Debt collectors are not your friends. Yes, you need to pay off your debts – but you don’t have to put up with being harassed, threatened, intimidated, and stalked.
So here’s some advice and some words of caution.
If you get calls from a debt collection agency, you may want to consider asking that they communicate with you in writing. This provides you with their name, address, and telephone number. You want to be able to do a little research and verify that they are a legitimate agency. You want to have their contact information so that you can report them if they do anything illegal. And it’s always better to have things in writing should matters end up in court.
Don’t EVER give out personal financial information over the telephone. If someone calls you up and starts pressuring you to give out this information, tell them to put their request in writing and mail it to you – and if they continue to pressure you, hang up.
It could be an outright thief who has gotten ahold of your contact information. It could be a sleazy debt collection agency who will take money out of your account whether you authorize them to or not.
But it is NEVER a good idea to give out that kind of information over the telephone.
If a debt collection agency offers you a deal that sounds too good to be true – it just may well be.
Debt collection agencies frequently will offer to let you pay off a reduced amount if you pay it all off at once. But guess what? In some states, it is legal for them to SAY that – and then, when you have paid off the lump sum – sell the remaining debt to another collection agency! Yes, it’s incredibly sleazy, and it’s amazing that it’s legal anywhere for a debt collector to lie to you – but it is.
So your best bet, truly, if you are being hounded by debt collectors, is to invest in consulting with an attorney and finding out what your rights are in your home state.
You may even be eligible to consult with an attorney for free or reduced cost – check with the legal aid societies in your area, or with your state bar association. Some attorneys volunteer their time and may speak with you for free for an hour about your legal rights as regards to debt collection, saving you from the risk of costly missteps, outright scams, and even worse dings on your credit report.