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Top 6 Tips to Wisely Handle Debt Collectors

If you have run up large debt, don’t feel alone since over a third of Americans are in the same position. You might be facing a tough time dealing with debt collectors asking to repay your existing debt. Instead of panicking and avoiding your debt collector’s call, you should act wisely.

Here are the top 6 tips to wisely handle debt collectors, and most importantly, keep the upper hand in negotiations and the repayment process.

handle debt collectors

  • Restrain Your Emotions
    Emotions will not help, so act in a professional manner. Collection agencies must legally send you a written notice that documents your balance five days after initially contacting you.
  • Check Your Credit Report
    Up to 5 percent of consumer credit reports contain inaccurate data, according to the Federal Trade Commission. Errors can result from identity theft.
  • Report Errors
    After receiving the written notice from the debt collector, contact them by certified mail within thirty days if you dispute the debt. In the event of identity theft, contact each of the three credit bureaus to explain the error should be removed.
  • See Through Threats
    Debt collectors have been notorious for trying to intimidate consumers who owe money to creditors. Understand your rights under the Fair Debt Collection Practices Act, which limits the strategies collectors can take.
  • Be Aware of State Statutes
    Each state has its own statutes on the time frame a collector can sue a debtor. For most states the statute of limitations lasts three to six years.
  • Try to Negotiate
    Although collection agencies will try to get you to pay the entire amount due at once, they may be willing to allow monthly payments. If so, be sure to get the agreement in writing before paying.

Just because you’re in debt doesn’t mean you have to be harassed by debt collectors. If you are unable to negotiate with the collection agency, contact a debt relief attorney at Keating & Lyden to find out how you can put your financial troubles behind you.

Keating and Lyden

Keating & Lyden LLC was founded by attorneys-at-law, Robert J. Keating, and Thomas P. Lyden and is based in Boulder, Colorado, and Bellingham, Washington. The attorneys specialize in providing legal advice in real estate matters to businesses and individuals pertaining to real estate management and operation including: tenancy in common agreements, partition agreements, real estate financing, homeowner’s associations and land use issues. They also provide the highest quality legal services to small business owners and entrepreneurs.
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