Drowning in debt? Creditors calling? Getting threatening letters about debt collections? This is all too common among those who are suffering with financial hardships. Credit collections can become stressful when you lack the income to pay your accounts. Although you may be dealing with a large debt burden, you don’t have to put up with nasty calls or abusive collectors.
Taking A Stand
There are several ways in which you can stop credit collections. Of course the quickest way is to pay your debts, but this isn’t always a viable option for everyone. Once you get behind on a payment, creditors can turn over your account to collectors in as little as 30 days. Once third party collectors get involved, many people begin to give up and ignore calls. This is never a good strategy for resolving your debts or your problems with creditors.
If you cannot afford to repay your debts you have two options. First, you can contact your creditor directly to negotiate a payment schedule. In many cases, you will have to prove financial hardship and be persistent with your negotiations. However, once you arrange a debt payment that suits your current budget and begin making payments, the credit collectors will stop pursuing you.
Another option is to file for bankruptcy. Filing for bankruptcy can immediately cease collection efforts and prohibit creditors from contacting you. You will be able to negotiate or eliminate your debts without the hassle of fighting off nasty creditors. If, at any time, you feel you have been abused or treated unfairly by your creditor or a third party collector, report them to the Federal Trade Commission.