Dealing with debt and a persistent creditor can be overwhelming. The pressure to pay back what is owed and the increasing interest rates can feel like an insurmountable burden. However, there are options which may provide some relief, such as negotiating with creditors in order to reach an agreement on repayment terms that are beneficial for both parties.
In this article, we’ll discuss how you can effectively negotiate your debt with KLS Financial Services specifically, as well as learn more about what the company is and what they do. Ready? Keep reading!
Debt collectors like KLS Financial Services - founded in 2017 in North Carolina - typically act as a third-party that purchases debt from original creditors, generally on a discounted basis. They also work with businesses who no longer wish to maintain their uncollected debts and turn that responsibility over to a professional debt collector for a fee.
Once the debt collector assumes responsibility for collecting the money owed, they will attempt to contact and correspond with borrowers in efforts to remind them of their financial obligation and eventually receive payment. Debt collectors are responsible for managing accounts with potential risk or delinquency and negotiating repayment schedule agreements or forgiving remaining balance when appropriate.
Yes, KLS Financial Services is a legally licensed debt collector and their activities are legitimate. To verify that you are being contacted by the correct company, reference the contact information below:
KLS Financial Services is relatively new to the debt collection world, and their BBB shows mixed opinions from consumers. The company currently has a 2.5-star ranking, which may sound low, but is actually higher than many established debt collection firms.
Unfortunately, numerous customer complaints have been filed with the BBB against KLS Financial Services. If the company contacts you, be sure to keep an eye out for any possible violations and document them where they occur - these may help you later if the case proceeds to litigation.
Receiving a letter about an unrecognized debt can be an extremely alarming experience. If you have received notice that you are being pursued by KLS Financial Services, take some time to evaluate the situation before taking any action.
Sometimes debts become unpaid and unnoticed because of a change in address or simply not receiving the bill. However, the debt might even not be yours in the first place. If you think this may be the case, it's important to consider the reason for the mistake. Common circumstances where consumers are pursued for debts that are not theirs include the following:
Any debts that have already been settled by the individual should not appear on their credit report.
If a debt does not belong to you, any information related to it should be removed from your credit report.
If any accounts were opened or used without permission due to identity theft, these should be removed from the credit report as well.
If any debts are reported on the credit report as being late or unpaid in error, these must be corrected immediately.
Don't let yourself be pushed around if you feel a collections agency is attempting to collect on a debt that does not belong to you. You have the right to stand up for yourself and get false items removed from your credit report. Contact Fair Credit - we will dispute errors with the credit bureaus and ensure they are removed.
If you're being pursued for a debt, keep in mind that you have rights under the FDCPA. This federal law enforces certain regulations on how debt collectors may contact you, with measures in place to protect against fraudulent or aggressive behavior. With these laws in mind, debt collectors are forbidden from using harassing tactics such as continual phone calls and speaking in an authoritative voice.
The law also stipulates that they must not provide false or misleading information when collecting monies owed. Familiarizing yourself with the FDCPA is your best defense against unfair collection practices. By understanding the legal restrictions placed on debt collectors, you are better positioned to recognize any violations that should be reported and addressed accordingly. Here is an outline of prohibited behaviors:
Additionally, making sure all correspondence or phone conversations are documented with written proof ensures that you have a record should legal action be deemed necessary or if authority figures need to be involved.
In these cases, seeking the support of a knowledgeable attorney may also be beneficial as they have greater access to additional resources and can provide you with legal guidance in order to exercise your rights fairly.
KLS Financial Services collections accounts can remain on your credit report for up to 7 years, damaging your credit score even if the account has already been paid off. To ensure that a KLS Financial Services collections account is removed from your credit report, it’s important to contact the collection agency who placed it there and dispute the debt. An attorney can help guide you through the process and ensure a favorable outcome.
At Fair Credit, we are committed to providing consumers with the legal protection they deserve - without charging hefty fees. Our experienced team of legal advisors understands financial hardship; we prioritize our clients’ best interests when it comes to dealing with collection agencies and ensuring their credit rating is not harmed further.
We offer a personalized approach, providing expert advice and taking a tailored approach to each case. Our goal is always to find swift resolutions and protect consumers’ rights throughout the entire process. Get in touch today for a free case review.