Personal Finance Knowledge - How To Deal With Debt Collectors
Dealing with debt collectors is one thing the preponderance of people does not think is a standard part of their personal finance knowledge
. Or how to deal with any other interactions you may come across in your financial business. It is vital you understand the attitude of the debt collectors you are dealing with. They have 'procured' your debt from your lender and their income comes from obtaining more than they spent back from you. Once you recognize and understand this you will be in an improved position to deal with them to your advantage.
You should not take this to mean debt collectors are all sweetness and light. If you think about this situation from the debt collectors standpoint it is in their interest to obtain your money; as much of it as possible and as quickly as possible. The debt collectors employees you are dealing with will be sacked if they do not perform their duties, but that does not imply you should just sit back and do whatever they say.
The debt collectors know from experience that most of the people they deal with simply do not know their rights in these situations. They rely on this to induce you to shell out more than you can practically afford and quicker than you can afford. The best way to frustrate this is to be familiar with what they can officially do and what they officially cannot do.
They can only get in touch with you at your place of work if you do not do anything. So, all you need do is send them a letter stating they are not to contact you there. Therefore, write them a letter the second you realize they are on your case.
They are not authorized to get in touch with you excessively as well. This is classed as harassment. Undoubtedly definitions of 'excessively' could easily be different for each party, so it is in your interest to let them know of your position in writing.
By law they are only authorized to contact you between 8am and 9pm. At least initially they are. You can tell them not to contact you at all about your debt and they must conform. Now they can just get in touch with you if it is to let you know of any other actions they will be making to obtain their money.
Do not be fooled though; due to the nature of their job, debt collectors can become threatening in recovering the debt. The best thing for you is to know your rights and not be harassed into making payments you cannot afford.
The absolute best way to deal with your debt collectors is to increase your personal finance knowledge to include how to deal with such people and firms. Get in touch with them immediately and attempt to work through your money problems with them. As soon as they recognize you know your rights, you will not be harassed and are willing to make a bargain; it is in their interests to come to an agreement.
by: Blybar
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