To aid consumers through the business collection agencies process, the Department of customer and employee Protection (DCWP)* created this glossary, which include commonly used terms with debt collection communications plus sources (rules, agencies) very important to consumers to learn.
- Italicized terms in descriptions will also be defined within the glossary.
- Unless stated otherwise, all information mirror new york regulations and rules.
- This glossary just isn’t intended as legal counsel.
*DCWP is the Agency’s brand new title. In most sources, DCWP entails DCA (Department of customer Affairs), the Agency’s old title. The Agency is within the means of applying the appropriate title modification in public areas information. For the time being, DCWP and DCA will be the exact same City Agency.
Abusive language Swear terms (or curse terms) or any terms that insult or offend.
A financial obligation collector might not make use of language that is abusive wanting to gather a debt. This consists of in writing or whenever talking to customers.
A financial obligation collector usually identifies a merchant account when claiming a customer owes cash.
Accrued interest The actual quantity of interest (price to borrow cash or purchase products or services on credit) included with a financial obligation, which boosts the sum of money a debtor owes.
Customers have actually the right to request an itemization of a financial obligation showing accrued interest also to dispute a financial obligation.
Arrears An unpaid and debt that is overdue.
Bankruptcy release A court purchase this means a customer need not spend a financial obligation and a collector or creditor may not any longer attempt to get your debt. Fortsätt läsa ”Glossary of Popular Business Collection Agencies Terms”