Dealing With Debt Collectors Page 1

Dealing With Debt Collectors

Dealing with debt collectors - Debt collectors have a job to do and they are

paid accordingly as a percentage of the amount of money that they recover

from you. Obviously it is in their best interest to recover as much money as

possible and many of them will resort to all sorts of tactics in order to extract

funds from you whether you can afford it or not.

Debt collectors are also aware that the majority of people don't know the fair

debt collection laws as they stand with their powers of collection and the

rights you have that cannot be violated.

When dealing with debt collection agencies, you should be aware that they are

only allowed to contact you between the hours of 8am and 9 pm and if you

send them a written letter not to contact you again in relation to a particular

debt they have to abide by that request and can only contact you again to

inform you of any further action they will take in the recovery of the debt.

They cannot contact you at your place of employment if you inform them that

this is not allowed and they are not allowed to contact you excessively as this

is classed as harassment. Obscene or insulting language is also not allowed

although many debt collectors will use such tactic to intimidate people and get

them to pay more than they can comfortably afford.

Many debt collectors will buy your bad debt off your creditor and then it is up

to them to recover their money from you so they can get quite aggressive in

their recoveries to the point that they even practice creditor harassment. If

you are in a position where you are handling debt collectors, know your rights

Dealing With Debt Collectors Page 2

and don't allow them to 'bully' you into making a payment that you can't

afford.

In managing debt collectors, sometimes you will be able to discuss an

arrangement with them to pay off the debt and this is obviously the best

solution as they will get their money eventually and you will be able to pay it

back at a rate that your budget has determined most suitable.

Always try to work through your money problems with those involved in an

amiable manner; fighting with debt collectors will do more harm than good.

Besides, keeping a harmonious relationship with your debt collection agency

is usually where you get the best deals that will keep both parties happy.