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Dealing With Debt Collectors 2

Updated on October 14, 2015

Credit Card Debt Collectors

When it comes down to dealing with your debt or dealing with a debt collector it can be very stressful and for some people it can be a very scary situation. If you were able to watch the Maxed Out video in part 1 of dealing with debt collectors, you will see that they can be very nasty when calling you to collect a debt.

They will threaten you, manipulate, verbally abuse, and outright lie to get what they want. Some of them are telephone tough guys and like to get under your skin. They know that if you were face to face they would never speak to someone like that but because they are behind a phone they can get away with it.

Some of the biggest things to watch out for will be when they ask you to make a good faith payment, which can be anywhere from as little as $5.00 to even $10.00 just to prove to them you are serious about taking care of your debt. Most of the time people pay that small amount just to get the collections company off their back for awhile and have know idea what was being done. This is a Big Mistake and I will tell you why.

This is a way to trap you because as soon as you make that payment they can start the statute of limitations over, even if your debt is 6 years old, it can now be reissued on your credit report for an additional 7 years. They have also been known to claim you made a payment just in order to do this, even though you have never spoke with them or sent them any money.

They have gone as far as threatening people with things such as saying they will call your work and tell your boss and co-workers what’s going on. They have even threatened to get you fired by calling everyday if you don't pay.

They tell people that they are going to be arrested if they don't make some kind of payment arrangement with them today.Another tactic is to send you letters making you think that they are going to sue you. Now I am not telling you that they are not going to but most of the time it is used to intimidate you into contacting them.

Some of the letters look like they are from a lawyer’s office and tell you things like you have to contact them in thirty days from the day you received the letter or they will take you to court. They can be really tricky with these letters, so your best bet is to have a professional debt settlement company or someone who knows about credit card debt collectors take a look at them for you.

You really don’t want to dismiss them and throw them away until you know exactly what the letters mean. If you are in no position to pay the full amount of the debt then you may want to look into a debt negotiations program. A good debt negotiations company can save you anywhere from 50% to 80% of the original balance.

In this next part of dealing with debt collectors 3, I will explain the benefits of using a reputable debt negotiations company to get you a debt reduction through their debt settlement program.




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    • bgamall profile image

      Gary Anderson 

      9 years ago from Las Vegas, Nevada

      Good advice, but I am protesting the entire financial system who offered the liar loans through the Basel 2 accords that allowed off balance sheet banking. So I believe people should just walk away from bad loans if they can.

      Banks are legal loan sharks. They are borrowing money at 1/2 percent but are charing 15-30 percent interest. This is loan sharking and people have no moral necessity to continue paying a loan shark.

    • sophieqd profile image

      sophieqd 

      9 years ago

      This is really good information.

    • profile image

      James Otto 

      9 years ago

      Great Info This was very helpful!!

    • profile image

      nomad79 

      9 years ago

      Hey Joe, Just like all your other Hubs you offer a great deal of information to people. I was reading a comment you made to a lady on another one of your hubs who was asking you if you knew about a company she was dealing with and you gave her really good advice. What I really liked is that you did not try to talk crap about that company and you did not try to give her the I am the best and everyone else is worthless line like a lot of companies do. I am looking foward to the 3rd part of your Hub. Thanks again Joe

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