Do you hear from debt collectors all too often? Are you receiving both phone calls and mail correspondence on what seems to be a daily basis? Are you hoping to eliminate this once and for all in the near future?
There is little worse than dealing with debt collectors, as this has a way of quickly turning a good day into a bad one.
However, if you fall behind in paying your bills, there is a good chance you'll hear from a collector at some point. Adding to this, if you have more than one late account, there may be more than one collector attempting to get in touch.
The first thing you need to do is understand what debt collectors are and are not allowed to do.
For example, they are not allowed to contact you while you are at work if you've made it clear that your employer does not permit these types of calls. Also, they are not permitted to call you after 9 p.m. or before 8 a.m.
The best thing you can do to stop a debt collector is ask them in writing to stop. Once you do this, they are no longer permitted by law to call you.
Tip: Keep detailed records of your correspondence with the debt collector, just in case they don't stop calling. Also, send the letter by certified mail to ensure that it reaches its destination (and that you have proof).
You can also use bankruptcy to your advantage, as this is another way to stop debt collectors from harassing you. Once the automatic stay goes into place, they are not permitted by law to proceed with collections.
It's one thing to stop debt collectors from contacting you, but another thing entirely to put yourself in a better financial situation.
Do you have the money to pay down your debt in a hurry? If so, go for it. If you don't, look into the benefits of Chapter 7 and Chapter 13 bankruptcy. There are advantages of both, in regards to eliminating debt, so learn as much as you can.
Knowing your legal rights, as they pertain to debt collection and bankruptcy, will help you make informed and confident decisions that can improve your life in the near future.