For some elderly person, the creditors’ call becomes so annoying that they end up changing their phone numbers to dismiss such calls. It’s said that when a person falls behind on monthly bill payment, then the creditor passes the debtor’s account to a debt collection agency to collect the payment.

When can a debt collector starts calling an elderly person

A debt collector can disturb you through phone calls:

  • If the creditors whom you owe money, haven’t received the scheduled payments on time.
  • If someone else used your card and didn’t repay the outstanding balance (identity theft).

7 Ways an elderly person can stop the harassing creditors’ call

An elderly person can follow some steps to stop such harassing creditors' call. Here you go:

1. Ask the debt collectors to stop calling you

If you don’t want to respond to debt collectors’ repeated calls, then you should ask them to stop calling. Try to get all the debt collector's address and send them “cease communication letter”. After receiving the “cease communication letter,” they're bound to stop collection calls. If the debt collector keeps on calling you, then you should report it to CFPB. Use certified mail to send “cease communication letter” and keep a copy of your letter. Remember, your original creditor may contact you regarding debt at any time.

2. Contact a credit counseling agency

You can get useful advice from a credit counseling agency. The credit counselors will assess your finances and can suggest you debt repayment plans according to your financial situation. They may also help you to get enrolled in a debt management program. Thus, you’ll be able to pay off your due debts with time and the calls will automatically stop.

3. Take advantage of a reverse mortgage

If you have accumulated enough home equity in your 62 years of age, then you can take out a reverse mortgage to make your debt payments. You needn't make monthly repayments towards the reverse mortgage. You only have to repay the loan if you leave your home, die or sell off the home. Remember, the proceeds of a reverse mortgage can be used in meeting any kind of financial needs.

4. Dispute the faulty debts

If you don’t recognize the debt and believe that the amount the creditors are demanding is wrong, then dispute the errors.. File a complaint with CFPB to stop the harassing calls and report that you don't owe the debt or the amount is wrong.

5. Be aware of your rights

You should be aware of your federal benefits. Remember, most federal benefits are protected from debt repayments. These are Social Security, Veterans’ benefits, and SSI benefits. So, if any collector threatens to garnish your social security and other benefits, then you can take legal action against the collector.

6. Educate yourself

Online forums are good to ask questions and to know the similar cases like yours. Some communities have a senior legal helpline. You can use the helpline number for free legal advice. Older consumers are also eligible for free legal advice from the state legal aid office.

7. Consolidate your debts

Debt consolidation can be a good option to pay off debts. You can pay off your debts with an easy and affordable monthly payment option. Seek professional help to consolidate your due debts.

Read more - Debt consolidation helps you consolidate bad debt to zero

Final words

Therefore, if the creditor is repeatedly harassing you, and you believe that the debt collector is violating the laws, then submit a complaint to CFPB. You can submit your complaint via phone as well. To get more information about your rights on debt collection, visit the official site of FTC (Federal Trade Commission).

Don’t miss out - 11 Questions you should ask your aging parents about their finances

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