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The Fair Debt Collection Practices Act applies to third-party creditors only; it does not apply to original creditors. However, most creditors will respect the law even if they are the original [...]

The Fair Debt Collection Practices Act is a federal law that regulates the behavior of collection companies. It typically applies to third-party debt collectors as opposed to original creditors, [...]

Typically debts are settled in the range of 40 to 50 cents on the dollar. Sometimes the range is lower, and in some rare instances it can be as low as 7 or 8 cents on the dollar. But typically [...]