As the world is shifting to various social media platforms, debt collectors too have the chance to hop on the technology train now. Debt collectors can now contact their consumers through social media platforms and text messages.<o:p></o:p>

The Consumer Financial Protection Bureau (CFPB) has now allowed all creditors to directly message Americans who have loans. So, now, the US creditors are legally allowed to slide into DMs.

<o:p>Also read |&nbsp;<a href="https://www.wionews.com/trending/gamechanger-scientists-reveal-cruelty-free-mushroom-leather-433875">Gamechanger? Scientists reveal cruelty-free 'mushroom leather'</a></o:p>

This change was approved last year under the Donald Trump administration. Supporters of this rule have argued that this is simply a modification of the rule created in the 1970s. They also believe that this change was needed to keep up with the changing times as the law was drafted in 1977 when social media platforms did not exist and text messages were not regular.<o:p></o:p>

However, the critics are arguing that this might not be the best way to reach out to the Americans as there is a possibility that messages can be lost online.<o:p></o:p>

Critics also argue that this can be an invasion of privacy and can also give birth to new and deadly scams.

<o:p>Also read |&nbsp;<a href="https://www.wionews.com/world/man-dressed-as-ninja-shot-by-french-cops-after-attacking-two-policewomen-with-sword-433840">Man dressed as ninja shot by French cops after attacking two policewomen with sword</a></o:p>

Under the rule approved by the CFPB, creditors are allowed to directly and personally contact defaulters through text messages and direct messages. However, the debt collectors are not allowed to post anything on the public pages of the defaulters.<o:p></o:p>

Another interesting thing under this rule is that consumers can opt out of getting these messages. Creditors, in general, are not bound to take permission to contact people. In addition to this, there is also no set limit to how many messages can be sent to the defaulters.<o:p></o:p>

As the world is shifting to various social media platforms, debt collectors too have the chance to hop on the technology train now. Debt collectors can now contact their consumers through social media platforms and text messages.

As the world is shifting to various social media platforms, debt collectors too have the chance to hop on the technology train now. Debt collectors can now contact their consumers through social media platforms and text messages. The Consumer Financial Protection Bureau (CFPB) has now allowed all creditors to directly message Americans who have loans. So, now, the US creditors are legally allowed to slide into DMs. Also read | Gamechanger? Scientists reveal cruelty-free 'mushroom leather' This change was approved last year under the Donald Trump administration. Supporters of this rule have argued that this is simply a modification of the rule created in the 1970s. They also believe that this change was needed to keep up with the changing times as the law was drafted in 1977 when social media platforms did not exist and text messages were not regular. However, the critics are arguing that this might not be the best way to reach out to the Americans as there is a possibility that messages can be lost online. Critics also argue that this can be an invasion of privacy and can also give birth to new and deadly scams. Also read | Man dressed as ninja shot by French cops after attacking two policewomen with sword Under the rule approved by the CFPB, creditors are allowed to directly and personally contact defaulters through text messages and direct messages. However, the debt collectors are not allowed to post anything on the public pages of the defaulters. Another interesting thing under this rule is that consumers can opt out of getting these messages. Creditors, in general, are not bound to take permission to contact people. In addition to this, there is also no set limit to how many messages can be sent to the defaulters.

Changing with times: US creditors can now DM loan defaulters

Venezuela on Friday called foreign creditors to a November 13 meeting in Caracas aiming to restructure its estimated $150 billion debt, as credit-rating agencies dealt the crisis-stricken country another blow with double downgrades.

Standard &amp; Poor&#39;s cut the nation&#39;s long-term foreign currency rating to &quot;CC&quot; from &quot;CCC-&quot; over growing concerns of the risk of a debt default in the oil-producing country, while fellow agency Fitch cut the long-term debt rating to &quot;C&quot; from &quot;CC.&quot;

The increasingly dire warnings followed President Nicolas Maduro&#39;s calls to &quot;investors across the whole world and to holders of Venezuelan debt&quot; &nbsp;to attend a Caracas meeting November 13 &quot;to start a process to refinance and renegotiate the external debt.&quot;

His vice president, Tareck El Aissami, who is leading a commission tasked with the restructuring, said the government is seeking &quot;sovereign commitments&quot; for a debt renegotiation.

Flanked by the ministers in charge of the economy, finance, and energy, El Aissami confirmed the country had on Friday started to pay out $1.2 billion due to service the debt of state oil company PDVSA.

Maduro announced Thursday that Venezuela would begin talks to refinance the debt immediately after that payment was made.

El Aissami, one of the Venezuelan officials sanctioned by the United States due to alleged ties to drug trafficking, said the talks with creditors will &quot;establish the groundwork to renegotiate the terms of the foreign debt of the Republic and of PDVSA.&quot;

&quot;We will begin a sovereign renegotiation of our debt and we will continue to comply fully, transparently, as our government has done historically,&quot; he said in a televised statement.

He noted that since 2014 Venezuela, which has the largest proven crude oil reserves in the world, has paid nearly $72 billion in principal and interest payments on the debt.

Blasting US sanctions&nbsp;

Maduro has repeatedly blamed the United States for the country&#39;s woes, saying Washington is trying to strangle Venezuela with sanctions.

US sanctions imposed on Venezuela in August ban US trade in any new bonds issued by the Venezuelan government or PDVSA&nbsp;a needed step in any restructuring.

El Aissami denounced the &quot;continued aggression, permanent sabotage, blockade and financial persecution&quot; he said US President Donald Trump has imposed on the people of Venezuela. But he said the sanctions really hurt bondholders and financial institutions.

Much of Venezuela&#39;s debt is held by China and Russia, to be paid off in oil the resource that underpins the Venezuelan economy. The country has less than $10 billion in foreign currency reserves.

Analysts were pessimistic about Venezuela&#39;s chances of successfully restructuring its debt.

&quot;Venezuela&#39;s options to keep up with its payments are shrinking rapidly, mainly because any restructuring needs to be matched with clear and credible economic reforms capable of winning the trust and support of bond-holders,&quot; said Diego Moya-Ocampos, an analyst at London-based IHS Markit.

Another analyst, Asdrubal Oliveros, director of Ecoanalitica in Caracas, said that while investors had anticipated a debt renegotiation, they wanted &quot;a plan of restructuring and reorganization, of putting accounts in order -- this isn&#39;t that plan.&quot;

Sinking economy&nbsp;

According to estimates by private consultancies, Venezuela has a debt mountain of $150 billion, of which $45 billion is public debt, $45 billion is owed by PDVSA, $23 billion is owed to China, and $8 billion is owed to Russia.

A default could see investors try to lay claim to PDVSA assets, including tankers, oil in shipment and subsidiaries such as the Citgo refinery and service station network in the US.

&quot;The government has mortgaged the future of Venezuelans in an irresponsible way,&quot; said Stalin Gonzalez, head of a grouping of opposition lawmakers who dominate Venezuela&#39;s parliament.

Venezuela&#39;s economy is in dire shape, shrinking by 36 percent in the past four years, according to the International Monetary Fund (IMF), and is now suffering hyperinflation estimated to top 2,300 percent next year.

Production of its primary resource, oil, is declining, in large part because of rundown PDVSA infrastructure and neglected fields.

The IMF on Friday sanctioned Venezuela for not providing economic data as required of all its 189 member states. The move carries no financial penalty but is another sign of Venezuela&#39;s strained relations with the fund.&nbsp;

Venezuela was failing to give data on the operations of the social security institute, exports and imports, and other key economic indicators, the Washington-based lender said.

Venezuela on Friday called foreign creditors to a November 13 meeting in Caracas aiming to restructure its estimated $150 billion debt, as credit-rating agencies dealt the crisis-stricken country another blow with double downgrades

Venezuela on Friday called foreign creditors to a November 13 meeting in Caracas aiming to restructure its estimated $150 billion debt, as credit-rating agencies dealt the crisis-stricken country another blow with double downgrades. Standard & Poor's cut the nation's long-term foreign currency rating to "CC" from "CCC-" over growing concerns of the risk of a debt default in the oil-producing country, while fellow agency Fitch cut the long-term debt rating to "C" from "CC." The increasingly dire warnings followed President Nicolas Maduro's calls to "investors across the whole world and to holders of Venezuelan debt" to attend a Caracas meeting November 13 "to start a process to refinance and renegotiate the external debt." His vice president, Tareck El Aissami, who is leading a commission tasked with the restructuring, said the government is seeking "sovereign commitments" for a debt renegotiation. Flanked by the ministers in charge of the economy, finance, and energy, El Aissami confirmed the country had on Friday started to pay out $1.2 billion due to service the debt of state oil company PDVSA. Maduro announced Thursday that Venezuela would begin talks to refinance the debt immediately after that payment was made. El Aissami, one of the Venezuelan officials sanctioned by the United States due to alleged ties to drug trafficking, said the talks with creditors will "establish the groundwork to renegotiate the terms of the foreign debt of the Republic and of PDVSA." "We will begin a sovereign renegotiation of our debt and we will continue to comply fully, transparently, as our government has done historically," he said in a televised statement. He noted that since 2014 Venezuela, which has the largest proven crude oil reserves in the world, has paid nearly $72 billion in principal and interest payments on the debt. Blasting US sanctions Maduro has repeatedly blamed the United States for the country's woes, saying Washington is trying to strangle Venezuela with sanctions. US sanctions imposed on Venezuela in August ban US trade in any new bonds issued by the Venezuelan government or PDVSA a needed step in any restructuring. El Aissami denounced the "continued aggression, permanent sabotage, blockade and financial persecution" he said US President Donald Trump has imposed on the people of Venezuela. But he said the sanctions really hurt bondholders and financial institutions. Much of Venezuela's debt is held by China and Russia, to be paid off in oil the resource that underpins the Venezuelan economy. The country has less than $10 billion in foreign currency reserves. Analysts were pessimistic about Venezuela's chances of successfully restructuring its debt. "Venezuela's options to keep up with its payments are shrinking rapidly, mainly because any restructuring needs to be matched with clear and credible economic reforms capable of winning the trust and support of bond-holders," said Diego Moya-Ocampos, an analyst at London-based IHS Markit. Another analyst, Asdrubal Oliveros, director of Ecoanalitica in Caracas, said that while investors had anticipated a debt renegotiation, they wanted "a plan of restructuring and reorganization, of putting accounts in order -- this isn't that plan." Sinking economy According to estimates by private consultancies, Venezuela has a debt mountain of $150 billion, of which $45 billion is public debt, $45 billion is owed by PDVSA, $23 billion is owed to China, and $8 billion is owed to Russia. A default could see investors try to lay claim to PDVSA assets, including tankers, oil in shipment and subsidiaries such as the Citgo refinery and service station network in the US. "The government has mortgaged the future of Venezuelans in an irresponsible way," said Stalin Gonzalez, head of a grouping of opposition lawmakers who dominate Venezuela's parliament. Venezuela's economy is in dire shape, shrinking by 36 percent in the past four years, according to the International Monetary Fund (IMF), and is now suffering hyperinflation estimated to top 2,300 percent next year. Production of its primary resource, oil, is declining, in large part because of rundown PDVSA infrastructure and neglected fields. The IMF on Friday sanctioned Venezuela for not providing economic data as required of all its 189 member states. The move carries no financial penalty but is another sign of Venezuela's strained relations with the fund. Venezuela was failing to give data on the operations of the social security institute, exports and imports, and other key economic indicators, the Washington-based lender said.

Stalked by default fears, Venezuela calls creditor meeting

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