The Top 10 Things a Debt Collector Won’t Tell You
Have you ever felt threatened by a debt collector? It's a scary thing the way some of them talk to you. In fact a number of years ago 20/20 did a special on them and it was NOT a pretty show.
Many people today suffer from financial set backs. Whether it could be from losing a job, medical bills, a divorce.. things happen to good people. Maybe you had a perfect credit score all your life and then BOOM it hits the fan and you find yourself drowning with no way out. Virtually you rob Peter to pay Paul and then the calls start up; "Mrs. Jones, this is so and so from so and so we are a collection agency, GIVE US MONEY or ELSE!" If you ever find yourself in this situation, here are the top 10 things a debt collector WON'T tell you:
They teach us that all debt collectors are compulsive liars, and no matter what you tell us were suppose to keep pushing.
There is no sob story they haven't heard.
They get paid bonuses for the money they collect from you.
If a debt collector uses profanity, threatens you with arrest or call before 8am or after 9pm, it’s illegal. Report it to your state attorney general’s office www.naag.org and the Federal Trade Commission.
They have the power to wipe out thousands of dollars off your debt.
A lot of agencies buy debt for pennies on the dollar, so always start your settlement offer low with maybe 25 cents on the dollar.
Always check whether the debt has passed the statue of limitations in your state (see a list at creditcards.com).
They love calling you at work because of the extra pressure it puts on you. But, if you specifically ask them not to, by law they HAVE to stop (but they won't tell you that).
Asking for a manager won't help you.
Many times they leave a message on your phone, it's just a recording of a made-up person.