subject: Debt Collections Driving You Crazy? – Tips For Debt Relief [print this page] Debt Collections Driving You Crazy? Tips For Debt Relief
If you or someone you know hasdebt, you need to know this information about the inside world ofdebtcollections. I know I worked in it, and I have the "inside scoop."
I eventually worked, in fact, for a nationaldebt buyer and managed accounts with collection attorneys all over the U.S. for several years. Many of the clients were baby boomers and the elderly. There are a couple things you must be aware of debt collectors and their attorneys do not care how old you are or what your situation is. Especially if you own property.
We all know paying off debt brings a tremendouspeace of mind andempowerment. It is one of the biggest steps you can take for life planning, besides taking the standard "paying yourself first" action. I'm sure you've heard of that. In these times many folks have debt that they may think to be unmanageable. Many are tempted to walk away from the debt, take the "oh, just forget it" approach, and hope it goes away because the times are difficult and everyone else seems to be having problems too everyone else is in the same boat so just let the credit card company suck it up and write it off they write stuff off all the time.
Wrong. They may charge it off, but that is not the same as writing it off. And it will eventually end up in the hands of a debt buyer something, trust me, you do not want. Maybe the above thoughts have crossed your mind, or you know someone who thinks this way. If you are into self growth, you are most likely a very responsible person and want to take responsible steps. Yet you still should know how the collection system works, if nothing else but to pass the info on to someone else.
There are many layers to what happens to your debt if you decide to try to just forget it or believe it's overwhelming to deal with. It goes from the creditor's internal collection system, to probably a third party collector, back to the original creditor, who then sells it to a debt broker who sells it to a debt buyer, which usually is or has a collection attorney in almost every state. All this time your interest is accruing at an astronomical rate. And you probably are not even aware of what is going on. Yes, you may get letters from these various people, but the grand total of your debt is now so high is does not even resemble your original debt. And, of course, you no longer recognize any of the names of the companies contacting you, so you may think it is a scam, so you do not respond. It is not a scam, and they probably are perfectly within their legal rights. You have rights too do you know what they are?
This system can be very complex. I invite you to read more about the details on the special page of our web site at:www.elder-one-stop.com/paying-off-debt.html -- check out our other related pages too. And be sure to seek professional guidance to create a manageable plan that works for you.
