Experian announced a self-service platform named eResolve, which it says will let consumers negotiate and resolve past-due debts without ever speaking to a debt collector. The latest technology in “digital” debt collection is allowing consumers to interact on their terms at any time of the day, using a digital channel that is more preferred over the traditional phone calls during dinnertime and having to deal with aggressive debt collectors.
TrueAccord, another digital debt collection technology says they have had “hundreds of thousands” in successful resolutions where consumers can easily click and tell them they have been victims of identity theft or had recently filed for bankruptcy so collection attempts can stop.
Negotiating debt through digital platforms seems to be more straightforward as well. For example, with TrueAccord a similar digital-type platform: Debtors get an email with an offer such as making three payments with 0% interest, or 90 cents on the dollar if paid in full. Depending on what lenders say they will accept, a consumer who turns down that offer might get a subsequent pitch for an 80-cents-on-the-dollar settlement. According to certain experts, this digital-based debt collection solves two problems. Chief among them: Regulatory issues. Computers do not call or text at the wrong times. They do not use profanity or threaten arrest to get you to pay, which are all in violation of the Fair Debt Collection Practices Act (FDCPA).
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If you have any questions on this topic or are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.