Getting calls from collection agencies? Know how to manage them

During the present economic crisis, one in every four Americans is delinquent on their debt

. The reason for this could be loss of a job, illness, divorce or for any other reasons where economic slowdown adding fire to the problems facing by the people across the nation. Once you took loan from the lender and signing agreement you are legally bind to pay the loan under any circumstances. When you fall behind on the payments, one thing is of sure you get collection calls from debt collectors. This is the main problem faced by most people who come to me. Therefore I decided to discuss about this issue. If you are one among those who are getting calls from collections agencies then keep reading further to know how to deal with collection agencies calls.

Do not get depressed with calls nor avoid them. The first thing you must do when you think your account is in collections is to get an idea about the debt collection process. The idea about debt collection process can be achieved through fair debt collection practices act that outlines what way the debt collector must follow in his debt collection process. While rules regarding collection may differ from state to state but few things that are common that every debt collector must follow are

A collection agency must notify you in writing at your last updated address mentioning your account has been assigned to them for collection.

Debt collection agencies must get written permission from your creditor to take any legal action to collect debt from you.

Collection agencies cant call any other persons related to you like family members, friends, relatives or neighbours other than to the phone number and address provided by you.

Don not get scared off attending phone calls from debt collector but start acknowledging that you do owe money and you are very much willing to work out something with them to clear the debt. Make sure to let them know that if they are rude towards you will hang up.

Know the debt collector information like the name of the caller that is representing the debt collector and contact information.

Record the debt collection agency call which is mostly done by the collection agencies when you attend their call. So, be prepared to do the same and tell the caller that you are recording the call.

When the debt collector approach you ask him the debt validation notice as proof that you owe money and it is totally legal that you have a right to dispute their debt collection efforts. Your rights can be known by reading fair debt collection practices act.

When you are working out to clear the debt, you must know exactly how much you can afford to pay each month while working with debt settlement. Keep this figure in mind because the debt collection agency will demand more but you need to stand firm.

If everything went out well according to your financial situation then stick to your agreement will help you get rid of collection calls and at the same time debt.

Getting calls from collection agencies? Know how to manage them

By: Jack Bronson

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