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How to Deal With Debt Collectors



If you owe money to creditors in today’s world, you are likely in a world of stress and confusion, scared to answer the phone and generally miserable. This article will hopefully give you some piece of mind on the subject.

The first step to take is to read online about your rights under the Fair Debt Collection practices acts- both the Federal Law and Colorado’s Fair Debt Collection practices act.

Next you will want to move the entire “conversation” from the telephone to the mail. Mail gives you proof that you tried to work with the collector and prevents rude collectors from overly pressuring you on the debt. Mail works, it provides proof and it is less stressful, because you can deal with it on your terms, while you are at home or have a free moment. Nothing is more stressful then trying to earn money while collectors are constantly calling you, interrupting your work and destroying your piece of mind. Believe me, that is intentional, they want you to be disrupted enough to just make it go away by paying more than you should.

If you mail the collector a letter saying that you only wish to be contacted by mail, the debt collector must honor that request. You must do so in writing, and via certified mail is best. This way, not only do you not face continual phone calls, you also develop a record of exactly whom you owe and how much. You can dispute debts and negotiate and generally have a paper trail which will help you deal with the debt in the future.

The following link contains information which can help consumers deal with collection agencies. It contains templates for 5 action letters you can use to communicate with collectors: requesting more information, disputing the debt, restricting how the collector can communicate with you, letting the collector know you have hired a lawyer, preventing any further contact from the collector at all.

http://www.consumerfinance.gov/blog

www.consumerfinance.gov/blog/debtcollection/