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How to Deal With Debt Collectors

Written by Jasir Jawaid

The term "debt collectors" conjures up all sorts of thoughts. Many individuals consider debt collection agencies to be predatory—companies tasked to bring you down and take your money at all costs. But that's not the case at all. Debt collectors have to abide by a law called the Fair Debt Collection Practices Act, which governs how they interact with you. These companies are bound by law to treat you fairly and accommodate your financial situation as much as possible; they'll even work out a customized payment plan for you.

In order to deal with debt collectors professionally, it's important to know your rights, and what debt collectors can and cannot do. For the record, they have the right to seek repayment of your debt. There's a right and wrong way to deal with these collection agencies, and you wouldn't want to rub them the wrong way. Will it still make your skin crawl? Probably, but knowing the right information can help you manage your debt and start the discussion with a position of strength.

This article was published on JoyWallet and can be read here in full.


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