Debt collection is the process by which a person or entity who is owed money or property seeks payment for the debt. Debt collection may be performed by the person or entity who is owed the debt (the creditor), or may be performed by a third-party debt collector hired by the creditor to collect the debt on behalf of the creditor. Sometimes creditors sell the debt to another entity at a discounted value, and the entity that purchases the debt becomes the creditor.

Debts that are often the subject of debt collection efforts include (1) credit card debt; (2) car or auto loan debt; (3) medical debt; (4) student loan debt; (5) unpaid utility and telephone bills; and (6) personal loan debt.

If you owe money, you have a legal obligation to repay it. But state and federal laws—such as the Fair Debt Collection Practices Act—prohibit debt collectors from using deceptive or abusive tactics to collect the debt.

In Virginia, debt collection is regulated by both state statutes and federal law. The Fair Debt Collection Practices Act (FDCPA) is a federal law that sets national standards for the collection of debts, prohibiting debt collectors from using deceptive, abusive, or unfair practices. This includes harassment, making false statements, and disclosing the debt to unauthorized parties. Virginia also has its own set of laws that govern debt collection practices within the state. For example, the Virginia Debt Collection Act mirrors many of the protections found in the FDCPA and applies them to creditors collecting their own debts, which are not covered by the FDCPA. Additionally, Virginia law limits the amount of interest and fees that can be charged on debts and sets forth the statute of limitations for when a creditor can legally pursue a debt. The types of debts that are subject to collection efforts in Virginia include credit card debt, auto loans, medical debt, student loans, utility bills, and personal loans. Consumers in Virginia who are facing debt collection efforts have rights under these laws, and if those rights are violated, they may have legal recourse against the debt collector or creditor.