When it comes to debts, the situation can turn from pretty to ugly in a matter of seconds. One day you would be splurging away like there’s no tomorrow and the next, you would be hunting down for ways to bring back all that money along with its humongous interest rate to pay it all off. Often, when you have taken longer than usual to pay off your debts and the bill has entered into the collection phase, you may have to deal with debt collectors far more often that you might want to. Sometimes, debt settlement may be the answer to all your queries. In any case, you will still have the nagging debt collectors to deal with if you miss out on your payments. You can either deal with them alone or you could choose a debt settlement lawyer; the choice is yours. However, these are the tips that will ensure that you are in safe territory and handle them well. The key is to avoid getting panicky as they will sense this fear and make things worse for you.
1.) Make sure you have all the information that you need about your debts in written form:
This is very crucial as the written word has far more importance than the spoken one. Every single detail pertaining to your debt should be specified in clear and concise language. If any discrepancies are spotted, you must make sure that you contact this debt collector.
If you are completely positive that there have been some errors, you should write to the concerned agency immediately, preferably within a time period of a month from receiving your first letter containing all the information.
However, if you happen to be on the wrong side, the debt collector will get started with his collection action. Therefore, you need to be very careful when claiming that there are mistakes. Usually, a debt collector will have all the evidence in the form of bills and therefore, cheating your way out will never work.
2.) Keep every evidence intact:
One of the mistakes debtors make is getting rid of all the bills and written information. Under any circumstance, do not lose these documents. From the written mails that you receive to the unending phone conversations with your debt collector, each and every aspect of it should be recorded for future references. In fact, you must also make sure that you retain the voice messages for future use.
3.) There are many things that a debt collector is not permitted to do:
Legally, a debt collector cannot, in any case, threaten you or scare you. They are not allowed to make incessant calls and use foul language while talking. Besides, they cannot use cheap tricks like falsely calling themselves members from the legal department or intimidate you by saying that they are entitled to take away your property and the likes. In the event f such threatening messages, you are allowed to take strict action against them. You can get in touch with a good debt settlement lawyer that will explain every detail and make sure you do not fall prey to one of the several tricks used by such debt collectors.
4.) Do not indulge them with long conversations:
Answer only what has been asked and make sure that you do not pour out more details than needed. A debt collector will try to frazzle you. Therefore, you must hold your stand, be confident and think twice before you answer. You should never lie and state facts.