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Capital of the Bruins is in touch with her potential clients again and advises them not to panic over unpaid credit card debt.
Capital of the Bruins is well known in the industry as a central debt consolidation loan for credit card customers. If you are drowned in high interest credit card debt, you would be well advised to speak to one of Bruins Capital’s professional loan specialists. Put simply, Bruins Capital is one of the few shining lights in an industry full of less than scrupulous players.
Capital of the Bruins wants to reassure its clients not to worry too much about debt collectors. They can help you with your issues and never worry when a quick and skillful debt collector threatens them with jail for not paying their bills. It doesn’t go down like that.
Capital of the Bruins wants to take your multiple interest rates, multiple due dates, multiple credit card bills and streamline them into one easy way to pay off your debt with an unsecured debt consolidation loan. Streamlining means a better understanding of your finances. Streamlining means you can anticipate.
Why be financially encumbered? Streamline your finances with Capital of the Bruins.
Going to jail isn’t high on the list, especially if you’ve never committed a serious offense. The frightening prospect of being locked up with the country’s most dangerous individuals can worry even the bravest, especially if they find out they are going to jail for unpaid credit card debt and shady loan offers. Debt collectors exploit the psychology of debtors, reminding them of jail to make them pay.
If you’re wondering if they have the legal right to threaten you with jail time for unpaid credit card debt, then let’s get it right now: the law does not allow them to utter prison threats.
In 1977, the Fair Debt Collection Practices Act explicitly mentioned that debt collectors had no legal right to threaten debtors with a stay in jail for unpaid credit card debt.
Keep in mind that if you hear such threats, you don’t need to back down. Instead, strike back by reporting their threats. While they will likely avoid jail time, authorities are likely to fine them and compensate you in return.
Can You Really Avoid Jail For Unpaid Credit Card Debt?
Since many people have been the target of threats of imprisonment, the misconception that creditors can force their debtors to spend some time in jail has sparked the misconception. Even if you feel like you are in an avalanche of debt, creditors cannot call the police and ask them to arrest you.
However, there is a tiny possibility that can put you in jail for unpaid credit card debt. It happens when you misuse someone’s identity to incur credit card debt. This criminal activity is more commonly referred to as credit card fraud. However, in such a scenario, the real factor that can get you to jail is committing fraud, not taking out a loan.
If one can’t go to jail for unpaid credit card debt or for needing credit card relief, then why are debt collectors so persistent with threats of jail? Well, they take advantage of the lack of credit law awareness among their naive clients, creating doubts and fear in their minds. In this way, many people who owe them credit card debt pay off their personal debt consolidation loans in an attempt to escape any potential jail time.
Also, keep in mind that debt collectors do not have the power to permanently blacklist you, foreclose your home, or physically assault you. Therefore, keep track of their communication and don’t be intimidated by their false threats. If they are making these threats, it is nothing more than a collection scam.
Civil debt is another name for credit card debt. Debt is incurred between two parties who enter into a contract, such as a credit card issuer and a customer. When the customer does not reimburse the money, contact is effectively broken.
About two centuries ago, debtors’ prisons were a bitter reality; people have gone to jail for unpaid credit card debt. Fortunately, the Supreme Court outlawed the unfair practice in 1833.
You should be aware of the following considerations when it comes to legal matters.
- A debt collector can sue you in civil court for monetary compensation.
- They will do their best to convince the judge to accept their position and will rule against you accordingly.
- If you are found guilty, authorities may seize your tax fund or you may face a wage garnishment.
- Even in the worst-case scenario, when the odds are against you, the judge can’t sentence you to jail for not paying your credit card debt.
How To Manage Your Unpaid Credit Card Debt
If you are a credit card consumer, you can avoid harassment from debt collectors by planning an appropriate strategy to pay off your credit card debt. For a bare minimum, you should make at least one credit card payment each month to lower your debt ratio. While this approach won’t wipe out your debt much, it can keep you from being delinquent when it comes to debt. debt payments.
By reducing all your types of debt, you no longer have to face the threat of jail time for unpaid credit card debt. The following routes can guide you to a recovery path.
- Talk to a credit counselor. They will go through your entire history and analyze your current status to come up with the best possible solution. Then, they will conduct a negotiation with the creditors to create a tailor-made debt management plan. You are required to pay a fixed monthly payment to a credit counseling agency. It then distributes the money among your creditors.
- Many debtors request the debt consolidation loan marked by a lower interest rate after a Bruins Capital review. Therefore, if you have debt on multiple credit cards, debt consolidation can streamline and merge it all into one convenient loan.
- Bankruptcy is the ultimate option. Always think about it when you have exhausted all other methods of settling your credit card debt. With bankruptcy, you face two possibilities:
- Chapter 7 Bankruptcy – It cancels your credit card debt at the expense of your valuables. You have to put your assets up for sale and repay your creditors with the money earned.
- Chapter 13 Bankruptcy – It reorganizes and renegotiates your debt so that it can be repaid over a longer period: around 3 to 5 years.
Tips for dealing with an aggressive debt collector
Being harassed by a debt collector can put a lot of stress on you. Here is how you should react.
- Find out about the facts. Make sure to validate the debt and confirm if the debt amount is correct.
- Don’t let the pressure get into your head. This can force you to make a hasty and reckless decision. Take all the time in the world to find a viable response to the crisis.
- File a report on harassing debt collectors at Consumer Financial Protection Bureau.
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