Have you ever been on the receiving end of those annoying phone calls from debt collectors? Anytime you donâ€™t meet the minimum payment due on your credit card, they will call you up. These calls can be annoying because they are incessant and demanding. They will pressure you pay at least the minimum amount due for the month or threaten you with garnishment of your wages.
What do you do when you are at the receiving end of these phone calls? I suggest that you entertain them. Yes, thatâ€™s right. These calls may be annoying as some will make their calls no matter what time of day â€“ or night, for that matter. Face it and deal with it. As long as they are calling you up, it means they are open to a dialogue and willing to work out an arrangement with you. You can negotiate a settlement or reduced payback terms. It also means that they have not started any litigation with you. It is when they are quiet that you should start worrying. Typically these calls would last up to a year. Hopefully, by that time you would have made a favorable arrangement with them.
Debt collectors are incessant in calling your up because they will earn from the money they will get from you. They are paid on a commission basis and thatâ€™s what theyâ€™re after. They are not really concerned about helping the banks your originally owe money from. Note though that you still have some leverage even though you are behind in your credit card payments and still struggling financially. It was never your intention not to pay your obligations. Communicate that well to the debt collector so they will be more compassionate.
Next time you get a call from a debt collector, toughen it up and accept the phone call. Do not let it upset you. Answering the phone and having a dialogue with them will lessen further calls in the future. It is when you avoid them that become incessant. Speak truthfully. Tell them that you are having financial troubles and would still want to honor your obligation at the proper time. Chances are they will hear you out, work out a fair settlement and lessen the harassment. Be calm when talking on the phone and know your rights. Have a pen and paper ready so you can take note of anything that could be in violation of the telemarketing rules. If they commit any violation, make sure to report them to the proper authorities.