5 Brilliant Strategies to Deal With Debt Collectors
There will be times when you face financial problems and are forced to not pay the bill of your debt. When you fall back on your payment for more than 3 months, your account will be sent to the debt collectors. The following are 5 strategies on how you can deal with the annoying debt collectors.
- Obtain Your Debt Information from the Collector
When your account is handed to the debt collector, the bank will contact you and send you a validation letter. You should receive the validation letter in 5 days. The validation letter contains the information on the amount of debt you owe, the collection company and what actions you can take to challenge the debt.
- Confront the Debt Collector If They Try to Use Abusive Language
If you encounter a debt collector, you can let them know how they are to communicate with you. Debt collectors are not supposed to use abusive language or threaten you. The debt collector must be honest with you and not use any threat to mislead you. For example, they are not allowed to carry out an arrest. In this situation, you can also consult a Minnesota Repossession Lawyer if that is where you reside to learn what legal actions you can take against the debt collector. You have a right to report the unfair and deceptive acts of a debt collector and take them to court. Further, if you decide to challenge the debt, you must do so within 30 days. If you wait until after 30 days to launch a dispute, the debt collector will be able to collect payment while the dispute is still going on.
- Don’t Say Too Much and Stay Calm
When the debt collector contact you, you should try to keep the conversation as short as possible. You must stay calm no matter what he say to threaten you. The reason why they call you is to interrogate you and find out your capability to pay them.
- Get a Payday Loan to Pay the Debt Collector
Sometimes, the only option to get rid of the debt collectors is to settle the debt. The fastest way to get the funds to pay the debt collector is to obtain a payday loan. Payday loans for bad credit allow you to borrow an amount of up to $1,000 without any credit check. It is easy to apply. You just go to the site and fill the form with information on how much you want to borrow, your email and mobile phone number. The only thing they want to confirm with you is that you have a job where you get your regular paycheck. If you get approved, they will send an email asking for your bank account number to deposit the funds. With payday loans, you can expect to receive the funds in the same or next business day.
- Negotiate with the Debt Collector
Before you pay the debt collector, you can negotiate with them to lower the payment. When negotiating, you can start by offering just 10% – 15% of the amount of debt owe. If the debt collector doesn’t want to give in, you can increase the offer to 30% – 50% of the amount owed. If the debt collector consent, you should get a written agreement from him. The written agreement must state that the amount which debt collector agree to settle the debt.