Dealing with Debt Collection

Take Control of Actions Against You to get Debt Relief & Relieve Stress

Dealing with Debt Collection

Debt collection agencies have been known to strike fear into the hearts of the most hardened debtors and paralyze those who are trying to get their finances under control.

Taking Control — The first thing you need to realize is you must take control, not only of your finances, but also of any collection actions taken against you. Don’t ignore collection attempts, don’t get angry, and don’t be afraid.

Practice until your manner is professional, and not defensive or offensive. You want to project an image of cooperation and settlement, not accusatory or aggressive.

Have a good knowledge of your financial situation, and what you can afford to do, prior to making any commitments for payment to creditors through agencies. Budgeting for debt relief is just one of the highly recommended tips to get you through collection actions.

Use our free Contact Log to track all contacts with creditors and debt collectors. This will help you to take control of the collection practices, keep you up-to-date on the agreements you have made, and provide proof should debt collection attempts break the law.

Taking The First Step To Control

Be honest with collection agencies about your finances and ability to pay your debts.

Don’t be afraid to tell them: you are reviewing debt relief options, days & times they may call, how much you can afford to pay, and when you can afford to pay it.

Negotiating With Agencies & Creditors — When negotiating with creditors and collectors, always offer to pay less than what you budget. Keep negotiations open and responsive, but negotiate in your best interests, not the creditors.

If you come to an agreement with them, make notes of the agreement, send a letter of confirmation, then abide by the agreement.

If you decide to let a Bankruptcy Attorney help you with debt relief, then you should refer all collection actions to them. You should not attempt to handle collection matters without their knowledge and consent.

Knowledge Is Power With Education — Instances of collectors extracting promises of excessive payments, threats and harassment were common place until the enactment of the Fair Debt Collection Practices Act. Now as a debtor, you have protection against unfair and illegal collection practices.