debt negotiation – Be aware of the conditions under which they must carry out collection, negotiation, or reorganization procedures. •EYE! It is critical to have the payment arrangement written down.
The National Commission for the Protection and Defense of Users of Financial Services (CONDUSEF) informs you of the conditions to which you must adhere if you have a debt with a financial institution and a Collection Office has contacted you to settle it. to carry out the collection, negotiation, or restructuring of credits, loans, or financing.
It’s vital to note that the Collection Office operates as a middleman between you and the financial entity, negotiating and restructuring credit, loans, and funding without going to court.
Given this, it’s important to stress that the agreement must be formalized with the financial institution that gave the credit, not with the Collection Office.
The foregoing is due to complaints received by this National Commission from users who paid a decrease directly to the Office without notifying the financial institution, resulting in their debt remaining valid.
As a result, we’ll tell you about the requirements that Collection Offices must meet in order to collect, negotiate, or restructure credits, loans, or financing:
If the agreement involves any of these concepts, document the agreement in writing with the debtor for payment, negotiation, or restructuring of credits, loans, or financing, noting the terms and conditions that allow identifying the offer, discount, forgiveness, or removal.
Indicate the amount to be paid, itemizing the principal, ordinary interests, defaults, and, if appropriate, any other costs incurred as a result of the contract, with the corresponding computations.
Indicate if the debt will be settled or liquidated, or whether only a portion of the amount will be covered.
With relation to the credit number in question, clearly mention the account number of the financial institution where the payment will be made in the document.
It’s also worth noting that, from the moment a Collection Office establishes contact with a debtor, whether in writing or verbally, it must inform the debtor:
The Collection Office’s name, denomination, or business name, as well as the person in charge of carrying out the operation.
The address, phone number, and name of the people in charge of the collection.
The financial institution that provided the credit, loan, or finance.
The debt on which the collection action is based is based on a contract or an operation.
The amount of the debt and the date on which it will be calculated.
To settle the debt, certain conditions must be met.
Address, email address, and phone number of the financial entity’s administrative unit that will accept complaints concerning bad collection techniques.
That the payment or payments must be made to the financial institution that provided the credit, loan, or funding.
Remember that if you’re thinking about restructuring or liquidating your debt, the CONDUSEF has some suggestions for you:
For individuals who work with financial institutions, check out the Registry of Collection Offices (REDECO): https://phpapps.condusef.gob.mx/redeco gob/redeco.php , so you can be certain you’re not dealing with a shady business.
If you find a credit repair company on your own, keep in mind that it will not solve your problem; instead, it will negotiate for you and, in certain situations, provide legal and financial advice, all of which will be charged.
It’s possible that a Collection Office is requesting cash or making payments into a personal account without first resolving the issue.
Consider that a “Removal,” or a discount or forgiveness of your debt, will have a negative impact on your credit history and ability to obtain new credit.
Only you have the legal authority to control and clean your credit history.
Examine the factors that contributed to your debt and make sure you don’t get yourself into this scenario again.