How to Make a Collection Agency Stop Calling?

Answer 1

Creditors are usually one of two options, an internal collection department or third-party collection agencies. Third-party collection agencies are the most common, offering to gather debts for a variety of lenders. Often third-party collection agencies receive commission, usually a percentage of the debt collected. According to the Fair Debt Collection Practices Act (FDCPA), you can put an end to contact from collection agencies or collectors by using the following steps.

▪ Step 1: Decide what you are capable or willing to do about a debt. Ultimately paying off the debts that you owe is the morally responsible thing. Be honest and realistic about your financial situation; can you afford to pay this debt.

▪ Step 2: Put an end to contact with the debt collector. Notify the debt collector in writing that you decline to pay and state that you do not want the collector to contact you further, preferably mentioning the FDCPA.

▪ Step 3: Be aware of the consequences of your actions. Although the debt collector is obligated to stop communicate with respect to such debt there are other options for the collector. The collector can contact the debtor further efforts will be ended. The collection agency or collector may notify the debtor solutions to the debt payment or that the collector intends to exercise this solution. Chances of this account being reported to the credit bureau are good under these circumstances and if the debt in question is a large sum, there is also the possibility of a law suit from the original creditor.

If you find yourself stuck in a communication war with a creditor, decide what you are capable of doing, write a letter of intent to the collector and be aware of the consequences of your actions. Ultimately informing the original creditor of your intentions will avoid your account being forwarded to a collector or collection agency in the first place.