HOW TO RESPOND TO A DEBT COLLECTOR’S CALL

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Not sure about how to react when a debt collector gives you a call because you didn’t pay your bills? Like everyone else, do you start panicking and ignore the calls and letters? Doing that might keep your anxiety at bay for a while but it’s harmful for you in the long run. What you need to do is to learn how to deal with the debt collectors rightly. You must take this as an opportunity to get back on track instead of a source of depression. We have compiled a few tips for you to help you deal with a debt collector’s call.

Demand a written notification

The first and foremost thing you need to do is to ask the debt collector to send you a written notification or documentation. According to law, this notice should be issued within five days of calling.

Be polite and don’t ignore

The rule of thumb here is not to ignore debt collectors at any cost but talk to them politely and keep a calm demeanor. Talking rudely or ignoring would aggravate your situation even more. It may force the debt collection agent to become less interested in helping you out.

Keep proper record of your every interaction with debt collector

Once you start communicating with your collector, it is a good idea to keep notes of everything. Keep record of every phone call or email you ever exchanged with the debt collector and even note the outcome of it. Also, keep a copy with you of the documents or emails you send to them.

Don’t let them harass you

Debt collectors are obliged to follow certain restrictions when it comes to communicating with client. They are not allowed to threaten or abuse you or discuss your debt with someone else. So, use the law against them and don’t let them intimidate you. If they still harass you, report them.

Keep a watch on your credit report

Get your credit report history and go through it thoroughly. If you see any mistakes or something suspicious, it is a good chance to dispute the debt.

Avoid giving out personal information

You have to be strictly vigilant while dealing with a debt collector. Do not ever give out any personal information like your bank account/social security/checking account number. Keep the conversations as professional and concise as you can.

Make negotiations

When you know that the debt is legitimate, try to find some middle ground with your debt collector. Work out a payment plan with the collector or try to negotiate for a low lump sum payment. Sometimes when the debt is huge, the creditors may agree to let you pay 40 to 60 percent of the original amount owed. All in all, it really comes down to your creditor and how cooperative both the parties are.