KNOWING YOUR RIGHTS AS DEBTOR

Although there are variable (changeable) late CDs, usually CD rates are set for the term of the certificate, whilemoney market rates are changeable at any time.All Banks Are Not Created Equal.Take a look around the area where you live sometime, and notice the difference in thefinancial institutions. There are probably quite a few, ranging in size from something as big as the $300 billion-dollar Chase-Chemical bank to a small, local bank. When you look a little closer, you'll even find some places other than banks that will handleyour money for you.

Generally, there are three types of financial institutions:banks, thrifts, and credit unions. Although commercial banks handle about three-quarters of thetotal amount of assets within the entire financial system, many people prefer thrifts or credit unions.
f debt has taken you well beyond the point of being merely uncomfortable and into the realm of serious concern - and possibly even trouble - you need to know your rights and options. You can do a lot to give yourself breathing room while you work to get your fnances under control and avoid potential scams.

A number of laws protect you as a consumer of credit and as a debtor. Some laws protect you against discrimination when applying for a loan, and others guarantee that credit card companies will supply you with information regarding interest rates and grace periods. The laws presented in this section are the ones most likely to be useful for someone in debt.
The Fair Debt Collection Practices Act protects you from potentially abusive practices by collection agencies. This act applies only to agencies or individuals that collect debts for others, and not to businesses or individuals trying to collect their own accounts.

This law was designed to protect individuals and covers personal, family and household debts, including money owed for charge accounts, medical expenses, and the purchase of a car. Generally, a business turns an account over for collection when it is three months past due (unless you have contacted the company to make arrangements for payment). This act protects you after the account goes to a collection agency.

A debt collector may contact you by mail, telephone,telegram, or in person, but not at inconvenient or unusual times or places, unless you agree.A debt collector can't contact you at work if the agency has been informed that your employer disapproves of such contact. The initial letter must state the amount of debt and the name of the original creditor. The letter must also state that you have 30 days to dispute the validity of the debt.
If the amount is incorrect and you wish to dispute it, do so immediately - in writing. Include your name and account number and any information about the account that pertains to the dispute. If documentation exists that supports your claim, include a photocopy (never the original) with your letter.
If you send a letter disputing a debt, the collection agency may not contact you again until the dispute is settled.
If the debt is not an error, the agency sends you verif cation from the original creditor (such as a copy of the bill). At this time, collection activities begin again.A collection agency is limited in whom it can contact: If you have an attorney, a debt collector can contact only you or the attorney. If you have no attorney, the collec tor may contact other people, but only to find out where you live or work. Usually, the collector is not allowed to tell anyone other than you or your attorney that you owe money.

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