How You Can Deal With Debt Collectors
Guidelines have been set for what debt collectors are allowed to do (and not allowed to do) in attempts to collect outstanding debts. These rules are set out in the Fair Debt Collection Practices Act. For example, they can't call before 8:00am or after 9:00pm or continue to make harassing phone calls if you have requested they stop.
You can find the full text of the FDCPA at the following website:
http://www.ftc.gov/os/statutes/fdcpa/fdcpact.htm#801
As a result, you've got a few options. The simplest is to simply not answer the call. Most people have caller ID on their phones these days, and if you don't recognize the number of the person calling, it's a simple matter of not answering. If it is somebody you wanted to talk to, they will likely leave you a message anyway.
If you do answer the call and it turns out to be a debt collector, you can insist that they stop calling you. This should be followed up with a "cease and desist" letter physically sent to them - they are legally obligated to stop calling if this has been sent.
The most obvious and effective option for dealing with debt collectors is to actually pay the debt. You took responsibility for the debt and you owe it to the creditor to pay it. Requesting they stop calling you doesn't mean you don't have to deal with it anymore.
If you are unable to repay the debt for some reason, you may be able to negotiate a reduced interest rate or even a lower debt by explaining your situation. Keep in mind, however, that "I've bought too much stuff on my credit cards and can't afford to pay for it all" probably isn't going to get the same response as "I was laid off from my job and am struggling to stay afloat."
If you do negotiate a better deal with your creditors, make sure you follow up on your commitment. While bill collectors may seem to be unpleasant people, the fact is they're really just doing their job which is to collect the outstanding debt. Once you have made a deal, and showed you will follow through on your commitment, they will move onto other people and leave you alone once again.
Related Tags: credit card debt, debt reduction, debt counseling, debt collectors
William Blake offers more advice about negotiating credit card debt yourself on the Debtopedia website. For more helpful information, visit http://www.debtopedia.com
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