Smart Ways To Deal With Debt Collectors
For debts that have long been past due, many creditors pass on their duties to collect to an independent debt collection agency
. Unfortunately, in their attempts to make the borrower pay, there are debt collection agencies that go beyond their boundaries as stipulated in the Fair Debt Collection Practices Act. If you are a consumer dealing with a debt collector, below are smart pointers meant for you:
1. Try to negotiate with your original creditor. Even before your creditor assign debt collection to another agency, speak with your creditor and try your best to negotiate your debts. It is actually more difficult to negotiate with a third-party debt collector than with your original creditor.
2. Know your consumer rights. Are you aware of your rights as a borrower? Despite the fact that you owe your creditors money, you still deserve to be treated with respect and dignity. Check the stipulations listed in the Fair Debt Collection Practices Act. If you feel that your debt collector is guilty of harassment or violations of your rights, do not hesitate to file a complaint to the FTC (Federal Trade Commission) and the Attorney General's Office in your State.
3. Face up to the challenges. Under the law, a debt collector must first send an advance notice, informing the borrower that the collection has been passed on to the agency. You must always review the details of your debts because some agencies may try to collect more than what you really owe. One of your rights as a consumer is to freely ask or request for verification of your debts and you can do this by sending a dispute letter to the debt collection agency. By filing a dispute, the debt collection agency must cease all its attempts to contact you. Nevertheless, keep in mind that not being contacted by your debt collector does not exempt you from your obligations to pay what you owe.
4. Seek help from an attorney. Seeking assistance from a consumer lawyer is essential if you have already sent a notice of lawsuit. Being represented by an attorney will give you protection against accusations of debts that you do not really owe.
5. Keep copies of correspondence. Keeping all records of your correspondence with your creditors and debt collectors for reference is very important and one of the things you should always practice. In fact, even proofs of payments on debts that have been settled for years can be used to support your claims or complaints.
6. Seek professional credit counselling. Sometimes, the best way to resolve debt problems is to get help from a professional financial adviser. Find a credit counselling agency in your area that is accredited by the National Foundation for Credit Counselling and the Association of Independent Consumer Credit Counselling Agencies.
7. Do not give banking details. Financial experts advise borrowers not to give their bank details to debt collectors and instead, use a third-party payment service or money order system to send in payments.
8. Record conversations. One way to protect your rights against abusive debt collectors is to always record phone conversations with your collector. In some States, you must first inform the other party that the conversation is being taped. In any case, knowing that the conversation will be documented will discourage debt collectors from using threats or abusive language.
Copyright (c) 2010 Suzy Vanstrusen
by: Suzy Vanstrusen
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