Are debt collectors will knocking on your door? Some can be very aggressive and use numerous illegal tactics to get you to pay your outstanding debt.
Many of these unscrupulous debt collectors will tell you that you will be arrested if you do not pay off your debt.
This is not true.
You can't be arrested if you do not pay your debts.
A debt collector is not allowed to imply that they are a government representative or that you have committed a federal crime.
They may not harass or abuse you or anyone they contact about your debt.
You need to be aware that credit collectors will do anything to get the debt repaid.
Debt creditors use all kinds of shady tactics to try to get you to pay.
Do not be bullied into repaying the debt under terms that you did not agree to.
You need a plan and need to work that plan to make those harassing phone calls stop.
On way is to establish a relationship with a debt management professional that will enable you to reduce harassment and repay your debt.
You can also implement a similar plan yourself.
Often times you can avoid numerous calls, letters and visits from debt collectors by working with your creditors and working out repayment terms with them.
You can do this by going through a debt management company but a lot of times you can accomplish these things yourself.
Call your creditors and be straight with them.
Ask them to reduce the amount you owe and sometimes they will.
Make it clear that you want and intend to repay them but that you need to work out a plan.
Most of the time the creditor will be willing to structure a repayment plan with that if followed will pay off the amount owed AND at the same time stop the phone calls!! Most importantly though, get it in WRITING!! Whatever you have been able to work with your creditors either on your own or through a debt management company - get in writing...
oh, and make sure you stick to the plan.
After working out a deal with the creditor, don't miss the payments you agreed to make.