If you are behind on your bills, you know what it's
like to get a call from a collection agent,
also known as bill collectors.
Collection agencies have one simple
task: collect money. In many cases they are paid a
commission on the money they collect; the more they
collect, the more they get paid. Since they may not
get paid if they don't collect, they will try "every
trick in the book" to separate you from your
Common collection agency tactics include calling
you repeatedly at home and at work. They may even
call friends, family, co-workers, or neighbors. They
will send letters, and threaten you with negative
information on your credit report, or legal action.
How can I stop collection agents from calling?
The most obvious way to stop a collection agent from
calling is to pay them. They are calling for money;
once they get their money, they will stop calling.
If you owe the money and can pay, pay them.
If you don't have the cash to pay them immediately,
consider getting a debt
consolidation loan to repay them. If you don't
qualify on your own, the bank may accept a co-signer.
Your next option for dealing with collection agents
is to work out a repayment plan. If you owe
$1,000, you could offer to pay them $200 per month
for the next five months. The collection agent would
prefer to get all of the money today, so they can
earn their entire commission today, but if that's
not possible they may accept payments over time.
Before you make a deal to pay over time, review your
so you know what you can offer, and don't offer more
than you can afford.
If you can't afford to pay them, the final alternatives
to stop them from calling are, credit
13 Wage Earner Plans, consumer
proposals, and, if all else fails, personal
Debt problems won't get better on their own, so if
collection agencies are calling you, either go bankrupt
or pick one of the bankruptcy alternatives discussed
above, and get started.