New regulations increase contact options for debt collectors

| Dec 11, 2020 | consumer bankruptcy | 0 comments

In times of financial unrest, many individuals in Kentucky and across the nation may know the stress of receiving frequent phone calls and letters regarding past due accounts. Collection attempts continue to be one of the most intimidating aspects of dealing with debt. Although collectors have previously been restricted to only a couple of contact options, a recent rule has been set in motion that will allow them to reach out to debtors through additional means.

According to reports, the Consumer Financial Protection Bureau has recently finalized a new regulation that will increase the outlets of contact available to creditors. Reports indicate that this will allow agencies to reach out to debtors through emails, text messages and social media accounts. These reports also suggest that the new rule may also increase the number of phone contact attempts allowed within a given week.

Unfortunately, it appears as though there might not be any restrictions on the number of messages creditors will be allowed to send through the added sources. While reports do indicate that one may retain the right to refuse contact through these means, it is unclear how complex this might be. As issues with debt affect many families in America, there may be a multitude of individuals who feel the weight of this new rule once it does go into effect in Oct. 2021.

Regardless of the methods creditors use, dealing with debt collection attempts can be a harrowing experience. Individuals who struggle under similar scenarios and wish to know more about their legal rights could find it helpful to speak with a bankruptcy attorney for advice on their options. In doing so, a person in Kentucky could obtain much needed guidance on how best to approach the situation and in developing a plan to reduce or eliminate his or her debts through the available outlets.