My OperaTips on Debt Manangement
Wednesday, September 22, 2010 3:16:36 AM
Collecting debt is more difficult than screening the people you'll grant loans to. Unfortunately, most borrowers think the same way: do all things to get the loan approved and then do all things to stall the after payments.
However, because of the creditors hold of the future of the borrower's credit standing, borrowers are deterred to run away from their debts. Nonetheless, creditors still hire collection agents who are hired to make sure that creditors get what they have to get from borrowers. Sadly, these collectors can sometimes become overly irritating and annoying to a point of making harsh calls or paying unsolicited visits. You should not fight with these people though, or they might mess with your credit scores. On the good side, there are things that you can do to avoid these circumstances from happening.
1. Be Mindful of Notices
Creditors and their collectors would usually send you formal letters or formal phone calls to remind you of your after payment. DO not avoid such communication. Avoiding these people will only worsen the situation. The best that you can do, is inform them of your real fiscal situation so that they may offer you payment mode alternatives. This means that you don't necessarily get away from paying your debt, what you avoid is a possible harassment from the collector part because of lack of knowledge why you are not able to pay on time.
2. Be Inquisitive
Worse than simple prank callers are those who pretend that they are from an agency in-charged of collecting your debt. They can be so persuasive to a point of convincing you to pay to them rather than to your real collector. Always validate the identity of a representative calling you or the sender of the letter you receive. Do a review of the details of the debt-collection scheme your creditor has outlined for you. Also make sure that you are paying the right amount of monthly after payments and always request for a proof of payment each time you make one.
3. Keep Proof
Organization of the transaction details you have on record can be proven very helpful in future problem settlements. Sometimes, when disputes are regarding payments happen, the best evidence you can pull out are transaction proofs duly signed by your collector or your creditor. Such documents can save you from possible lawsuits. Organization of documents will also help you sort out the remaining payments you are yet to do.
4. Disallow Harassments
Some collectors are so annoying that they resort to making repetitive calls or unwarranted visits to your residence. Harassment can even extend to violent words or threats. As a borrower, you should be well aware that you also have consumer welfare rights which you can invoke when harassments become intolerable. Record whatever communications made and be acquainted of your rights and when you feel that your rights are overridden, face the situation and collect evidence you can use against the perpetrator of the harassments.
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