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How to Handle Debt Collectors in 3 Steps

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How to Deal with Debt Collectors in 3 Steps

Don’t rush into paying. Make sure you are aware of your debt and your rights.

by Sean Pyles Senior Writer | Personal finances and financial debt Sean Pyles leads podcasting at NerdWallet as the producer and host of the NerdWallet’s «Smart Money» podcast. The show «Smart Money» Sean talks with Nerds on NerdWallet’s NerdWallet Content team to answer the questions of listeners about their personal finances. With a particular focus on sensible and actionable money advice, Sean provides real-world guidance to help people improve in their finances. In addition to answering listeners’ financial questions on «Smart Money» Sean also interviews guests who are not part of NerdWallet and creates special segments to explore topics such as the racial wealth gap as well as how to get started investing and the background of college loans.

Before Sean lead podcasting at NerdWallet, he covered topics related to consumer debt. His work has appeared on USA Today, The New York Times as well as other publications. When he’s not writing about personal finances, Sean can be found digging around the garden, taking runs and taking his dog for long walks. Sean is located within Ocean Shores, Washington.

7 April 2022

Editor: Kathy Hinson Lead Assigning Editor Personal finance, credit scoring, debt and money management Kathy Hinson leads the core personal finance team at NerdWallet. Prior to joining NerdWallet, she worked for 18 years at The Oregonian in Portland in capacities such as chief of the copy desk and team editor and designer. Prior experience includes editing copy and news for several Southern California newspapers, including the Los Angeles Times. She graduated with a bachelor’s in journalism and mass communications in the University of Iowa.

A majority of the products featured here are provided by our partners who pay us. This affects the products we feature as well as the place and way the product appears on the page. However, this does not influence our evaluations. Our opinions are our own. Here’s a list and .

The debt collection agency is trying to hound you, seeking payment on the consumer debt you owe. These tactics can be irritating at best. They can also be predatory, or even illegal at worst.

It is essential to understand how to handle debt collectors, including understanding- so you can assert your rights and choose the most appropriate method of handling them . Before you make any statements or make any payments be sure to take these steps:

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3 steps for dealing with the debt collector

1. Do not give into the pressure to pay at the very first meeting

Like you wouldn’t leap into a contract without fully understanding its terms, don’t rush to pay when a debt collector contacts you. It is important to take the time to analyze your .

«A large number people are embarrassed about being in debt, and that’s what debt collectors are after,» says Ramon Khan an ex-debt collector in Texas who is now working in the field of online marketing.

«They create that sense of urgency and play on the pain points to convince you to pay something. If, at the end of the day are owed the sum of $50,000, $100,000 or even more, they don’t really care that you’re going to pay it all. If they can force you to pay a portion of the amount, it is a part of their limit of.»

Don’t pay, don’t promise to pay and don’t give any information about your payment that the collector could use later. Ask for information on the debt, and then say that you’ll be in touch to discuss it later.

Making a single payment -as little as $5 or $10 is an acknowledgment of debt and can have serious repercussions. When the amount owed is beyond the , for example, making a payment will reset the clock and may cause a lawsuit, or .

Readers also ask

Can you go to jail for not repaying the payday loan?

Inability to pay back the loan is not a criminal act. In fact, it is the responsibility of a lender to threaten a borrower with arrest or even jail. Nonetheless some payday lenders have succeeded in using bad check laws to bring criminal cases against borrowers, with judges mistakenly stamping the lawsuits.

What happens if you ignore the demands of a debt collector?

In the event of ignoring a delinquent debt puts your wages or bank account at risk. In addition, you could lose the ability to challenge that you owe the debt.

How do I dispute a debt?

You have two tools that you can use to challenge the debt: first, a the collector must send you, with a description of the debt as well as the rights to dispute it; then, the debt verification letter. You can submit a written request for more information and stop collection efforts temporarily.

2. Collect the facts

If the creditor who originally sold a debt to a third partythat could be able to sell the debt or even resell it again -recording of the transaction often falls to the wayside. Many sold debts have errors about the amount owed or who is owed it.

Collection practices for debt are one of the biggest sources of complaints by consumers to the Consumer Financial Protection Bureau as the result. About 70,000 complaints were filed in 2021 on the matter; the biggest reason was the demand from consumers to pay debt they didn’t owe (zero) Consumer Financial Protection Bureau . . Accessed on Apr 7, 2022.

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Ask for a letter contact from the collector of your debt if you do not receive one within five days after the initial contact. The letter should contain information about the debt, the collection agency and ways to contest the debt.

Gather your own records on the debt, if it’s yours, including information on the original creditor and your history of payments.

Keep accurate records of your communications to the collector and any previous payments. You may want to use certified mail for the best documentation.

Track your debt the easy way

Sign up with NerdWallet to view your current financial breakdown and future payments all in one place.

3. Know your rights and how to use them

Your ally is. This law provides you with rights as a buyer and defends you against the shady collection practices. For example:

Communication: You can specify the manner and time when they can reach you, and also to stop all communication. Debt collectors are prohibited from using profane language or threatening violence.

Honesty: Debt collection agencies cannot lie to you about whom they’re from, how much you owe, or the legal repercussions of not paying your debt -for example threat of arrest.

The debt is disputed The debtor has the right to dispute the debt. If you challenge this debt before 30 days from the initial contact, the collector will not be able to request payments until your dispute has been resolved. After 30 days, you are able to still challenge the debt, however, the collector may request payment while the dispute is being examined.

You could be protected if the protections under the FDCPA were violated. The state you live in may provide additional consumer protections. Consult with the legal aid office in your local area or the department of the state attorney general.

Understand your federal and state security measures in the debt collection process. The state’s laws and your own can be a good resource.

It’s a matter of sending an email to debt collection agencies to request more information on the debt or demanding that the debt collector stop contact, you should know how to assert your consumer rights — and don’t be afraid to exercise them.

Author bios: Sean Pyles is the executive producer and host of NerdWallet’s Smart Money podcast. His work has appeared in The New York Times, USA Today and elsewhere.

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