Debt Collectors - How To Deal With Them?

by : Marjorie Salada

Debt collectors have become more ruthless than ever and with the current economy they have no shortage of accounts to collect on and people to harass. Collection departments generally pay their employees based on the amount of money they collect. So, that gives collectors that much more of a reason to do what it takes to try to get you to pay what you owe.

Lenders that do their own collections seems to want to do a little bit more to work with their account holders, but if your debt has been sold to a third part collection agency get ready to be put through the ringer. These people can be somewhat uncaring. Collection of old debt has grown in popularity. Even if they can get ten cents on the dollar, they have done well.

Many of these lenders are willing to make a settlement for a considerable amount less than what is owed. This is a great option of your debt is years old. Just make sure that you get all terms in writing, a receipt for payment and a release of debt. It is important to keep all of these documents for a long, long time. If you have not paid the balance in full, as when you make a settlement, there is a good chance that someone may try to collect on the remainder of the debt.

If your collection calls are from relatively recent debt, credit counseling can help you eliminate collection calls. You will stop receiving collection calls on any debts that are placed in a debt management program. These programs allow you to consolidate your unsecured debts into one account. You will make one electronic payment each month that will cover all accounts enrolled. Your interest rates are reduced and your fees eliminated allowing you to pay off your debts in 3 to 5 years.

Debt left unattended will undoubtedly lead to collection calls. Having worked for a collection agency, I know how nasty and nagging some of these collectors can be. There is nothing more unpleasant than trying to avoid these calls. If you have debt, get with a credit counseling company and get advice on settling your debts or enrolling in a debt management plan that will set you up on a structured repayment plan. It is easy to get a free no obligation quote for debt freedom. If you dread answering the phone, get started today on eliminating your debts.