One could say that Financial Services is similar to people who hit you when you are already down. After all, there is a high chance you are experiencing financial struggles and, hence, havenโt paid your debt.
If you donโt already have enough to worry about, Halstead Financial Services calls you several times a day. A bad situation often starts feeling even worse under such circumstances.
Then, some threats often follow that feel like the last nail of the coffin. From suing you to garnishing your wages, these threats can be an issue. But what if someone told you that you donโt deserve it? If so, you most likely want to know how you should proceed.
Here is a piece that discusses everything you need to know about this company. For instance, who does this collect for? If you want to know all these answers, read on.
1. About Financial Services
First, Halsted Financial Services is a debt collection agency based in Skokie, Illinois. Its founder and COO is Syed Ali, who founded the company in 2008. Therefore, the agency will purchase debts from various lenders, including credit card companies and banks. After that, they attempt to collect it from the debtors.
If your creditor sends its debt to the agency, you receive a notice from Halsted Services. It is quite consistent; hence, it is advisable to settle your debt as soon as possible. Alternatively, you can take measures that make the debt go away.
2. Clients Financial Services Collect For
Halstead Financial Services buys debt from creditors from various industries. Some of these sectors include the following;
- Automotive
- Credit cards
- Retail
- Telecommunications
- Utilities
Therefore, if the creditor of your unpaid debt falls in one of the above categories, donโt be surprised if Halsted Services starts calling you in an attempt to collect it.
3. How to Deal with the Services
Once Halstead Financial Services starts demanding a debt from you, taking the following steps is advisable.
3.1. Sending a Debt Validation Letter
Once the debt collection agency asks you to pay a debt, it is best to validate whether it exists. Besides existing, it should be the new owner of that debt. Failure to validate could lead to you paying a debt you donโt owe, paying the wrong person, or more than you should pay.
If you want to get everything right, send a debt validation letter to Halstead Financial Services. Send it within 30 days after receiving the agencyโs notice of the debt.
3.2. Discuss a Payment Plan
Upon confirming that the debt exists, discuss with Halsted about how you can pay it. Remember that you can negotiate and will be surprised by how little you can pay to settle the debt. After all, data collection agencies usually pay initial creditors a small percentage of the debt.
3.3. Adhere to the Payment Plan
Once you get a deal, ensure that you play your part. After all, failure to pay that debt can land you in legal problems.
4. Can the Financial Services Sue You or Garnish Your Wages?
If Halsted Financial Services deems it, it can sue you for a breach of the law.
On the other hand, several factors determine whether it can garnish your wages. For instance, failure to respond to a lawsuit can lead to a default judgment. Consequently, the debt collection agency has the right to garnish your wages.
Remember to weaken the case of Financial Services while strengthening your side of the story. So, as you answer the lawsuit, these tips can make a huge difference.
- Look at the complaint claims and answer each of them simply and precisely
- Deny the claims
- Point out the reasons why this firm is collecting the debt illegally.
- The answer document should apply standard formatting
- Serve the
- Sign the response since some courts may reject a legal document that lacks a signature.
The bottom line is doing it right to avoid losing the case because of technicalities.
5. What Are Your Rights When Dealing with the Financial Services?
Fair Debt Collection Practices Act has some expectations regarding how debt collection agencies such as Halsted Financial Services should proceed when attempting to get unpaid debt. These agencies must be as professional as possible as they try to collect their money. Therefore, they shouldnโt put you through any of the following;
- Using profane, obscene, or abusive language when addressing you
- Threatening you that bad things, such as losing your kids and getting arrested, will occur if you donโt repay your debt
- Charging you illegal charges as they collect the unpaid debt
- Go against the original agreement created during the lending contract the involved parties signed
- Failure to validate the debt they are demanding from you
- Failure to prove that they are the new owners of the debt you owed the original creditor
- Embarrassing you by sharing your debt issues with third parties, especially family members, friends, and colleagues
- Harassing you via phone, especially by calling often and even hanging up as soon as you answer
- Calling you at night, which is usually after 9 pm and before 8 am according to FDCPA laws
Conclusion
Halsted Services may have a right to demand debt from you. Thatโs despite not borrowing from the agency because it most likely bought the debt from the initial creditor. However, donโt just assume that it is justified to demand the debt. Besides, it may be demanding more than you should pay.
Therefore, validate the debt before paying Halsted Services for an unpaid debt. It is simple since you must send the agency a debt validation letter. Ensure that it contains everything you need to know about the debt.
Once you confirm that the debt exists, it is advisable to pay. Otherwise, the debt collection agency may sue you and acquire the right to garnish your wages. Remember that you shouldnโt be harassed, thanks to the Fair Debt Collection Practices Act.
If the agency doesnโt adhere to the rules, consider suing it. The debt may go away, and you may also pocket something for the damages. So, now that you know everything about Financial Services, respond accordingly to avoid getting in trouble.
Last Updated on by Ananya_Sreen