Dealing with Debt Collectors
Dealing with debt collectors can be not only annoying, but confusing. Do you know the best time of month to call and negotiate with them? Did you know that you should get any agreement made during the conversation put down in writing? Here is an article from Bankrate.com offering “12 Tips for Negotiating with Debt Collectors”:
12 tips for negotiating with debt collectors
It pays to know your rights and keep a record of all your communications when you butt heads with debt collectors. Here are some ways to hold your own.
By Bankrate.com
When you bargain with a debt collector, you’re going head-to-head with a tough, professional negotiator. Following these tips can help you come out ahead.
Learn your rights.
When collecting a debt from you, a debt collector must play fair. For details, check out this consumer brochure on fair debt collection from the Federal Trade Commission.A free consumer brochure on debt collection also is available from the National Consumer Law Center. Call NCLC’s publications department at (617) 542-9595 and ask for a copy of “What You Should Know About Debt Collection.”
Many states have their own debt collection laws. For more information, contact the attorney general’s office in your state.Don’t let retirement
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“When you know your rights, debt collectors know they can’t get away with certain things,” says Gerri Detweiler, author of “The Ultimate Credit Handbook.” “They’re less likely to try aggressive tactics.”First things first
Prioritize your bills.
No matter what a debt collector says, an unpaid credit card bill is not the most important bill you have to pay this month. Providing necessities for your family comes first.“It does not make sense to put yourself in a position that you can’t pay necessary bills,” Detweiler says.
Estimate how much you can pay and offer less.
“Don’t do anything you can’t afford to do,” says John Ventura, consumer attorney in Brownsville, Texas and author of the e-book “Stop Debt Collectors Cold.” “And don’t do anything dangerous.”Avoid sending postdated checks to a debt collector or agreeing to automatic electronic payments from your checking account.
“Presuming goodwill on the other side gets people in trouble,” Ventura says.
Don’t tell them your life story.
“Don’t go into a lengthy explanation of why you can’t pay,” Detweiler says. “They don’t have a lot of sympathy. This is what they do for their job. They hear down-on-your-luck stories day in and day out.”
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