Wednesday, August 14, 2013
Ossenfort: Remember, debt collectors have to follow the letter of the law and there are specific laws that govern how debt collectors operate.
Getting debt collectors to stop harassing can take a lot of work. Following some simple advice from The Credit Guy, we can help ease the pain of debt collectors constant phone calls. Remember, even debt collectors have to follow the letter of the law and there are specific laws that govern how debt collectors operate.
Todd Ossenfort: Your rights about debt collectors
Talking with many debt collectors can be, at best, an unpleasant experience and, at worst, a total nightmare. To help ease the pain of dealing with debt collectors first practice the tolerance, safeguarding, and making payments.
Tolerance: Yelling at debt collectors will not accomplish anything. Remember, it is your debt, not theirs. Debt collectors have much more experience dealing with angry people, therefore, they know how to deal with your anger too. Now you need to deal with it. It doesn't help the situation by being angry. Try being tolerant, and work with them instead of making them not wanting to work with you.
Safeguarding: There are rights under the Fair Debt Collection Practices Act; I recommend everyone should learn. The most important right to remember is that everyone has the right under the FDCPA, that the collector must provide verification the debt is yours. When you are initially contacted by a collector, let him know that you need verification, in writing, that the debt is yours. Once you receive verification, you neeed be willing to communicate about the debt.
If, by chance the debt is not yours or you do not believe you owe the amount, you have the right to dispute the debt. You must write the collector within 30 days of receiving the debt notification and let him know you are disputing the debt . If you have a disputed about the debt, the collector must stop all collection activity and harassing phone calls until verification of the debt, in the form of a judgment or other proof, is mailed to you.
If the debt belongs to you, and you agree with the amount owed, then you have options and rights for how to communicate with the collection agency regarding payment. Request that all communication concerning the debt takes place through your attorney, and the collector may no longer contact you directly. (Of course, you would have to hire an attorney for this method of communication to work.) The collector may not contact you at work if you tell them your employer does not allow it. In addition, the collector may not contact you before 8 a.m. or after 9 p.m.
Payment: You first need to know what you can realistically pay before you make any commitments to making payments. Whether it is in a lump sum, one-time payment or in monthly installments. Do not allow yourself to be pressured into agreeing to a payment you can not afford, which will put you back into the same position as before. If you need time to look at your budget before making rrangements, do so. Safeguard yourself. Have the payment conversation only after you know what you can pay, and stick to the amount, no matter how ugly the collector may get in an attempt to get you to pay more.
Take care of your credit!