How To Deal With Third-Party Debt Collectors

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If you're behind on your payments, one of the worst things that can happen is getting a call from a debt collector. Debt collectors can be relentless in their pursuit of payment, and they can often be very aggressive in their tactics. This can be a stressful experience, especially if you don't know how to deal with them.

If you're dealing with a third-party debt collector, here are a few tips to help you get through them:

Stay Calm

If a debt collector, like Midland Credit Management, contacts you, the first thing you need to do is to stay calm. Debt collectors are trained to get under your skin. But, if you stay calm, they won't be able to rattle you.

Don't Ignore The Debt Collector

Don't ignore the debt collector even if you can't afford to pay the debt right now. This will only make the situation worse. Try to work out a payment plan with them so you can start making payments and getting the debt paid off.

Ask For Proof

Before you do anything else, ask the debt collector for proof of the debt. Proof can include a copy of the contract you signed with the creditor or a statement from the creditor detailing how much money you owe. This will help you determine if the debt is yours and how much you actually owe.

Get It In Writing

Legitimate debt collectors are required to send you a written notice of the debt. This notice will include the amount of money you owe, the creditor's name, and what to do if you don't think you owe the debt. Moreover, you’ll also receive information on how to dispute the debt. If you agree to a payment plan with the debt collector, make sure it’s in writing. This will protect you if the debt collector changes the terms of the agreement or decides to stop working with you.

Don't Give Out Any Personal Information Over The Phone

Never give out any personal information over the phone. This includes your Social Security number, bank account information, or credit card numbers. Instead, ask the debt collector to send you the information in the mail.

Seek Advice From A Credit Counseling Service

If you're struggling to deal with the debt collector on your own, you might want to seek advice from a credit counseling service, such as Credit Glory. They can help you negotiate a payment plan with the debt collector and can assist in dealing with other financial problems.

Try Settling Or Negotiating The Debt

If you can't afford to pay the debt in full, try settling or negotiating the debt. Negotiating means you agree to pay a certain amount of money for the debt, and the debt collector decides not to pursue any legal action against you.

Keep Track Of All Communications With The Debt Collector

It's essential to keep track of all communications with the debt collector, including phone calls, letters, and emails. This will help you if you need to dispute any of the information or if you need to take legal action.

Understand Your Rights As A Consumer

As a consumer, you have certain rights that debt collectors must abide by. These include the right to dispute the debt, the right to receive written notice of the debt, and the right to end communication with the debt collector. Familiarize yourself with your rights, and understand what the debt collector can and can't do. This will help you protect yourself from abusive or illegal tactics.

Report Any Abuse

If you feel that the debt collector is abusing their power or using illegal tactics to try and get you to pay the debt, report them. The Consumer Financial Protection Bureau (CFPB) is a government agency that can help protect consumers from unfair or illegal practices by debt collectors.

Talk To A Lawyer

Talk to a lawyer if you're not sure what to do or if the debt collector is violating your rights. A lawyer can help you understand your legal options and guide you through taking legal action against the debt collector.

Conclusion

Debt collectors can be a thorn on your side, but if you stay calm and know your rights, you can deal with them effectively. Familiarize yourself with the rules that debt collectors must follow, and report any abuse to the FTC or your state's attorney general's office.

Credit counseling services can be a great resource if you need help negotiating a payment plan or dealing with other financial problems. By following these tips, you can protect yourself from abusive or illegal tactics by debt collectors and finally get your financial life back on track.