Collecting an Unpaid Debt in New York

New York debt collection requires street smart, a proactive game plan and the assistance, often, a debt collection lawyer in New York.  The following is the NY basic debt collection legal jargon that you should know. A creditor is a person or entity to whom money is owed.  Normally, a creditor gives something of value to a borrower (money or services) in exchange for a promise that the borrower will pay them back.  In most cases, repayment is accompanied by an additional payment of interest.  Examples of creditors include credit card companies, banks, or any other person or company that lends money.  However, other businesses, such as medical professionals, lawyers and accountants are creditors when they provide services in exchange for a promise to pay. A secured debt is a debt or loan that is guaranteed by collateral.  Collateral is an item of value that the creditor takes as payment if

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