Are you being sought after by debt collectors?
Do you constantly have to deal with different creditors who remind you of your debts? Do you have to answer phone calls even during inconvenient hours? True, debt collectors can be a real pain sometimes. Is there something you can do about it?
In this article, we’ll discuss ten positive steps that you can do to deal with your debt collectors:
1. Be aware of your consumer rights.
The federal law has set specific rules on debt collection to protect consumer rights. Even as a borrower, you should be treated with respect and dignity. Check out the FTC’s website for the list of rules included in the Fair Debt Collection Practices Act.
2. Don’t hide from debt collectors.
Even if you don’t feel like talking to them, don’t try to run away. Hiding or ignoring debt collector’s calls will only make your situation worse. The best thing to do is respond immediately. If you don’t have the means to pay at the moment, explain your situation and assure your debt collector that you are doing your best to make your payments.
3. Know your debt collectors.
You should be clear about the agency collecting debts from you. Who is the company or creditor it represents? You should be handed a written document containing the debt collection details.
4. Dispute errors.
If a debt collector is requiring you to pay debts you did not owe, you can dispute them. Send a letter of dispute to your creditor within 30 days after you received the notice of collection. Your debt collector should not continue with its collection until the dispute has been resolved.
5. Keep records of correspondence with your debt collector.
Make sure that you have a complete set of records of all your correspondence with your debt collector. When you receive calls, take down the name of the caller and the conversation that took place. Keep emails, post mails, forms and receipts for your reference.
6. Ask your debt collector to stop.
You can actually send a written request to a creditor or debt collector to stop contacting you about your debts. A creditor or debt collector should respect this request. Nevertheless, this does not change the fact that you owe your creditor and that you have the responsibility to pay your debts.
7. Negotiate with your creditor.
If your current financial situation makes it really difficult for you to pay the entire amount you owe, ask for an easier repayment term. Most creditors would be willing to extend consideration if they see that you have a valid reason for your missed payments.
8. Tell your debt collector the best time to contact you.
Inform your debt collector the time of day in which you can receive their call more conveniently. This way, you’ll know exactly when to expect their calls and you’ll be in much better position to speak with them about your debt situation.
9. Get help.
Getting help from a legitimate debt counseling agency can also help you deal with your debt collectors better. They know how to handle debt situations better and they can even help you come up with an effective repayment plan.
10. Report violations.
If you feel that a debt collector is going beyond its boundaries, fight for your rights. If despite your request to stop, a debt collection agency continues to badger you, report it to your State Attorney General’s office and file a complaint to the FTC as well.