You can scratch debt collectors from your friend list.
A good percentage of them break Federal Law on a daily basis.
If you legitimately owe money on a debt, you do need to pay it.
However, you do not have to put up with being threatened, abused, intimidated, or harassed.
Here are some things to watch out for.
If you are receiving calls from a debt collector, it may be best to ask that they correspond with you in writing.
By corresponding in writing it provides you with their contact information.
You will want to do your homework and a little research to make sure first that you truly owe the debt and second that they are a legitimate agency.
It will also serve a good purpose should you ever end up in court.
If you get a call from someone who starts to pressure you to give out this information, tell him or her to put their request in writing and mail it to you - and if they continue to pressure you, hang up.
NEVER give out your personal financial information over the phone.
There are a lot of scum burgers out there thieving on people with a lack of knowledge.
It could be an outright thief who somehow has gotten a hold of your contact information.
It could be a sleazy debt collection agency that will take money out of your account whether you authorize them to or not.
You may not even owe the debt.
These people will try and collect from anyone that they can bully it from.
Always keep your personal info.
to yourself when dealing with collectors, or anyone else for that matter when in an adversarial situation.
If it is a legitimate company, they already have your information.
If you are offered a deal from a debt collection agency that sounds too good to be true, then most likely it is.
You can always tell of one of these agencies is lying if their mouth is moving.
It is not uncommon for debt collection agencies to offer to let you pay off a reduced amount if you pay it all off at once.
Look out, because in some states it is legal for them to say that - and then, once they receive your payment - they sell the remaining debt to another collection agency! Yes, it is sleazy, and it's amazing it is legal, but that is how these outfits operate.
Anything agreed to ALWAYS NEEDS TO BE IN WRITING.
Also when dealing with collection agencies, NEVER give electronic access to your checking or savings account.
They will wipe you clean.
If you are truly being stalked by debt collectors you could invest a little in an attorney to find out what your rights are in your home state.
Every state is a little bit different so consider that as an option.
You should deal with your creditors/collectors, but not harassed.
There is no need to talk with these people more than once every two weeks.
Most collectors are just trying to intimidate you.
Only have short conversations with them, when you negotiate with them never give them post-dated checks and as mentioned never give electronic access to your bank accounts.
Get on a written game plan, budget, and get these bozo's out of your life.