How to Handle the Bill Collectors

Credit card debt collection is a big business. There are millions of dollars every year from thousands of accounts that go to collection agencies for delinquency. Being in debt is never easy and it’s a very stressful time. You may receive several phone calls a day from each one of the credit card debt collection agencies for each one of your accounts.

There is a variety of ways to handle a credit card debt collection creditor when they call. This first thing to remember is to remain calm. Many people tend to be overly stressed and become angry at the caller. In some instances, as with an overly aggressive debt collector, this may be appropriate. However, the majority of the people you will receive calls from are just like you, attempting to do a job.

The next thing to remember is track the call. This means writing down the name of the person and their identification number if they have one. Also, remember to write down which collection agency they are from and the account number and client for this debt. The client for the credit card debt collection agency would be the credit card issuer and also write down the date and time they call. Keep this information in your records with the credit card information. You should receive a call no more than perhaps twice a month. If you start getting daily calls, or calls that are several times a day remind them that while they have a right to collect the debt, over calling could put them in the position of facing harassment charges.

When they do call, calmly explain your situation. Let them know that you are attempting to pay the debt but due to whatever the circumstances are, you are having a little difficult. Talk to them to see if you can locate a payment plan that will work to help you pay. If an agreement cannot be reached then simply, let them know you will pay them as soon as you can. Most debt collectors work on a commission basis. The more debt they collect the more they get paid. Try to negotiate a settlement if you can. A collector would rather have a portion of the total bill than none at all.

There are companies that can help you through this collection process. If you have multiple creditors calling, it might be wise to do some research. One company I have used is Veracity Credit Consultants. They can also help you clean up your credit and improve your credit score.

Communication is essential when dealing with creditors, being calm and willing to listen to the options they have for you and being willing to explain your situation so that both parties can reach an agreement is key. For more information please visit Reduce Credit Card Debt.