Legal Question in Credit and Debt Law in New Jersey
is there a ''failure of notification'' law?
i would like to know if a company receiving a debt payment from a third party has to notify that party that they dont accept the amount, but they continue to take the payment, charge a late fee, then pass it on to a collection agency. shouldnt the company notify the first party or the third party of this? The whole reason of the third party is to help lower the debt payments and be able to help pay off everything, so how can a company refuse to cooperate with such a party? would i be able to counter sue the company for neglegence?please contact me immediately i really appreciate it thank you very much
1 Answer from Attorneys
Re: is there a ''failure of notification'' law?
It is difficult to understand precisely what your question is. More details are needed.
Generally speaking, the agreement between the borrower and the credit provider governs the steps that the credit provider can take upon default or during the collections process. However, the credit provider must also comply with applicable law, such as the Fair Debt Collection Practices Act. You seem to be saying that the creditor or collection agency is not accepting the payments, but then you say that they are accepting the payments, so it is unclear what is going on. Your reference to a "third party" appears to be one of those so-called "consumer credit counseling" or "debt consolidation" services, but you don't really say. You need to retain an attorney who can review all relevant documents and advise you appropriately.
I strongly recommend that you consult with an attorney immediately so that you can explore your legal rights, obligations, and options. If you wish to discuss retaining my services, contact me at:
(973)-605-8995
[Disclaimer: The above comments are not intended as nor should they be relied upon as "legal advice", which can only be obtained by personal consultation with a retained attorney; at which time the specific facts and circumstances of your case can be thoroughly evaluated. This reply is provided for general informational and educational purposes only, and does not create an attorney-client relationship with the responding attorney.]
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