banks, financial companies, Telecomunication Companies, and etc. give them right to collect outstanding debt from their debtor. They work closely with law firm, thus sometime the letter send is from the law firm. But, certainly they are not lawyer.