Debt Collection Basics Part Six: Advice For Debtors
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In the first five articles on my seven article series on debt collection, I defined what a collection account was and why it benefited a creditor to send an account to collections. I described information agencies will collect and use and tactics, both illegal and legal that the collection agencies will use to collect debt. I mentioned that third party debt collection agencies are governed by federal and state law and overseen by the federal trade commission.
I told you what to remember and what to do if you are on the phone with a debt collector. I reminded you to keep your cool and to call the collection agent back if you start to feel flustered. I let you know that a debt collector is constantly trying to create a sense of urgency and will ask you why you can't agree to their terms today.;
After you and the debt collector have worked something out, I gave you the advice to confirm your payment plan and the fact that you paid in writing. Do this by mailing verification by certified mail, return receipt requested so you can receive a receipt as proof that the agency got your correspondence.
I gave you some advice for the future which was to stay on top of future payments and call your creditor once you have missed one or two before it can be sent to collections. It will be much less stressful to just get this over with than to deal with a debt collector. I pointed out that in many instances it is easy to predict when you will not be able to make a payment and in these cases it is always a good idea to call the creditor in advance if there is some way to work something out. Many times if you call in advance you won't suffer any penalties or late fees.
And, as usual, to cut back on stress, improve your personal finances and keep a decent credit score, do not buy what you cannot pay for now. Unless you are in a dire situation where you need food, water, heat or shelter, whatever material item it is that you feel you cannot live without can be placed upon the back burner for now.
Article Source: Articlelogy.com
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