If you find yourself in debt then you should equip yourself with the necessary information to deal with the debt collection agencies effectively. You should know your rights of course, but there are some definite do’s and dont’s that I’ll make you aware of in this article to help you get the most positive outcome.
Being Too Honest
Debt collection agencies are notoriously ruthless and sometimes they’ll try the tactic of being your friend in order to get you disclose information or make payments instantly on the phone. Being kind and honest will not help you with these companies. You need to be calculated, calm, ruthless and unemotional yourself in order to get the better of them. Say very little to them on the phone or in person. Don’t disclose anything or volunteer any information. You are under no obligation to.
Blindly Accepting Debt
Just because an agency says you owe money doesn’t mean you actually do. Write to them within 30 days and ask for proof of the debt. This will also get them off your back for a little while.
Not Documenting Everything
Keep a log of all correspondence with regards to the debt. Phone calls, visits, letters. You can never have too much documentation. Most debt collectors are not used to dealing with people who are this organized, and you can catch them out if you keep meticulous records.
Don’t Be Intimidated
Collection agencies almost always try and intimidate people to get them to pay. They buy debt off other companies at a fraction of the cost of the debt and they push hard to get people to pay as much as possible. Remember they are a company and they are trying to make a profit. They aim to recover a certain amount on each debt in order to break even, so they’ll do their utmost to get you to make payments, however, they will also try to get the absolute maximum amount of money out of you that the law will allow. Never allow yourself to be intimidated by them. Know your rights and stay strong.