How to Handle Creditors When They Demand For Money You Can't Afford to Pay Right Now?

The debt game rule stated that the money you borrow from creditors need to be paid back with interest

. If you don't pay it, they will chase after you until you settle the money you have owed. But, dealing with harassing creditors' phone calls and being visited by debt collectors can be very stressful if you can't pay the delayed payment. How to handle the creditors when they contact you to demand for the money you have owed them if you can't pay it right now? Fortunately, the Federal Trade Commission (FTC) has rules to protect debtors by restricting what the creditors can do. Below is what you can do in handling those pesky debt collectors:

1. Ask for information about your debt that should include the up-to-date amount owed, separating the principal, interest and penalties. You have to record down the name of the creditor or debt collector who contacted you. It is your right under the FTC rules to demand all pertinent information regarding your debt from the bill collectors. If you are contacted by phone, then you can insist to request the information to be sent to you via mail within 5 days.

2. Sometimes, the collector company's data might be out-of-date or there might be some erroneous such as the amount owed that you need to immediately dispute and make correction. If you have made the payments and the payments are not updated in the debt collector's database, then you might need to send prove of payments, it better to do it via a certified mail, to the collection agency and attention to the person who call you. Ultimately, you can also request the agency to prove the debt you have owed if you found that the amount requested by the creditor is not same amount in your record.

3. You have right to call for legal action if the harassing collectors call you after 9 p.m. or before 8 a.m. Initially, just hang up the phone if you receive the call at these odd hours. If that doesn't stop them from calling you at these times, you can threaten to take legal action and take the action if necessary.

4. You can always reconstruct a debt with a payment plan that has been worked out with the creditors. If you can't do it yourself, you might want to get help from professional company such as debt negotiation agency to help you get an agreed payment scheme that is within your financial affordability. Once you sign the agreement to follow the payment scheme, you should make sure you make payment on time and the bill collectors should stop disturbing you anymore.

5. It is debt collector job to collect the money you have owed, but if you have worked out a debt repayment plan agreed by your creditors and you still being unfairly harassed, then you can notify the Federal Communications Commission (FCC). The FCC has the authority to initial an investigation against unscrupulous creditors and shut them down if the case found to be truth.

Summary

There is always a solution to resolve your debt problem, but you have to know how to handle the creditors or the bill collectors when they contact you. The creditors are restricted by the Federal Trade Commission (FTC) on what they can do on you when they demand for money you can't pay right now. Therefore, you are protected under FTC rules while finding a debt relief solution.

How to Handle Creditors When They Demand For Money You Can't Afford to Pay Right Now?

By: Cornie Herring

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