Negotiating With Debt Collectors

Anyone who has had a debt go to collections knows it’s an unpleasant process. But that doesn’t mean you need to let it ruin your life. It’s possible …


Anyone who has had a debt go to collections knows it’s an unpleasant process. But that doesn’t mean you need to let it ruin your life. It’s possible to negotiate better terms on the debt.

Here are some things to consider when negotiating with debt collectors.

Gather as Much Information as Possible

They say knowledge is power. Well, this is especially true when it comes to negotiating with debt collectors. You’re just an ordinary person. You probably have a job and responsibilities that make it so your debts, despite causing you stress and financial heartache, can’t be your top priority. On the other hand, your lenders and debt collectors are professionals who know how to play the game.

Gathering all the information you can enables you to mount the most effective front when it comes to negotiating with debt collectors. It’s important to know where the debt came from, the amount you owe, and whether the debt is legitimate at all.

Know Your Rights

Stemming from the previous point, it’s essential to understand what debt collectors can and can’t do when contacting you. There are some pretty clear rules laid out in the Fair Debt Collection Practices Act (FDCPA) to protect consumers from deceptive and harmful practices by collectors.

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Debt collectors aren’t allowed to call you in the middle of the night, or at times that don’t work for you — such as at work. They also have to cease contacting you if you tender a request to do so in writing. It’s also not okay for collectors to harass you or people you know.

It’s important to note stopping communications with debt collectors doesn’t make the problem go away though. You’ll still owe the money, and you’ll need to find a way to satisfy the obligation.

Come Up with a Plan

The precursor to a successful negotiation is coming up with a plan. You can’t expect the other side to take you seriously if you come in and throw around wild ideas that don’t make sense. You want to show the collector you have done your research and are willing to meet somewhere reasonable for both parties. Don’t be surprised, however, if the debt collectors reject your plan. If this happens, it ‘ll be time to get some professionals on your side.

When debt resolution is your goal, it can be smart to work with the people who do it for a business. Freedom Debt Relief has a long history of helping consumers negotiate better terms on their debt. While it could cost less to negotiate a deal on your own, your chances of success typically go up when you employ the help of debt relief programs.

Don’t Allow Yourself to Get Emotional

Finances in general have a tendency to get people all worked up. An integral part of the modern existence, they reflect the nature of your livelihood and the quality of life of those around you.

Still, getting emotional with a debt collector isn’t going to do you any favors.

Many of them specialize in dirty tactics. They’ll try to threaten you and get under your skin in all sorts of ways. It’s important to stay calm . Anything you say to a debt collector will be used against you. Saying as little as possible is the best thing you can do.

Get Agreements in Writing

Once you reach an agreement with debt collectors, get it in writing as soon as possible. Some debt collectors will lie and cheat to get more money out of you.

It’s important to get agreements in writing so collectors can’t change the terms on you later. And definitely don’t start paying until you get the terms and can thoroughly look over them.

No one wants to deal with collections debt. However, it’s not going to go away on its own. Take these tips to heart when you’re negotiating with debt collectors.

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