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Dealing with Debt Collectors
Debt Settlement may be the answer your looking for
Dealing With Debt Collectors
Hello everyone, how are you today? As some of you already know my name is Joe Sellers and I take pride in what I do. I spend about 10 hours a day speaking with people about their situations and explaining how a debt settlement program can get them out of debt in a short time compared to paying minimum payments to the credit card companies for the next 45 years.
Unfortunately in this industry there are to many companies that mislead people into signing up with them knowing that a credit card debt settlement program may not be in their best interest. I will get into debt settlement companies here shortly but first I am going to tell you some of the things to watch out when having to deal with credit card debt collectors.
The first thing you should know is that they work on commission so they really don't care about you or what problems you are having in your life. Their only concern is to get you to give them as much money as possible.
Anyone who has had to deal with or is dealing with a debt collector knows what I am talking about. Most of them are going to try to manipulate and mislead you and will do almost anything to get you to pay them directly.
There are two types of collections companies. You have the ones that are run by the credit card companies and the private collectors that purchase your debt from the credit card companies.
When you have a credit card that is 60 days to 180 days in arrears you're going to start getting phone calls from people trying to collect the balance of your debt. At this point you are still with the original credit card company so they are still going to try and see what’s going on and try to collect the debt amount.
After the 180 days of none payment your credit card goes into what is known as charge off. This is where the credit card company takes your debt and has to make a decision on what to do next. They might keep it in one of their collection departments or sell it to a debt collection agency. Most of the time if they have not heard from nor have any new information on you then they will usually sell it off to a private debt collection agency.
These collection companies buy millions of dollars worth of debt from the credit card companies on a regular basis. Once the debt collection agency has purchased your debt they put all the information into an automatic dialer and start the collection process.
This is when you will start to receive a lot of phone calls and letters. Most of the people I speak with tell me that the person that is trying to collect the debt keeps calling them 4 or 5 times a day and sometimes even more than that.
When you receive these calls most of the time it is not from some guy sitting in front of a computer dialing your number it is done by an automated dialer. If you pick up the phone and cover the mouth piece and just listen you will hear a clicking sound and then someone will say hello or hang up. As soon as you pick up the phone the computer transfers the call to whoever is available at that time.This is why you get messages from a couple of different people that all work for the same company.
There are a lot of people that won't pick up the phone if they don't know who is calling. Really if it is important they will leave a message for you and you can call them back, that is if you want to talk with them.Here is a clip from ABC nightly news and you should see this especially if you have teenagers that are in collage or on their way there then you should watch this documentary called Maxed Out. It talks about the credit card industry and what collectors will do in order to collect a debt from someone.
Some of the clips will really get to you because you see how wrong and unfair their tactics are to consumers. This is why it can be in your best interest to have a reputable debt settlement company working on your behalf.
Please continue I have more information in dealing with debt collectors 2 and also part 3. I will talk about the benifits of using a debt negotiations company to get you the best possible settlement on your debts. I hope this information has been helpful so far. If at any time you have any questions please don't hesitate to ask me. Just write them below and I will respond to them within a day or so.Thank you