It can be quite nerve racking when the bill collectors are
calling and sending demand notices, however you can handle
it. There are ways you can protect yourself and also ways
to properly handle your debt collectors.
There is an act that was designed just for individuals that
are trying to cope with the overzealous bill collectors.
The Fair Debt Collection Practices Act is a guideline that
must be followed when a debt collector is attempting to
collect payment on a debt. It is illegal for a debt
collector to call a residence before 8 a.m. and after 9
p.m.. They are also not allowed to threaten the garnishment
of wages or harass you with phone calls after you have
asked them to stop calling you. For more information go to
=> www.ftc.gov/os/statutes/fdcpa/fdcpact.htm#801.
If you have an answering machine, you can screen your phone
calls before you answer them. Adding anonymous call
blocking to your phone line can also help from receiving
the unwanted collection calls. Well, at least from having
to talk with the person on the other end. However, if you
decide to answer the phone you can request that the
collector no longer call you. Once you have stated to them
that you don't want any further phone calls, legally they
have to stop the phone calls to you.
Before you take some of the more drastic measures, you
should consider making arrangements with the company to pay
off the debt. In many cases, the collector is authorized to
reduce the amount owed in order to collect the money.
Usually, if you make payment arrangements on the debt, the
collection calls from that company will stop.
Keep a log of all calls between yourself and the collection
agency. If you have agreed to any payments be sure that you
write it down as well as the person you made the agreements
name with. Try your best to keep the agreement you have
made, if you are unable to keep it notify the company as
soon as possible. If you have requested the collector to
stop calling you, you can record any phone calls with them.
Just make sure you notify them that the phone call is being
recorded. This is usually very effective in making them
cease the harassing phone calls.
In most cases, you will be able to negotiate the amount of
money you will be paying off. The collection agency gets a
commission off of the amount of money they successfully
collect. So, in many situations they will accept a smaller
payment in order to collect any money. In their eyes, any
money is more than nothing.
If you agree to a smaller payment, be sure to request that
there should be no further negative marks placed on your
credit report. Also, be instant that they promptly report
the payments made as well as adjusting the amount that is
owed on your credit report.
After you make an initial good faith payment, you should
receive an agreement. In this agreement it should state the
amount that is owed as well as the terms of the agreement.
Send as little of a first payment as possible. This will
insure that they will keep their end of the agreement and
hold true to the contract.
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Moses Wright provides more helpful information on debt
consolidation help, and loan facts on his website for free:
http://www.bulletpedia.com/
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