What Debt Collectors Don’t Want
You To Know
by Robert Sawtelle
The title 'debt collector' is
self explanatory and clearly states what such a person does.
If you owe money to a lender and there has been a delay in
payments over the past few months the lender may choose to
either use their in-house service or employ a specialized
debt collection service provider.
If it is a third party i.e. a specialized collection agency,
they usually purchase your debts for less than you owe from
your lender and then the debt becomes theirs. Therefore,
they then have vested interests in settling the same.
Having a debt collector knocking on your door or receiving
his call a number of times a day can be distressing. There
is however a way out of the problem. Put in one word it is
'awareness' - an awareness of your rights and safeguards.
This will control the debt collectors and not the other way
around.
Debt collectors while doing their job may tilt towards being
forceful and intimidating. As a defaulting borrower, you are
already on a back foot. However, you can still stand firm
and not give in to their demands. Here is how:
The job of a debt collector is to advise you that you owe
some monies. He cannot threaten, abuse or intimidate you by
threats of harm or police action.
A debt collector may establish contact with the borrower in
person, via sealed mail, telephone, fax or a telegram. He
cannot use a postcard as it can be read by anyone. He cannot
also call before 8 a.m. and after 9 p.m., unless you agree
on a time.
The first call from the debt collection agency has to be
followed up by a written statement clearly stating your
creditor's name, the actual amount owed and what action he
can take if you do not acknowledge the money owed. This
written letter must be accurate and have no false
information.
Also note, the debt collector cannot contact your relatives,
friends, neighbor etc unless to obtain your contact
information. In such circumstances he cannot inform them
that you are in debt. You are entitled to your privacy even
if you are in default.
 Remember
you cannot and should not force the debt collectors to
coerce you into making payments as per their demands. A
number of collection agencies work on the premise that the
best way to get the payment is to make sure that it becomes
number one on your priority list. While you know you owe the
monies, you have to ensure that you clearly prioritize your
finances. If there is a greater and pressing need for your
money, like for medicines or food then you must allocate the
funds accordingly.
You can choose to directly negotiate with the debt collector
or appoint an attorney instead. If you deal directly, do not
feel compelled to offer private information that can be
misused to force payments from you. Example, details of
where you work, your personal account information and the
like.
Always seek written communication from the debt collector
instead of phone conversations. This will put pressure on
the collector to be polite and accurate in his dealings with
you. All agreed terms and conditions will also be clearly
outlined. The original amount owed, along with any interests
and fees should also be clearly mentioned. It is also a good
idea to tape your phone conversations after having
explicitly informed the collector when he calls that the
same is being recorded.
If your debt collector continues with his forceful methods
you have a right to redress. You can complain to the
concerned authorities within your jurisdiction and obtain
relief.
The best way to counter force is through knowing the facts
and standing firm on them.
 About
the Author: Robert Sawtelle is an author, teacher, and researcher. If you would
like more information for DEBT RELIEF send for his FREE newsletter at the top of
this page. You may contact Robert at
RobertSawtelle@digitaldataplease.com
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