How to Deal With Debt Collectors


by Ward Willison - Date: 2007-01-11 - Word Count: 421 Share This!

Hi is Mr. "INSERT YOUR NAME " home, who's calling, Acme debt collection and you hang up the phone. Don't worry they will call back, again and again. My good friend paid her way through school being a telephone debt collector. She had some magical ability to not be affected by the screaming profanities the person in debt normally said to her.

She told me it was never the debtor's fault, it was always someone else's fault they where in debt and she should go get the money from them. However it was that person's responsibility to pay the debt, no matter who they felt should pay it. My friend was very good at getting people to pay their debts.

If a debt collector calls you I would suggest you do not swear at them. Getting a call from a debt collector is a sign that something you are doing in your life is not working. Normally debt collectors do not call the wrong house. Collection companies normally get hired by retailers to collect on sales the customers did not pay on, bad debts. Sometimes collection companies buy other companies lists of debtors. I was at a wealth building conference and we could buy bad debt from a credit card company at a few cents on the dollar. Trust me you can make a lot of money getting people to pay when you get to keep the difference.

What is important is you realize you need to change something if you get one of these calls. Hear out what the collection person is saying to you, maybe you can actually do what they are asking. If not tell them what you can do and see what they think of that. Often the collection company bought your debt at a fraction of what you owe and may accept less. If the company has been hired by a store to collect the chances of this are a lot less. But you won't know unless you ask.

Once you deal with the debt collector, you better deal with yourself. How did it get that far, where you needed a call from them? Will it happen again? What can you do to make sure it will not? For some people a call from a debt collector is the wake up call they need to put their financial house in order. Hopefully for you, if you have received one of these calls, that is the case.

Take the call, take a deep breath and go to work on a solution. Good luck.


Related Tags: money, wealth, debt, investments, rich, elimination, collectors

Ward Willison is a self-made millionaire. He raised himself up from living in poverty to being wealthy and debt free. Did you find those tips on debt elimination useful? You can learn a lot more about how debt elimination can help you reduce debt here.

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