Paying off Debt: Talking to Creditors

How to talk to creditors

The most common thing people do when a debt collector calls is ignore the phone call. No one wants to talk to someone who is trying to collect money they clearly can’t afford to pay back, and it’s an embarrassing and disheartening phone call to receive. The problem is debt collectors and debts don’t just go away when a debt is ignored. Ignoring it does nothing for your financial situation. It’s answering the phone and speaking to the debt collector that helps. It isn’t fun, and it might be a very difficult call to make, but it’s one you can’t ignore.

paying off debt

Before you pick up the phone to return a call like this, it’s time to understand where you stand. You must know what to say, how to say it, and what to do when you speak to your debt collectors. You do have rights, and it’s time to act accordingly, especially if you are in the process of paying off debt.

Explain Yourself

Something happened in your life that caused you to fall behind on your debts and become indebted to these collectors. It’s time to share with them the reason you are behind. Don’t leave anything out. Tell the debt collectors where you are financially, how you’ve been impacted, and what caused this situation to occur. There is no point in lying or making up a story about forgetting to pay a bill. Now is the time to discuss your situation and help find a solution if you need help paying off debt.

Don’t Share Certain Information

The best thing you can do is provide only limited information about your personal life when you speak with a debt collector. There are a handful of items they might ask for you that you are not required to share with them. Never share the following information:

  • Your employment information
  • Your income information
  • Your work phone number
  • Your bank account information

These items can all be used against you to help garnish your wages in the future if the collector takes the situation that far. They do not need to use this information for anything within their legal rights,, and you’re not required to give it to them over the phone. If they want to reach you again, provide them the number you’re using and only that number.

Don’t Agree to Anything

You are not required to agree to anything a debt collector asks you to agree to. Do not agree to make payments, do not agree to do anything. Simply ask for everything they’re saying to you on the phone in writing and ask for it to be mailed to you. You want everything, including account numbers and debt information, provided to you in writing before you agree to any kind of settlement or collection practices.

Do Ask for a Phone Number

Many people use scare tactics to get money out of people, and they’re not afraid to say whatever it takes to get money even if they’re asking for a fake debt. Your job is to get a phone number and call it back yourself. You can also request that the collector stops calling you at work or on any other numbers than the one you provided. You can ask in writing they stop calling you at work, and they are legally bound to do so.

If you need help paying off debt when you can’t resolve your issues yourself, you can seek help from professional services. These settlement services are designed to help you pay your debts, get rid of your poor financial situation, and get ahead. Debt collectors will try to get you to do anything they want, but you have the right to seek help on your own.

There are many options for people who have found themselves over their head in debt. Let Georgia Debt Relief help- we can probably reduce the number of phone calls right off the bat! It can be hard work, but you can get out from under your debt. Before you call that debt collector back, call us at 912-231-2313.