Dealing with Central Portfolio Control: A Guide to Debt Collector Relief
What is Central Portfolio Control?
Central Portfolio Control (CPC) is a debt collection agency; they buy unpaid debts from creditors and attempt to collect on those debts. CPC is known for being extremely aggressive in their tactics – so if they‘re hounding you, you’re probably feeling stressed and overwhelmed.The good news? You have rights when it comes to debt collectors like CPC. This guide will walk you through everything you need to know about dealing with them – from understanding your legal protections, to exploring debt relief options that could get CPC off your back for good.
Your Rights Under the Fair Debt Collection Practices Act
The Fair Debt Collection Practices Act (FDCPA) is a federal law that prohibits debt collectors from using abusive, deceptive or unfair practices when trying to collect a debt. Some key protections it provides:
-- Debt collectors can’t harass you with repeated calls intended to annoy or abuse
- They can’t lie or misrepresent the amount you owe
- They’re prohibited from using profane language or making threats
- Debt collectors must identify themselves on calls and in letters
If CPC violates the FDCPA in their dealings with you, you may be able to sue them and potentially get the debt dismissed entirely. More on that later.
Validating the Debt: Requesting Proof from CPC
One of your first steps in dealing with CPC should be sending a debt validation letter. This is a request for information proving that you actually owe the debt they’re trying to collect. CPC is then legally required to provide validation within 30 days.Requesting validation is important because it forces CPC to prove the debt is really yours and that the amount is correct. If they can’t validate, you may be able to get the debt removed from your credit report.There are sample debt validation letter templates you can use. Just make sure to send it via certified mail and keep a copy for your records.
Negotiating a Settlement with Central Portfolio Control
If the debt is valid, your next option is trying to negotiate a settlement with CPC. This means agreeing to pay a lump sum that’s less than the full balance in exchange for them considering the debt paid off.Debt settlement can be a good way to resolve things if you can’t afford the full amount. But it’s not without risks – settled debts still get reported to credit bureaus and can hurt your credit score.When negotiating, the general advice is to start low, get any settlement agreement in writing, and avoid paying the lump sum until you have a signed agreement from CPC. You may want to consult a debt settlement lawyer or reputable credit counseling agency for guidance.
Debt Management Plans: An Alternative to Settlement
Another potential path is enrolling in a debt management plan through an accredited credit counseling agency. These nonprofits can negotiate lower interest rates and monthly payments with your creditors, CPC included.With a DMP, you make a single payment to the agency each month, which then distributes funds to your various creditors. As long as you stick to the plan terms, creditors are prohibited from continuing collection efforts.The downside is that DMPs can still impact your credit while enrolled. But they’re generally viewed more favorably than debt settlement by lenders. Fees are also regulated and capped at reasonable levels.
-Dealing with Violations: How to Sue Central Portfolio Control
If CPC has violated debt collection laws like the FDCPA, you may have grounds to take legal action and potentially get the debt discharged. Violations could include:
- Harassing you with repeated calls
- Using profane or abusive language
- Lying about the debt amount or implications of non-payment
- Contacting you directly after you’ve retained a lawyer regarding the debt
To pursue a case, you’ll need evidence documenting CPC’s violations. This could include call recordings, written logs of interactions, copies of any misleading letters or notices, etc. Consult with a consumer protection lawyer who specializes in FDCPA cases.
If you prevail in court, in addition to potential debt dismissal, you may also be awarded statutory damages of up to $1,000 plus attorney fees and court costs.
Bankruptcy: A Last Resort Option for CPC Debt Relief
For overwhelming debt burdens where other options won’t provide enough relief, bankruptcy may be worth considering as a last resort. Both Chapter 7 and Chapter 13 bankruptcy can discharge certain types of unsecured debts like those collected by CPC.The downside is that bankruptcy will severely damage your credit for years and make obtaining new credit extremely difficult during that time period. It can also potentially result in loss of certain assets.But for those in a truly hopeless debt situation, bankruptcy may be the only path to a true fresh start. Consulting a bankruptcy lawyer is highly recommended if going this route.
Dealing with CPC Harassment: Sample Cease and Desist Letter
If CPC is subjecting you to harassment like repeated calls intended to annoy or abuse you, you have the right to demand they stop contacting you entirely. One way to do this is by sending a cease and desist letter.A typical cease and desist informs CPC that you no longer wish to be contacted by phone and instructs them to handle all further communication in writing only. It cites the FDCPA provisions prohibiting harassment as the legal basis.Here’s a sample cease and desist letter you can customize and send to CPC via certified mail with return receipt requested. Be sure to keep a copy for your records as well.
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