Debt Collection Advice

: Chris Lee Law Firm

  Filed under: Money Management

Most of us with come to deal with a debt collector at some point in our lives. Whether from missing a payment on an unknown debt or purposely dodging payment due to financial hardship, interacting with a debt collector is never fun. To make matters worse, many debt collection efforts can be intimidating and intrusive. However, there are ways you can manage these actions and find peace from harassing phone calls.

Simple Steps

It is important that you never ignore a debt collection call, at least not the first one. Why? Because you could be liable for a debt that you didn’t know existed, have assets at risk of liquidation or be tied to a debt you don’t owe. Anytime you receive a call or letter from a debt collector it is important you find out who they are, which lender they are representing, what debt they claim you owe, and the amount of the debt. If you know the debt is your debt, request a verification letter.

Once you receive your letter, contact your lender directly. In general, you should avoid resolving your debts with a third party collection company whenever possible. Many lenders will work with you to negotiate a payment plan that you can afford. If you cannot reach an agreement with your lender directly, or have assets at immediate risk for liquidation, consult a Fort Worth bankruptcy lawyer. Having a lawyer place a stop to debt collections can buy you time to review your options for debt relief.

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