When you’re getting calls from a debt collector, it’s natural to feel frustrated! It’s hard to get your financial footing when you’re also trying to deal with collection calls. We can’t pay your debts for you, but we can let you in on 5 tips and tricks for making these debt collection calls easier.
You Have Rights
Thanks to debt collection laws, there are actually several rules that debt collectors have to follow when they’re contacting you. For example, they can’t call before 8am or after 9pm. Other rules? They can’t contact you at work if you ask them not to. In fact, you can even write the agency a certified letter to stop them from contacting you.
You Can Negotiate
Your debt is only worth as much as you can actually pay. A debt collector may have leeway to work with you. Some people advise offering as little as 10% of what you owe! They probably won’t accept that offer, but it gives you somewhere to start. Debt collectors are also more likely to accept a lower amount if you can pay it in full instead of setting up a payment plan.
Your Assets Are Safe
Unless the debt collection agency takes you to court (which they can do, and are more likely to do if you stop them from contacting you), then they cannot seize your assets or garnish your wages. Not only that, but they probably can’t even threaten you with these actions unless they’ve begun legal action. If a collector does, then you have a case to make a complaint against the debt collection agency.
Keep Good Notes
Document these calls! This is important for a couple of reasons. First and foremost, these calls can be stressful. If you’re not taking notes, you may find that it will be nearly impossible to remember any important details, such as any special offers you may be offered. It’s also a good idea to take notes so that you can report anything that your debt collector handles the wrong way.
Your Debt, Your Business
Unless you had a cosigner, a debt collector isn’t allowed to contact anyone else about your debt. They aren’t allowed to disclose any of your personal information. This includes your friends, your family, and especially your boss. The only thing they can do is contact them to find your current contact information or place of employment. Once they get in touch with you, though, they can’t talk to anyone else.
Knowing your rights can really help you deal with debt collection calls. If it’s more than you can handle, then you shouldn’t hesitate to get in touch with a debt collection lawyer. The extra expense is worth the peace of mind!
