There are many reasons why people do not pay off their bills or other debts in time: poor money management skills, initial dissatisfaction with the service or product, or an irrational hope that the problem will just go away on its own. The worst thing you can do is ignore the problem. Being open with the creditor can help you clear up the matter sooner and with fewer repercussions, even if you cannot pay the entire amount that you owe immediately.
On the other hand, disregarding your creditor will only put you at the mercy of a collection agency (if you are faced with dealing with a collection agency, don’t panic). Thanks to collection agency rules, collection agencies are not allowed to send a bounty hunter after you, or hold your family hostage. Collection agencies are willing to work with you to clear up debt quickly and painlessly, if possible. If you can pay off the debt in one payment, do so immediately and get it out of the way.
But although collection agencies are flexible and willing to help, you do not want them in your life. Most people have learned the hard way what it’s like to have creditors and/or collection agencies call demanding money. They are not the most pleasant people to speak to, and talking to an unpleasant person who is also demanding money from you can ruin anyone’s day. However, they are just doing their job, so how can you blame them? Most collectors often receive commission as well, so don’t be surprised if they call more than once and seem very adamant about clearing your debt.
Collection agency employees are expected to adhere by a certain set of collection agency rules, which protect consumers from unfair treatment. They are designed to make sure that you are notified properly and in a timely fashion and that you are not disrespected in any way. Some collection agency rules to remember are:
- You should be notified in writing when a creditor gives your past due account to a collection agency. You must make sure your creditor has your current address so that you can receive these notices.
- Collection agency rules prevent collection agencies from making telephone calls that may constitute as harassment towards you or your family. This includes repeated calls to you while you’re at work. If you believe a collection agency is harassing you, keep a record of the time, date and frequency of the calls. You will need this information if you wish to file a complaint.
- Collection agencies may not make calls on Sunday, holidays or any day before 7 a.m. and 9 p.m. …your time.
- Collection agencies are prohibited from calling anyone other than you, the debtor. They cannot call your relatives, friends, or coworkers to ask your whereabouts.
While you may take full responsibility for an outstanding debt, remember that you also deserve respect, and privacy from collection agencies. Collection agency rules offer this protection, but they do not release you from your obligation, so do not try to take advantage of them. Paying the outstanding balances that are now in the hands of a collection agency should be the number one priority on your to-do list.
By Kelley Caner