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Manage Your Debt (Collectors)

In Accounting & Finances, Business, Education, Taxes on July 17, 2012 by Sufen Wang Tagged: , , , , , ,

Got debt? Don’t fret, there are ways to get through it. If you can’t make the payments, call your creditors right now –seriously – and try to set up a modified payment plan before the collectors arrive.

However, if your accounts are past the point of no return, don’t let the debt collectors be bullies. While they are allowed to contact you in-person, by mail, telephone, fax, or telegram (you probably won’t be getting a telegram anytime soon), there are some boundaries they can’t legally cross.  

Unless you need a wake-up call, collectors can’t ring you before 8 a.m. They also can’t call after 9 p.m. That means you only have to screen phone calls for thirteen (13) hours during the day.

If you do happen to pick up, and it’s a collector on the other end instead of your grandma, he can’t use any language he wouldn’t use in front of his grandma – meaning, no bad words. And collectors can’t harass any third parties they contact about you, such as your grandma.

This might sound untruthful, but your debt collector will be the most honest person you meet. Or at least, he should be. That’s because collectors can’t lie to you about anything. Accordingly, they can’t make up scary stories about what will happen to you if you don’t pay. You’re dealing with debt, not the mafia… well…. for those of you who do deal with the mafia and loan-sharks or alike, not much I can help you there… you are on your own on this one.

Anyway, hey, you can kill two debt birds with one stone by going to work. Well, there’s an idea…  Not only will you make money to pay off your bills, collectors also can’t call your workplace if your employer doesn’t allow it. However, if you really want collectors to quit calling you, you’ll have to go more old school than telegrams: you need to send them a letter saying stop calling.

You don’t need collectors to constantly remind you that you owe money – you already know that. Getting them off your back will let you focus on budgeting, saving, and spending wisely on living essentials. If you do those things, soon you’ll be calling the collectors to make payments.  Yes, make payments…. you did borrow the funds, and you used the money without anyone forcing you to do so; therefore, pay the debt that you incurred and owed, do the right thing!   Make a payment plan with your collector and slowly, but surely, you will catch up!

 

On the Money,
Sufen Wang
Wang Solutions

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