Can lenders chase you over social media even during debt management?

Debts are distressing enough. That’s why it’s essential to do away with your debts as early as possible. There are numerous ways which you can follow to eliminate your debts. Debt management is only a way like that. There is no dearth of people who have followed debt management plan and eliminated debts completely from their lives.

Now, debt management is effective and there is no doubt about it. Through the process you can manage your debts but managing creditors may not be that easy. This isn’t legal to pester borrowers during debt management, still some annoying lenders don’t believe in following the rules.

How creditors may intrude into your personal space even during debt management program?

Communication is only getting smarter with each passing day. For instance there is social media. Anybody and everybody can reach up to you through social media platform, even your creditors. In fact now a days, lenders are also sending social media messages to the borrowers for collection. As social media is a huge platform so you can’t stop your lender from reaching up to you. So, you can receive messages for the collection even during your debt management program. There are instances of creditors harassing borrowers even before the completion of debt management program. This can be really annoying sometimes for the borrowers.

Is there any solution for this?

Of course there is. A couple of years back Office of Fair Trading or the OFT came up with stricter rules for consumer privacy. According to the new regulations, the creditors, who will try to harass the borrowers through social media platform during debt management, will have to lose their consumer credit license. This is actually an unfair practice to chase borrowers even through social media. Any creditor, bank or collection agency that will violate the rules and regulations will be subjected to penalty.

Millions of complaints from people, who were chased by the debtors through Facebook and Twitter, made the OFT concerned about the whole thing. That’s why the OFT came up with the regulation. This has solved the problem for consumers to some extent.

What a borrower can do to continue the debt management program peacefully?

The only way is to manage your creditor along with your debts efficiently. Talk to your creditors well before going through the debt management plan. See if your creditor is willing to cooperate with you. You must ask the creditors and confirm from beforehand that they will not pester you through social media during the debt management process. You may get professional help to complete the negotiation with the creditor successfully. If your financial condition is really not that much strong, then you must inform your creditors about that. In this way, you’ll be able to go ahead with the debt management plan easily and your creditors won’t pester you either.

It’s all about proper information regarding your consumer rights so that you can deal with the  situation properly if your creditors keep chasing you through social media when you’re yet to finish your debt management program. So, just get all the information on time and act carefully.