Tips to deal better with your debt collector
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Article Submitted by: Jason Holmes
Thursday, 23 July 2009
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You have to be extremely professional
and careful when dealing with a debt collector. If you need certain tips as to
how you can deal with your debt collector take a look below:
- Know your
rights: A debt collector must follow the norms of the Fair Debt
Collection Practice. Many states may have their own state laws on debt
collection. You may check them out from the Federal Trade Commission if you
want. If you are aware of your rights as a debtor, the debt collector
cannot get away with anything. They know they can't take you for a ride.
- Carefully
choose your priorities: Maybe you have an unpaid credit card bill, but
you may put that on hold for sometime. Do what is your priority first.
- Estimate how
much you can afford: Don't settle for anything that you cannot afford.
Also avoid post dated checks for payments to creditors and also avoid
automated payments from your bank accounts.
- Provide
controlled information: You don't need to give them the story of your
life. Do not offer them information about where you work and the bank you
use for your savings. Just stick to the facts that they need. Keep your
cool no matter what the collector may tell you. This way you can strike a
better deal than you will do by losing your temper.
- Taping the
call: Find out if your state allows you to tape the conversation that
you have with your collector. Approximately 35 states allow this. In other
states, you may just need the permission of the other party.
- Documentation:
Keep everything that you have in writing inside a file. Collection
letters, notes of collection calls, name of collection agency, what the
caller said, everything goes in to a file. Make notes and put them in file
for future references. If you have noted down a conversation between you
and the collector make sure there is a voice file too i.e. a record of the
conversation.
- Payment
agreement must be in writing: When you agree to make a payment, get
the agreement in writing. It should not be a word-of-mouth settlement. Get
your debt settlement in writing so that you have proof in case you need it
in the future. Send a letter to the creditor through certified mail and ask
for a return receipt.
Negotiate
at the right time: Your debt collector may push you in to paying
immediately. But don't rush in to anything. Don't pay them unless you have a
payment agreement in writing. The best time to negotiate would be at the end of
the month. Collectors have a target each month on which their commission is based.
You may find yourself a good deal if you negotiate at the end of the month.Article Source: http://www.ArticleBlast.com |
About The Author:Jason Holmes is a reputed author and he has been writing articles on debt consolidation. He has also written for the
Debt Consolidation Care community. Some of the articles written by him include Debt free, Debt negotiation, Bill consolidation, Ameriloan and Legacy Visa. His write ups are very informative and have proved to be very helpful to those in debt.
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