Debt can truly be a huge trouble and it puts you under lots of tension. If the debt is quite big in principal amount then it is surely going to create lot of tension. The high interest rates also make the situation problematic. The loan may be of any kind. It may be a mortgage loan, home loan, credit card bill, car loan etc. And the problem is when you do not have enough money to pay off the loan.
Since financial institutions who give loans are aware that collection is a problem they give contract of debt collection to the debt collection agencies. Collection agencies are independent agencies and their job is to collect the debt on behalf of the bank and financial institutions who are the clients of this agency.
You must understand that debt collectors know how to force the borrowers to pay off the debts. They are quite motivated to collect money from the borrowers of bank or other clients they have. And they have their commission in whatever the amount is paid. Remember; just beware of the debt collectors. They know everything. They can harass, abuse, speak bad language and so on. They will do anything to complete their task. Yes, it’s true that collection agencies break their rules. They are not supposed to behave this way. But still, they get away with this and accomplish their task successfully.
There are many chances due to which your debt ahs remained unpaid like you have forgotten or you do not have enough funds. It may also be that unintentionally there is piling up of debt either due to identity theft or due to your personal habits of spending.
Your browser may not support display of this image. Whatever, the reason is, the debt collector won’t listen. He wants his job to be completed. So what will you do now? Firstly stay calm and composed and talk properly to the debt collector when he comes to you. Do not lose your temper. Take all the information from him about the debt in case if that has occurred due to identity theft. Sometimes, the debt collector may approach the wrong person and this may really be tedious. But still you must talk properly. And in case if the debt is not yours and still you are being harassed then you must write a letter to the collection agency as to you will file a suit if they do not stop harassing you.
And if the debt is yours then you must tell them to stop giving harassing calls at any time of the day. You must never use vulgar words. Just tell them that you want to pay off the debt and ask for sometime which is practical and feasible. But make it a point that time that you are committing for payment of debt must be obeyed. But if things get out of your hands then you may consult a lawyer for further negotiation. Do not hesitate to ask for legal help.