Tuesday, October 30, 2007
Top 5 Tips for Dealing with Debt Collectors
Debt collectors are professionals that are very skilled at the art of negotiation. Follow these tips and you may be able to come out ahead:
  1. Learn your rights. Debt collectors are required to abide by the Fair Debt Collection Act put forth by the Federal Trade Commission. People that know their rights make debt collectors less likely to resort to aggressive tactics. You can get a free brochure online or by calling 617-542-9595.

  2. Offer less than you can afford. Do not commit to anything that you cannot afford or do anything dangerous. Also, avoid sending postdated checks to a debt collector or agreeing to electronic payments that come directly out of your checking account. Assuming that debt collectors are good people is a mistake.

  3. Keep your information private. Do not tell a debt collector personal information like where you work, where you bank, or your account numbers. Keep the conversation at a minimum and tell them only the information that they absolutely need to hear.

  4. Tape any calls. Taping a phone call is the best way to keep debt collectors in line because they know they cannot use any aggressive tactics. To be on the safe side, tell the debt collectors that the call is being recorded.

  5. Get it in writing. Everything you agree to should be available in writing - especially payment agreements. Send a letter to the debt collector outlining the payment agreement via certified mail and you'll receive a receipt when the letter is delivered. Also, write "Cashing this check constitutes payment in full" on each check that you send.

10/30/2007 4:49:17 PM UTC  #    Comments [0]  |  Trackback
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