Fair Capital Debt Collection Agency FAQ
Disclaimer: Any and all information provided here is intended only as informal guidance; it is neither legal advice nor intended to be. Please consult your attorney for information concerning allowable rates of interest.
How can I make a payment?
Fair Capital LLC
P.O. Box 399
New City, NY 10956
I got a collection letter referring to an HSBC Bank Credit card, but I never had an account with them?
M&A (Acquisitions & Mergers) is the short answer, that means many different entities transferred or consolidated with HSBC during the past years. Which enabled different cardholders to be under the HSBC bank umbrella.
Direct Merchants Bank.
Bank of America.
Cross county Bank.
Best Buy retail services.
Can i bypass the collection agency and pay the original creditor?
Some people would rather pay the company they created the debt with rather than a third-party debt collector. However, you may not have that option depending on the creditor's arrangement with the collection agency. Often, the original creditor has a contract with the collection agency that prevents the creditor from accepting payment for your debt. In some cases, the original creditor has sold the debt to a debt buyer who now owns the debt outright.
Can Medical Debt Impact Credit Scores?
As of Sept. 15, 2017 there’s a 180-day waiting period when a healthcare provider turns your account over to a collection agency because you haven’t paid the amount due, before the unpaid medical debt can show up on your credit report.
Contact your health insurance company. Know your coverage and follow up to ensure the company is paying costs it has agreed to cover.
Negotiate with your health provider. If you can’t afford to pay a bill, try to work with your medical provider to reduce the amount owed or set up a payment plan.
If you believe medical debt has been listed on your credit report erroneously, contact the medical provider or collection agency first. You can also file a dispute with the three major credit bureaus.
If possible, prepare for medical procedures in advance by finding out what your insurance will cover and what costs you’ll be responsible for.
It’s always a good idea to regularly review your credit reports to ensure the information is accurate and complete. You’re entitled to a free copy of your credit report from each of the three credit bureaus every 12 months.
What is the Fair Debt Collection Practices Act?
The Fair Debt Collection Practices Act (FDCPA) prohibits debt collectors from using deceptive, unfair or abusive practices to collect money from you. Anyone who regularly collects debts, including collection agencies, lawyers, and companies that buy delinquent debts, must abide by the rules set forth under the FDCPA.
Debt collectors are not allowed to harass you or anyone else you know over the phone, in person, or by mail. They cannot be abusive or threatening in any way.
Reasonable hours and place(s) of contact
Debt collectors are prohibited to contact you before 8 a.m. or after 9 p.m. If they know that you are not allowed to make or take personal phone calls while at work, they may not contact you at work, either.
Once debt collectors know that an attorney is representing you, they must cease contact with you; any contact with you must be made through your attorney.
Use profane or vulgar language in an attempt to intimidate you.
Lie about the amount of debt owed.
Tell you they are an attorney or law enforcement officer if they are not.
Contact anyone other than you, your spouse, or your attorney.
Threaten legal action when none is actually being considered.
Give false information about you and your account to credit reporting bureaus or another business, or threaten to do so.
Publish your name, address, or any other personal information on a list of bad debts.
Can a debt collection agency freeze my bank account?
Once there is a judgment against you, if you haven't taken steps to pay the judgment or agreed to a satisfying payment plan, the agency can request that the court issue an order that directs the bank to freeze your account.
These orders are often called garnishments or attachments.
In some cases, a creditor can freeze a bank account without first getting a judgment. Federal or state authorities can issue their own attachment documents and send them to a bank to freeze accounts for unpaid obligations such as taxes or child support.
How long will my credit report be affected by not paying my bills on time?
The federal “Fair Credit Reporting Act” states that most negative information can stay on your credit report for seven years from the date of last activity. The date of last activity is usually the date that the creditor charged off your account as uncollectible, and it is usually noted on your credit report.
Why is Fair Capital calling me or sending me a letter?
If Fair Capital contacted you, there is a chance that you have a past due account with a company you are currently doing business with or have done business with in the past.
Can I charge your collection fees to my debtor?
By law, debt collectors may not collect any debt collection fee from debtors—unless a legally binding contract or agreement exists between creditor and debtor that states that such may be charged. That’s why we encourage you to first “read the fine print” on any legal contract or documentation to see if it clearly states anything to that effect, before you transfer of our collection fees onto your debtor.
How does Fair Capital charge for its services?
Depending on various factors, Fair Capital will deduct a percentage of the total amount it collects for you as its collection fee. This is our “No money, no fee” policy in action—ensuring that our services cost you nothing unless we get you your money first! Ask us more about our flat fee debt collection services.
What types of account do you handle?
We boast vast experience in professionally collecting on all types of slow-paying and delinquent accounts—including consumer commercial and medical accounts.
What if we only have a few accounts to place?
Fair Capital delivers solutions for businesses of all kinds and sizes: small, medium, or large—we offer flexibility and customized solutions like no other competitor does!
Whatever your receivables problems, we are your solution.
Why should I hire a debt collection agency?
See: The Pros and Cons of Hiring a Debt Collection Agency
Can a debtor pay me after I have placed their account into collections?
Once an account has been assigned to our agency, we strongly advise you should direct your customer to us for any payments. However, if a customer insists on paying you directly, please accept their direct payment and make sure to notify us immediately.
How will Fair Capital pay me?
Generally speaking, we calculate the 15th of each month as the closing date. Checks are issued on payments that were received during the previous payment cycle.
Is legal action optional?
Yes! Since there are costs associated with taking someone to court, this phase is always optional and we will never take legal action without your authorization.
When is the right time to hire a debt collection agency?
It is well-known the longer your accounts remain delinquent, the less likely you are to recover the debt. In situations like these, the chances of retrieving a debt will significantly decrease as time passes.
How much does it cost to hire a debt collector agency?
Most debt collection agencies use the contingency-based model nowadays. In plain English, that means they only charge if they successfully collect. Fees average 25 to 45 percent of the total amount of debt collected per account.
Age of account