If you're drowning in
debt, it makes life much more difficult. You
have trouble getting credit for the things
you need, and you probably spend a lot of
time trying to juggle your finances. And
then there is the matter of debt collectors
calling day in and day out.
Debtors often avoid answering the phone when debt collectors are calling.
They don't want to be reminded of how much they owe and how far they are behind,
because they simply don't have the means to pay their debt. But what they don't
realize is that debt collectors are often willing to help them get back on
track.
It's true that creditors want their money. That is why they are calling you. But
it's also the reason that they will often work with you. They are often willing
to lower interest rates, reduce monthly payments, or waive late fees to help
you. Many creditors realize that by helping debtors, they are more likely to get
payment in full than they would by making demands.
How to talk to debt collectors
When a debt collector calls, it's important to tell them about your
circumstances. Whether you've had problems that were no fault of your own or
just spent too much and got in over your head, letting them know that there is
something keeping you from paying them is important. They will be much more
willing to work with you that way.
Once you've explained yourself, they may offer assistance. Listen to what they
have to say, and if it sounds doable, accept. If the debt collector does not
offer a solution, ask if there is any way that your interest, payments, or fees
can be lowered to put them within reach.
If the person you speak with is not helpful, ask to speak to a supervisor. It
could be that the person calling does not have the authority to extend the
assistance you need. Once the supervisor is on the line, explain your situation
again and tell him or her what it would take for you to be able to get your
payments current.
What if they won't help?
In some cases, debt collectors are not willing to be of assistance. If this
happens to you, try to work something out with your other creditors so that you
can afford to make payments to everyone. If that doesn't work, you may need to
talk to a credit counselor. They have the clout and experience necessary to work
out deals with creditors that consumers may not be able to.
No one likes to talk to debt collectors, but sometimes doing so can be
beneficial. It certainly doesn't hurt to try. You just might be surprised at how
willing they are to help.
Recommended Reading
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