Debt collection notices are always disconcerting. Debt collectors are trained to be quite pushy as their goal is to obtain payment of a debt they have usually purchased. Checks need to be made to ensure any payments being made will be assigned against your debt with a goal of reducing the debt to $0 balance. Follow the details below to ensure practical management of payment of your debt.
- Call the debt collector to discuss the debt – keep in mind the debt collector will be seeking payment so be sure to obtain information on the debt, their requirements, the debt collectors details and inform the debt collector when you will get back to them. However, this communication may not stop you from getting a credit default.
- Notify the debt collector of your most appropriate contact details.
- Work out your budget of what you can pay per month.
- Work out if you can pay any lump sum.
- Keep notes of all communications with the debt collectors – keep a note of the contact name, debt collection company, what was discussed and what the original debt was.
- Obtain details of any agreements made in writing – if the debt collection company won’t provide written confirmation then send an email to them confirming what was said.
Loan Saver Network can advise on your debt and how to manage a debt collector. If you are in real financial trouble we can also help you to obtain a suitable debt consolidation home loan to resolve the bad debts while keeping your assets.