New York Debt Collection Statutes & Regulations - Nexum Group Inc | Florida Collection Agency

New York Debt Collection Statutes & Regulations

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New York Debt Collection Statutes & Regulations

Debt collection is a strenuous procedure for many reasons. For the creditors and collection agencies it creates a deep dent on the budget and utilities valuable resources, it takes up a lot of time and there is always a chance of losing the debt money altogether. For the indebted, debt collection is like the bane of their existence because it is an endless cause of stress for them and a means of constant worry and perhaps even irritation.

 

To make certain that this admittedly exhausting procedure is carried out in the most conciliatory and smooth manner for all parties involved, a set of laws and regulations is mandatory.

 

Debt Collection Laws in New York

If you are a resident of the state of New York or your debt incurred in this state, then you should have accurate knowledge regarding debt collection laws in NY. Mentioned below are the two set of acts that govern debt collection:

  • The Fair Debt Collections and Practices Act (FDCPA) is a federal law that outlines the rules and regulates debt collection.

 

  • The New York Debt Collection Regulations which have been in effect since August 2015.

 

Facts About Debt Collection in New York

According to the recently amended set of the New York debt collection regulations:

  • They do not apply on original creditors but only to collection agencies and the companies/persons that purchase consumer debts.
  • They do not apply on the collection of business debts.
  • Collectors must provide information regarding the exact amount of the debt, reason the debt incurred, the date it incurred, the name and details regarding the original creditors and all payments made since the debt incurred.
  • Collectors must also indicate the types of income protected from collection per a judge’s ruling.
  • Collectors must follow all the rules outlined in the FDCPA.
  • They must refrain from using any means for debt collection that can be considered as harassment, deception, illegal, defamatory, abusive or threatening.
  • Collectors must inform the indebted of the statute of limitations on the debt.

 

Statute of Limitations on Debt Collection in New York

The statute of limitations for debt collection in New York is 6 years for most consumer debts. Contrary to other states, the time period does not start from when the original debt incurred. In fact, it begins when the last payment is made. For example, if you incurred a debt in 2015 but made the first payment in 2017, then the 6 years of the statute of limitations will be counted from 2017!

This is an incredibly important factor to be well aware of as it has the potential to drag on a particular debt for years and years.

 

 

In the state of New York, debt collection is slightly more tricky and therefore provides a window for fraudulent and malicious creditors to exploit the indebted. But, by simply being knowledgable about the

laws and facts regarding debt collection you can easily safeguard yourself as well as your assets.

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This agreement is made between Nexum Group and You herein referred to as client.

  1. Client warrants the authenticity of all claims placed with Nexum Group for collections. Client agrees to forward supporting documentation for each claim to prove the validity of the debt upon request.
  2. Nexum Group agrees to use its best efforts to collect on any and all claims submitted.
  3. Claims placed with Nexum Group by CLIENT shall be charged the below contingencies.

Any claim under (1) year over $1,000 shall be charged a contingency of 30%. Any claim over (1) year over $1,000 shall be charged a contingency of 35%. Any claim that is under $1,000 or requires litigation shall be charged a contingency of 40%. Nexum Group is owed its respected fee regardless if the debtor pays the CLIENT directly or Nexum Group.

  1. Client shall report all direct payments made within (4) days of receipt of payment. It is agreed that commissions due on direct payments shall be remitted to Nexum Group within (14) days.
  2. Any merchandise returned to CLIENT by debtor will entitle Nexum Group to a 10% contingency of the invoiced amount.
  3. CLIENT agrees that Nexum Group can forward a case to an outside law firm to assist in the recovery to assist in the recovery and grands permission to do so at their discretion. CLIENT must give the approval to transfer the case if the transfer results in additional charges
  4. Any claim placed by CLIENT that is found to be placed in error or previously paid will be bill by Nexum Group at a rate of 10% of the amount.
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  6. CLIENT may recall a claim forward to Nexum Group if the claim is not in legal status or there has been no recovery on the account within 90 days. Any cancellations must be expressed in writing via email to corporate@nexumgroupinc.com. Upon cancellation, all fees owed to Nexum Group shall be paid in full. Claims withdrawn after payments have been received or intended to be received CLIENT shall be charged the full contingency for balance submitted. 
  7. This agreement shall is governed by the laws in the state of Florida. In the event, any provision is found to be invalid or unenforceable, that provision shall be deemed removed and remaining provisions shall remain in full effect.


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