If you’re constantly being contacted by debt collectors, you’re not alone. Many people find themselves in difficult financial situations, and before they know it they have accumulated a substantial amount of debt.
Dealing with debt collectors can be stressful and nerve wracking, but you shouldn’t let it ruin your life. You should take your debt seriously and do your best to pay it, but don’t lose your sanity over this. Trust me, letting stress overwhelm you can make your health deteriorate and only make the situation worse.
Now if you’re being harassed by debt collectors every day, you should know that you have certain rights under the Fair Debt Collection Practices Act. Debt collectors cannot, for example, call you in the middle of the night.
Depending on your state’s laws, they may not threaten to garner wages. Also, if you send them a formal request from a lawyer asking not to be contacted anymore, they must honor this request.
That by itself won’t make your debt go away, of course. But it can relieve some of the stress that always accompanies financial difficulties. You should also know that it is possible to negotiate a settlement, as most collectors are authorized to accept a discounted payment. If they know you have a difficult situation and cannot pay the full amount, they may indeed accept a smaller amount as a final payment.
You should keep track of what conversations you may have with debt collection agencies, and, if it’s legal in your state, you can even record your conversations over the phone. Always ask for your agreements in writing in case they decide to go back on their word.
With a bit of patience and calm negotiation, you can make your situation much easier and get one step closer to debt relief.