Calls that are related to debts collection are not fun. Most people are having real headaches because of their outstanding debts. Debt collectors are very strict. They are known for operating under very strict terms. For instance, some of them might use scare threats, threats and abusive language. This is mainly done to frighten people into paying their debts. This has ended up breeding unnecessary tension. It can make your situation to become direr. This post is going to help you in dealing with these professionals.
Familiarizing yourself with credit reporting acts
This can be done by researching online if necessary or going through the available written materials. You can also make your copy by printing some of the online materials. These professional have the right of collecting any dents that you have not paid to your lenders. However, some basic rules and regulations need to be followed when collecting these debts.
These rules fall under fair debts collection act and practices. These rules are meant for protecting borrowers from being harassed by debt collectors. Individuals who have been harassed are advised to file complaints with the relevant authorities. This means that borrows should keep a log or record of all the harassment. The name and address of the debt collecting agency should be included in your complaint. Other important things that need to be included are times and dates of communications. Other supportive documents that can help you when filing a complaint include tapes of conversations and names of witnesses.
Negotiating settlements on your terms
This is done by going over your expenses and income and figuring what is affordable. This will help you in settling on a realistic figure or amount that you can afford to pay. Payment plans are no longer necessary once your debts have reached third-party collectors. You should avoid entering into an agreement that might compel you in paying more over time. Always ensure that all the terms are well understood a before entering into an agreement plan.
Beware of scammers
There have been some incidences where scammers have identified themselves as debt collectors. A genuine debt collector should identify him or herself with his or her company, telephone number, street address, and state licenses. Every borrower is entitled to verification by the law.
Zombie debts exist
These are the old debts that don’t die. The debt collector should invalidate all the debts before acknowledging that they exist. Doing your due diligence is considered as the best way of defending yourself against zombie debts.