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Is it mandatory for collectors to send statements during debt payment plans?

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Many people who are in the process of paying back their debts to a collector— via a payment plan— do not receive formal statements. This can be frustrating for those who like to keep track of exactly how and when their payments are being applied to the loan total. Also, not receiving timely statements causes uncertainty regarding late fees, interest, or other charges that can be added to their balance.

This brings along the question: Are debt collectors required by law to let you know payment has been received and applied to your balance? When Michael Bovee, founder of the Consumer Recovery Network and a Credit.com contributor, was asked the question above, he stated that it largely depends on where the person making the payments lives. In the state of Florida, debt collectors are required to document their current payment plans and inform the person making payments by sending out a statement regularly, whether monthly or quarterly.

What if I am not covered by state law?

If you are not covered by state law, it is best to get an agreement with your debt collector in writing, and not over the phone. If you are speaking over the phone and being pressured to reach an agreement, make sure that you tell the debt collector that you are recording the conversation and proceed to do so. This way, you have evidence of the agreement, just in case there is conflict over the exact terms of the deal at a later time. You should also make sure to state the name of the collector, along with the time and date, since the agreed-upon terms will not be officially time stamped or dated.

If you have questions about your debt payment plan, or feel that you should be receiving statements and are not, Graham Legal can help. We invite you to call and speak with an experienced debt attorney in Miami and let us begin reviewing your situation today.

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