Word: debtors
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Today, a creditor generally cannot imprison his debtor, nor can he garnishee his salary without a court order. The creditor cannot even pursue and harass him with the traditional rudenesses of the bill collector. According to the Fair Debt Collection Practices Act, which took effect in 1978, a bill collector cannot...
...Tell the debtor's boss, family or neighbors about the debt...
...Telephone the debtor at home between...
That leaves creditors with only the honeyed tongue of someone like Gary Golditch, 31, manager of the Financial Collection Agencies in Maiden, Mass., who calls himself "a diplomat." The key thing, says Golditch, is not to let the debtor hang up. Start by being polite: "I'm sorry to inconvenience you but..." Impress on the debtor his moral responsibility: "You received the merchandise you wanted, but my client has not been paid ..." Golditch calls these opening gambits a means of "captivating" the debtor. "After that, I'm sure you'd talk with me," he says, leaning back...
C.C.C.S. is a nonprofit organization sponsored by banks, loan companies, retailers and other businesses that grant credit. It has some 200 offices a11 over the U.S. and deals with about 110,000 cases a year. Its method is very simple: it makes the insolvent debtor give up all his credit cards and promise not to do any more borrowing without permission. Then it works out a survival budget that will enable the client to pay back part of his debt every month. It persuades the creditors to wait for their money and then assumes responsibility for dividing and distributing...