If you’ve found yourself in debt, then you have probably been harassed by a debt collection agency. There are many collection agencies out there that will try to get people into debt so they can sell their merchandise at a discount or take your money for nothing. When dealing with a collection agency, you will need to learn some collection tips and tricks you need to know about before dealing with them. First, never pay the debt on time. Always pay the minimum amount owed. This will show the collection agency that you are financially responsible.
Never call the collection agency. Most debt collectors will tell anyone to call them. However, once they get your information, they will decide whether or not to pursue your case. If they are unable to get any information from you, they will simply stop pursuing you. If they call you, be sure to give them your personal information so they can contact you later. Remember, they don’t want to risk having you call someone else to ask for help.
Another trick to make dealing with a collection agency less stressful is to offer to pay the debt over time. Sometimes this is easier than it seems. For example, if you are trying to pay off credit card debt, consider getting a consolidation loan. By consolidating all your debt into one loan you will be able to pay off your debt much faster.
Always inform the debt collection agency, what you are paying on your own. By doing this you will not only clear your name but also protect yourself legally. A collection agency cannot charge you unless you agree to pay the debt. Here are some other collection tips and tricks you need to know about:
You should avoid any debt collection agency that tries to contact you at work or at school. These are obviously shady and you should avoid them. If they do get permission to call you, be sure to let them know that you will call them back. They could try and contact a friend or family member so you would have to worry about being exposed.
Here are some other debt collection tips and tricks that can help you when dealing with debt. Always keep track of every single money you send out and every single dollar that come in. Keep a running tally in your office so you won’t forget. This can help you catch any negligence on the part of the debt company.
Make sure that you contact the collection agency in writing when you receive any monies. This will help you avoid any confusion later on. If they don’t respond to your letter then you can send them a follow up letter.
Another one of the debt collection tips and tricks is to never pay more than the minimum payment on any debt. It might take a while for you to accumulate enough money to pay off the entire balance but you need to do this. Any amount of money that is left unpaid will eventually have to go towards another debt. That’s why it’s important to make sure you always have a plan for paying off debts. The longer you wait, the more money you are going to need. If you follow these debt collection tips and tricks, you will be able to eliminate your debt without missing a single bill.
Do not sign any documents you don’t fully understand. Some debt collection agencies will coerce you to do things that you may not fully agree with. When you get a collection call from a debt collection agency, don’t sign anything without reading it over. If you don’t understand it, don’t sign it.
Another of the debt collection tips and tricks is to make sure that you try to reduce your monthly outgoings. If you can save just a few dollars each month, you can use that money to pay down your debt faster. That way your total debt will be lower and you will have fewer bills to worry about.
Never ignore your creditors when you get a debt collection call. You have to deal with them and show them that you are doing what you can to pay them back. By ignoring their calls they will start to ignore you. It’s a vicious cycle when it comes to dealing with debt collection agencies so make sure you always keep your cool. By ignoring their calls, they will lose interest in your debt so the only way to get them to talk to you is to either pick up the phone and talk to you or send them a reminder email.