Stop Creditors Calling - Advice On How To Stop Creditors Calling For Payment

When your debts get out of control it can be very stressful to have creditors continuously demanding money from you when you just do not have it

. Fortunately there are things you can do yourself to stop creditors calling you, even when you cannot afford to repay what you owe.

Any company that is owed money will have their own procedures for trying to get that money back. This will typically start with them contacting you directly and repeatedly but if that does not get a result the debt may then be passed on to a debt collection agency. Usually agencies like this will be working on behalf of the creditor and will often only be paid in relation to what they manage to get back from you. Sometimes, however, the debt will be actually sold to a collection agency. If this happens, the agency will now own the debt and you will owe the money to them.

The details of who is pursuing the debt are not that important. Whoever it is will want the same result, which is that you repay what is owed. You can be sure that ignoring letters and not answering calls will not make them go away. This may well lead to legal action, if they think you could pay off the debt if you really wanted to. The only way to stop creditors calling is to take action yourself to change your situation.

If you genuinely cannot afford to repay the debts you have, there are things you can do to change that situation, and you need to show the creditors that you too are concerned that you have not repaid the money, but that you are actively doing something about it. There needs to be a dialogue with your creditors so that they believe that you are genuinely unable to pay but that you intend to find a way to pay back what you can.

There are a few different routes you can follow in terms of actually dealing with your debts, and the one you choose will depend partly on your circumstances and partly on your personal preference. The most widely used way to deal with a situation where you cannot meet the repayments on your debts is to set up a debt management plan. To do this you need to seek help from a debt management company, who will talk to your creditors for you and set up new terms for you to repay what you owe.

A plan of this sort will allow you to just make a single monthly payment and it will immediately stop creditors calling you directly, because they will have to go through the debt management company for their money. This is certainly the quickest and easiest way to stop creditors calling and begin to repay what you owe. Such a plan will allow you to know exactly how much you need to find each month until you are debt free.

If your debts are such that you would struggle to find enough money to make the payment required on a debt management plan, you may need to look at debt settlement negotiation instead. This is a different approach whereby the intention is that you only repay a proportion of your debt and it is considered settled. This is achieved by a debt negotiator working on your behalf to arrange deals with your creditors for waiving part of your debt in exchange for a quick payment of the rest. Using this process you normally end up paying less than half of what you originally owed.

The other option in relation to debt settlement is that you could try to do this negotiation yourself, and therefore save on making any payments to a settlement company. You can maximise the discounts you achieve this way, though you are going to need some accurate help and advice to take you through the process. It is not likely that you will achieve substantial discounts unless you have a good understanding of how credit card companies and lenders work in relation to bad debts.

Any of the above options will stop creditors calling you because they know that you are taking action to repay them and they are involved in the process with you. If you do decide to use a debt company to help you, it is advisable to apply to maybe three different ones so that you can evaluate them against each other. You can avoid any untrustworthy companies by following the advice of reliable sources that recommend numerous companies renowned for being the most reputable and well-known.

by: K D Garrow

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