The American financial crisis seems to be settling itself down as our economy comes slowly back into balance. This bodes well for the future, but unfortunately, several people have been left crushed under a mountain of debt in the wake of this tumultuous decade! From student loans to mortgages, car payments to credit card bills, debt is a plague facing our modern society. And debt collectors smell blood in the water!
Debt collectors are getting more aggressive when dealing with debtors. The “debt collection industry” is a dirty business of passing debts around for pennies on the dollar, and forgetting about human decency when it comes to collecting. In 2020, complaints about debt collector harassment were up by nearly 75% from 2019, and it hasn’t gotten any better.
The Federal Trade Commission and the Consumer Financial Protection Bureau have begun to take action, and consumers are starting to have more rights when it comes to fair debt collection. As these laws are rapidly changing, it can be hard to keep up with what bill collectors are and are not allowed to do when it comes to settling your debt.
If you feel you’ve been mistreated, contact with me to get a free evaluation of your case! No one has more up-to-date knowledge of fair debt collection law! I can help you put a stop to aggressive bill collectors, and sometimes even make them pay for how they’ve treated you.
In the meantime, here are some tips to help you keep debt collectors off your back:
- Take the call from collectors! The best way to keep collectors from becoming aggressive is to talk to them, find a plan to pay off the debt that will work with your budget, come to an agreement. Get as much information as you can. Names, addresses and phone numbers.
- Keep detailed records! Always record each payment, amount and date, and the most current balance of the debt. As debts are sold and passed around, the balance of the debt can be lost or obscured. Sometimes, a debt that has been paid will still come back to haunt you! This is why records are important.
- Get the debt verified! If the debt has been purchased by a collector, make sure they can verify information like: original lender, interest and fees, last payment, breakdown of principle. Debts that cannot be verified may be invalid!
- Negotiate the balance of your debt! If a debt collector has purchased the debt for just pennies on the dollar, they are usually willing to negotiate the debt down to as low as half the original balance! If you can come up with the money, your debt could be trimmed down substantially by bargaining. You won’t know until you ask!
- Know the rules! Learn the statute of limitations for how long a debt can be sought after legally in your state. If this time period has passed and you are still being harassed, I can help!