Many who have experienced credit difficulties and then experienced the "pleasure" of speaking with a professional debt collector from a collection company, know that the whole experience can be very unpleasant.
Don't be intimidated by collection companies.
If you get a letter from a collection company, roll up your sleeves and start your own investigation of them.
Start by Googling their name.
This will give you a good idea of who they are and who you are dealing with.
Once you know who they are, and well before entering into any discussions and possible negotiations with a collection company, you should follow some very simple steps which are outlined below.
1.
Get it in writing To avoid misunderstandings insist on putting everything in writing.
This will ensure that what you told them and what they tell you won't change as it often does when there is no record of the conversation.
Even if they tell you that the conversation is being recorded, this "recorded" conversation can disappear in the blink of an eye when the conversation doesn't happen to support their position.
If you do happen to talk to a collection company on the phone, you should immediately fax a letter to them memorializing your understanding of the conversation.
This will preserve your rights and will keep the collection company honest.
2.
Find Out Who You Are Dealing With You need to find out who they are, what their relationship is with the original creditor, what their role is, and most importantly, what they have in their possession to prove that you are legally responsible for the debt or if they actually have the legal right to collect the debt.
3.
Get Copies of Documentation Insist on getting a copy of the contract that you allegedly signed.
You should also ask for copies of statements or invoices which show you how they arrived at the amount they claim you owe.
Lastly, ask to see a copy of the agreement which transfers the ability to collect the debt to them from the original creditor.
Many collection companies are nothing more than "junk debt buyers" which means they bought the debt for pennies on the dollar from the original creditor.
Although they own the debt they have no written documentation (i.
e, contracts, invoices, etc.
) from the original creditor.
Once you've been given this information you will be in a much better position to assess your options and come to a decision as to how to best resolve the matter.
Don't be intimidated by collection companies.
If you get a letter from a collection company, roll up your sleeves and start your own investigation of them.
Start by Googling their name.
This will give you a good idea of who they are and who you are dealing with.
Once you know who they are, and well before entering into any discussions and possible negotiations with a collection company, you should follow some very simple steps which are outlined below.
1.
Get it in writing To avoid misunderstandings insist on putting everything in writing.
This will ensure that what you told them and what they tell you won't change as it often does when there is no record of the conversation.
Even if they tell you that the conversation is being recorded, this "recorded" conversation can disappear in the blink of an eye when the conversation doesn't happen to support their position.
If you do happen to talk to a collection company on the phone, you should immediately fax a letter to them memorializing your understanding of the conversation.
This will preserve your rights and will keep the collection company honest.
2.
Find Out Who You Are Dealing With You need to find out who they are, what their relationship is with the original creditor, what their role is, and most importantly, what they have in their possession to prove that you are legally responsible for the debt or if they actually have the legal right to collect the debt.
3.
Get Copies of Documentation Insist on getting a copy of the contract that you allegedly signed.
You should also ask for copies of statements or invoices which show you how they arrived at the amount they claim you owe.
Lastly, ask to see a copy of the agreement which transfers the ability to collect the debt to them from the original creditor.
Many collection companies are nothing more than "junk debt buyers" which means they bought the debt for pennies on the dollar from the original creditor.
Although they own the debt they have no written documentation (i.
e, contracts, invoices, etc.
) from the original creditor.
Once you've been given this information you will be in a much better position to assess your options and come to a decision as to how to best resolve the matter.
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