In Missouri, new laws define what actions are legal in terms of debt collection. These laws prevent debt collectors from contacting consumers at inappropriate hours. They also prevent them from showing up at the consumer’s place of employment and otherwise harassing them. A debt collection attorney in St. Louis, MO provides assistance for consumers who are facing debt collection tactics.

Acquiring a Loan Modification

Mortgage and consumer loans could present consumers with unreasonable terms which are generated through predatory lending practices. These practices are illegal, and an attorney could help the consumer take action. A loan modification is possible when the lender failed to establish affordability for the loan. It is also a possible action to prevent foreclosure and repossession.

Negotiating a Settlement Offer

Settlement offers are also a possibility. Unsecured credit card debts could present the consumer with the possibility of a settlement. If the account is in collections, this indicates that the original creditor sold the account and could have acquired an insurance settlement. This doesn’t eliminate the debt from the consumer’s credit, but it does provide them with leverage and could present the opportunity to acquire a reduced settlement value.

The attorney could negotiate a settlement offer for the consumer. This value could range up to fifty percent less than the original debt. It is also possible for the attorney to make payment arrangements on behalf of the consumer, which could present the opportunity to settle the debt in installments.

Is Bankruptcy the Better Choice?

Bankruptcy presents an automatic stay that lasts for the entire duration of the bankruptcy case. With chapter 13, this stay could be up to five years. Chapter 7 provides an automatic stay for up to six months, during which the lender cannot foreclose or repossess the property.

In Missouri, debt collection tactics could become detrimental for some consumers. While there are laws in place, select collection agencies don’t follow the laws always. This could equate to harassing phone calls and visits to the consumer’s workplace. Consumers who need assistance should hire a debt collection attorney in St. Louis, MO by visiting for more information today.

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