Calls from debt collectors can spoil your mood and jeopardize your financial life. However, learning how to handle these calls and what to say and not to say can help you avoid financial troubles, legal issues, and emotional stress. This post is all about that.
What is the first thing you should do when a debt collector calls you? Should you pick up the call? Should you ignore the call? What should you do?
Well, you don’t have to do anything drastic initially. Decide if you want to speak with the debt collector. If you decide to talk to the debt collector, then you must know what exactly you must say. However, if you have any doubts about the validity of the debt, then you can ignore the call.
Here are a few steps that can help you make the best decision.
If the debt is not listed on your credit report or it’s not a valid one or its SOL period has expired, then you can ignore the collection call. It won’t make much difference in your life. However, if the debt is valid and the SOL period has not expired, then you should receive the call.
What if the SOL period has expired, but the debt is valid, and is there on your credit report? In this case, you have to make the decision based on your priority. If you have no problem with the account being listed on your credit report, then you can ignore the call. However, if you don’t like to see the unpaid collection account on your credit report, then you can pick up the call and negotiate a settlement in writing later.
Just think you’re spending a cozy evening with your friends and suddenly your phone rings. Oh! It’s that debt collector again.
A single call from a debt collector is enough to ruin your day. While it’s natural to be upset and afraid, there are a few approaches that may help you go through the process without enduring too much pain. When I’m talking about approach, it means the way you should talk to a debt collector when he rings you.
Here are a few examples of what you should say or shouldn’t say when a debt collector rings you:
“Who am I speaking to? Are you my creditor or a debt collector?”
“Who is calling please? Can you please tell the name of the company you’re working for? Are you calling me on behalf of the creditor?”
“I’m turning on my tape recorder. Do you have any problem with it?”
“Why don’t you send me a debt validation letter first? I don’t think this debt is mine.”
“Well, I could have paid you but have a wedding next week. I need the money for it.”
“Do I owe you any money? How much? When did this debt begin?”
"Please tell me the itemized interest and fees accrued to my original debt amount."
“Okay. Let me verify the information. I’ll get back to you.”
“I can pay up to this. It’s not possible for me to pay the entire amount.”
“Send me a settlement agreement letter before I proceed to make a payment.”
“I don’t recall this debt. It would be better if you call the creditor first.”
“Hello! I can’t hear you. What are you saying? Hello! Hello! Hello!” Get off the line."
“This debt is not mine. I’m withdrawing permission for you to call me henceforth. Please send me your address so I can send a Cease and Desist letter to you.”
“My bank account number is ###########.” “My Social Security Number is #########.” “The net value of my property is #########.” “I earn @&*%$& amount weekly.” “I pay [email protected]#$% amount for my car every month.” “My other sources of income are…………..” “My spouse is working and earns [email protected]#$%." “You’re absolutely correct. This is my debt. I will pay you the money as early as possible.” “Don’t call me. You ***********." “Well, Mr.XYZ is not at home. I’m his girlfriend." “I have taken out multiple loans from XYZ bank, and I owe [email protected]#%&."
Never panic if you genuinely owe a debt. There are various of debt repayment options to help you. What you need to do is look at those options and find out which one is suitable for your wallet. If you’re still confused, then you can call us at our Toll-Free Number - 800-530-OVLG. Our financial coach will help you choose the best option and deal with debt collection calls as well.
What should you do when you are not prepared for dealing with a collection call tactfully? You may receive a debt collection call all of a sudden. And, you have no clue about the debt. If the collector catches you off guard, then you won’t be able to negotiate a good deal with him. Moreover, if you get swayed by the collector’s well -articulated speech, then you may end up making a payment over the phone. Or, you may fail to control your temper and get into a serious argument with the collector. Both are not good for you.
If you receive a debt collection when you’re not prepared for it, then try to keep the conversation short and simple. Don’t make any promise as there are a few things you need to decide. For instance, the validity of the debt and payment plan. Most importantly, you have to decide if it makes sense to pay off this debt. So, you should take your time before making any commitment to the debt collector. Inform the collector that you’re busy and ask him to call you later. If you’re at work, then tell him that your employer doesn’t allow you to attend collection calls at the office. You can inform that you’ll negotiate with the creditor directly.
Now when you know what the collection agencies can't do to collect money from you, you might be feeling somewhat relaxed. But what if a collection agency goes on harassing you despite knowing the FDCPA and debt collection laws? You need to find out ways to stop harassing collection calls to have peace of mind. Go through the following lines to know what you can do to stop collection agency harassment:
If any collection agency is calling you repetitively, you must be thinking of putting an end to those uninterrupted collection calls harassment. Below are some means that you could use against the collection agencies to stop the annoying bill collection harassment.
These days, you can easily report creditor or debt collectors harassment online. However, if you have evidence of the dates, times, and exactly what was said, victory can be yours. Below are the organizations with which you can file a complaint of creditor harassment.