Dealing with debt collectors is an art - just as is the way that they attempt to deal with you. Your credit rating is important, and they know that. Professional debt collectors spend every day using techniques that are proven to get results for them. They will hone in on your apparent weaknesses if you show any. It is your credit rating at stake any time that you are dealing with a debt collector. So, let's learn how to handle these aggressive money mongers:
The first issue at hand is for you to understand your rights. This will enable you to ensure that the debt collector that you may find yourself faced with stays within the fair limits that are in place to dictate their behavior. Check out the website for the Federal Trade Commission and get a copy of the free brochure that they provide for download. You can also call the National Consumer Law Center at 617-542-9595 to get a copy of "What You Should Know about Debt Collection".
You need to have your bills prioritized. Regardless of what any debt collector tells you, your first priority needs to be the basic necessities of your family. All other debts can be negotiated and dealt with.
Assess your financial situation, see what you are comfortably able to pay - and then offer less. Remember that nothing is set in stone when it comes to debt negotiation. That's the whole point of negotiating. The debt collector has freedom to move or they wouldn't waste their time talking. They get paid on commission for what they collect in a given time period. For them, collecting something is always better than collecting nothing.
Do not offer any information that is not specifically requested. Debt collectors will show no sympathy or empathy for your situation anyway. Keep your personal information personal. Do not discuss your employment. Do not give out your banking information. Stick strictly to financial negotiating.
Stay calm and retain your laser sharp focus towards the matter at hand. Do not allow yourself to be shaken. The debt collector is just another human being. Who is to say that other debt collectors will not be calling him when he gets home tonight? When you appear strong and unshakable, you will greatly increase your odds of getting what you want out of the negotiation.
Always realize that you are the key element in the negotiation. At the end of the day, the debt is still yours to deal with - regardless of the amount of moaning that a given debt collector may do. Without your cooperation, the debt collector collects nothing and has therefore wasted his or her time. Be cordial and demand the same. Let them know that they are dealing with an individual that cannot just be pushed around.
Dealing with debt collectors doesn't have to be a taxing event. Just remember who is really in control of your finances.
Learn how to negotiate with collection agencies at the most knowledgeable credit repair site on the Net.
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