Wednesday, January 27, 2010

Those Unruly Debt Collectors

If you are a credit card holder, you may have a horrifying tale about those unruly debt collectors. You may have received those numerous collection letters with newspaper clippings regarding some court rulings about those debtors who were not able to pay their credit cards. Or you could have received a phone call in the middle of the night telling you to pay your debt. Some debt collectors would even misrepresent themselves as lawyers or law enforcers saying that pay-off your bills or else someone from the credit company would do ocular inspection on your properties; and get whatever they can so you can pay-off your debt. These experiences are like nightmares. You are not running away from your debt; it just that you are facing a financial crisis these days.

So how do you deal with these unruly debt collectors; well, I am not a lawyer but I have done some research and readings to give you a better perspective on how to handle such situations:

*It doesn't matter if you know how much you owe the credit company; it is best that you ask for your Statement of Account regarding what you owe them. Take note that the letter you received from a collection company is not a statement of account. If they have provided you with your SOA; check with the bank in which your credit is connected to make sure that it is the correct amount.
*Remember, it is you who are going to decide on how much you can pay them. Provide a written proposal about it; bear in mind your financial situation before you commit to anything.
*If they do not agree with your proposal, then do not pay them. Be confident in informing them that you can now let the court decide on this matter.
*Do not allow yourself to be threaten that you will be put in jail; for you can only be charged of civil case if you are incapable of paying your debts.
*If ever they will file a case against you, do not worry, for most judges are compassionate on the debtors and will only allow you to pay what you are capable of paying.
*If a law enforcer would come to your house, do not be afraid; get their name, precint name and plate number of car. You can file a case against this law enforcer for it is not part of their job to interfere in such matters.
*RA 8484 is a criminal case, but you can't be charged of it because it only applies to credit card fraud.

These are just some ways to handle such situation; but if you have the ability to pay-off your debts; do it! Save yourself from being in this horrifying debt collectors experience. My only advice is, it is best to live within your means. If you can avoid from using credit card or getting loans, do it.

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