Debt collectors are perhaps the most persistent individuals on the planet and the most hated in society. Methods used by debt collectors can and will border on harassment such as calling on the phone at home and in the office countless times a day, sending out letters by the bagful, making visits at odd days like weekends, and even threatening individuals with legal actions. Well, of course, you will want to stop these debt collectors from doing all of these actions to your detriment. Here are the steps to do so.
- Ask for the loan contract. There is only one main reason why debt collectors are stalking their prey, so to speak – unpaid outstanding debts that have matured for far longer than the loan repayment terms allowed on the contract. Thus, your first step is to ask for the loan documents to ascertain several facts, namely: first, if the loan is actually yours to begin with; second, if the repayment period has lapsed well beyond the grace period provided; third, if the contract provides for other recourse for repayment; and fourth, if the debt collector and the agency he is representing are not violating your rights. Just to give an analogy: The foreclosure market is under fire because of findings that the holders of the mortgage were at fault in foreclosures that should have never happened in the first place. Homeowners are fighting back and you must, too, if you are in the right position to do so.
- The next step is to look for redress. This step is recommended with the assumption that the loan was not yours in the first place. You may have been a victim of identity theft, which is prevalent nowadays due to the often careless ways of giving personal information particularly credit card, social service and other sensitive data online. You may also be the inadvertent victim of somebody with your same name using your address, which is not as farfetched as it may sound. In either of these cases, you must spend time and effort to prove that the debt collector is going after the wrong person. Documents attesting to your innocence of the charges leveled upon you can be presented as evidence especially when the complaint has been brought to the attention of local authorities. You must ask for a formal letter stating that the debt collection agency was mistaken and will not bother you again in the future as your insurance.
- Now, it will be a different scenario when the outstanding debt is, indeed, your responsibility. You must own up to it by repaying the loan as soon as possible. Look into various repayment options that are favorable to your present circumstances including refinancing. Talk with the debt collection agency to hammer out the details. As for the debt collector, there are many ways to stop him from being intrusive. You can discuss the matter either through the phone or in face-to-face meetings, which should tell him of your intention to pay the debt but of your request to stop pestering you and your family. You can ask the debt collector to call only at certain hours of the day and on certain days only to remind you of your obligations to pay. Keep in mind that there are laws protecting debtors from the intrusions into privacy by creditors including the use of vulgar language, forceful intimidation and deceptive methods. If you are a victim of such behavior from the debt collector, you can file a harassment suit.
