You’re behind on your payments and collection agents are calling. They are aggressive and you are feeling abused and pressured. How do you deal with creditors you owe money to. What should you do when they call?
Handling Collection Calls
Don’t ignore them and don’t panic. Debt collectors won’t just go away.There is no law that says you have to talk to a collector when they call. You can tell them you prefer to deal directly with your creditor. If you do say that however, follow up with your creditor or the calls will just continue.
If you want to, talk to them, and explain your situation. If you are not working, or can’t pay them, tell them that. Don’t have a long discussion with them and don’t let them upset you. They want to keep you on the phone so you might say something you don’t want to. Tell them what you know and no more.
There are rules that credit agencies must follow when making calls. If you suspect a caller is acting illegally, check the specific collection agency rules by province.
Keep track of who you are talking to. Ask for the name of the agency and person you are speaking to and what their position is. Be sure to know what creditor they are calling you about.
Next, try to negotiate a debt repayment plan that you can afford. If you can afford $200 per month, offer to send them $200 per month. They may ask for $400, but never commit to pay more than you can afford. You should consider asking your creditor or the collection agent to:
- reduce the total amount owing on your debt.
- agree to freeze all interest and penalties.
- adjust any comments on your credit report if needed.
Make sure you confirm any agreement you make in writing before you submit any payments.
Finally, if you can’t pay them, it’s time to consider debt relief alternatives. Debt problems will not simply go away on their own. Bill collectors are calling because you owe money. If you eliminate the debt, you eliminate the phone calls. Use our Debt Options Calculator to estimate your monthly payment if you were to find a way to actually eliminate your debts.
Stop collection agency calls – talk to an expert and discover how to deal with your debt once and for all.