Tips To Help One Negotiate With Debt Collectors?

Answer 1

Everyone has had or will have the misfortune of dealing with a debt collector during their lifetime. It happens to everyone whether it is due to simply a forgotten payment, a reduction in work hours or the loss of a job altogether, everyone is likely to deal with the debt cycle at some point. It is important that a consumer know their rights when faced with this situation.

Each state may have its own laws mandating what a debt collector can or cannot do. First and foremost, letting the debt collector know that are one is aware of their rights will likely help keep the debt collector in line. Even if a person is behind in payments, they still have rights. There are a few things to try to maintain when dealing with a debt collector. First and foremost on this list is to never give out too much information.

Debt collectors will make every attempt they possibly can to get a person to commit to an immediate payment. It is best to first get the payment agreement in writing before making any payment. Keeping one's cool and staying calm while speaking with a debt collector is next on the list. When a consumer becomes emotional or frustrated, they are likely to simply give in to the debt collector just to make them go away. Debt collectors are aware of this.

Negotiate with debt collectors near the end of the month. Debt collectors primarily work on commission. Therefore, their performance during the month dictates how much they will get paid personally. The payment cycle usually is from the beginning of the month to the end of the month, therefore a consumer is likely to get a better payment arrangement or settlement near the end of the month.

It is most important to maintain accurate records of any contact with a debt collector. If possible, recording phone calls creates an accurate and indisputable record of any conversation. Some states allow telephone calls to be secretly recorded while others require that the other party be notified of the recording. Keeping a written record of who called with the date and time recorded as well as a summary of the conversation is also important.