How Do I Handle Debt Collectors?

First of all, the best way to protect yourself from being harassed or mistreated by debt collectors is to know and understand your rights as well as the statute of limitations. Just because you are over indebted does not mean, the collectors can push you around. To handle such collectors properly and effectively, you should be well aware of what they can and cannot do.

For one, collectors are only allowed to call at certain times of the day. Moreover, the collector should respect your privacy. They are not allowed to call you at work especially if your employer does not allow it. And they cannot inform anyone else about your debt situation.

In case, you receive continuous calls beyond the limits as set by law, you can file a complaint against them. This does not mean however that you are excused from dealing with the debt. It merely serves as a way for you to keep the debt collectors at bay.

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You can also actually make a written request for them to stop calling you. Once the letter is sent, you should, the calls should stop. Furthermore, if a collector contacts you over the phone, he should not make false statements to simply force you to settle the debt. In addition, they should talk to you in a respectful manner and not in a way as if you have committed a crime. It is prohibited for them to use abusive words or make any threats of violence.

Second, after receiving a call from a collector, it is essential that you request for verification. Most of the time, the creditors will contact an agency to handle debt collection in their behalf. However, it is in your best interest to check if the agency indeed has the right to collect payment for your debt.

Third, you have to learn to negotiate. After settling the issue on whether the debt is accurate and the collection agency is rightfully assigned for collection, you should make an attempt to negotiate with the collectors. Start by offering a payment less than what you can actually afford, this shall give you room for adjustment in case the collector tries to deny your offer.

Keep in mind that timing is everything. If you are feeling like the collector is acting firm, unfazed by your attempts for negotiation, then perhaps you can try to make a deal at the time they are more likely to bite into your offer which is usually by the end of the month. After making a deal, make sure that you have everything properly documented. Secure the agreement in writing. Such is important even before you send any form of payment.

Do not act defensively when you receive a call from a collector. Remember, they are only doing their job. If everything goes well, then you can come up with a favorable arrangement. Otherwise, you may consider filing a complaint against the debt collectors that keep harassing you and acting beyond boundaries as set by law.

Five Steps To Dealing With Stress And Anxiety Associated With Debt

When submerged in debt problems, it becomes very easy to be affected by increased levels of stress and anxiety.

After all, it’s only natural that we’re worried about a problem such as debt. It can affect our mental wellbeing and consequently put a strain on our relationship with friends, family and partners.

The key to all of this is to not let any mounting debt problems affect other areas of your life and creep into the concerns of your day-to-day activities. All types of debt can be handled with if approached in the appropriate manner and dealt with efficiently. Remember, thousands of people across the country are in the exact same position as you.

Dealing With Stress And Anxiety Associated With Debt

Below are some tips and advice on how to avoid becoming increasingly stressed and anxious at your financial perils.

Talk: 

The first thing to mention to take into consideration is talking about your debt. Don’t keep your financial troubles to yourself if it’s troubling you. Talk about it to close family members who are likely to be able to give you some wise words of wisdom and help you with your anxiety.

Another great way example of using communication to help you with your stress is to contact free advice help lines such as the National Debtline and the Citizens Advice Bureau. These organisations hire trained professionals who are capable of dealing with all sorts of debt-related issues.

Take action: 

Start taking action on your debt by drawing up a strategy. Ask yourself; ‘What am I going to do to repay the debt?’ Developing a budget and taking on a second job are useful ways to gain some extra cash. Once you have created an idea of making more money, it’s likely your state of mind will become clearer and more at ease with the process of debt recovery. Again, take advantage of the aforementioned help lines which can aid you with such planning.

Confidence:

By taking action and starting to make small savings, you’ll find that your confidence will start to build again. It’s imperative that you keep a positive attitude at all times and reassure yourself that you will overcome the debt and look forward to a bright future. Just think how could life will be without any debt! That’s your goal!

Relax:

To help maintain your healthy well-being, there are a number of practices that you can take on board. Firstly, make sure to always get a good night’s sleep. A lack of shuteye can leave you feeling agitated, tired and uncoordinated. Secondly, eat well and keep to a balanced diet – fatty foods are not only bad for the waistline but also your well-being. And finally, stay active. There’s nothing like the positive stimulant you receive when you’ve just completed some form of exercise.

Solution:

Above all else, the stress and anxiety that you can suffer from during your debt recovery can be reduced significantly if you come up with a solution to your problems. Take into the account the advice this article has given, contact an advice help line and strategise your way out of debt and envision the amazing future that’s just around the corner for you.