If you have ever received collection calls, you know how annoying, irritating and angry this can make you, especially since your situation has not changed much since their last call. That’s right, they keep calling you. You are trying your best and it’s very likely that you are stressed with so many other things in your life and to get these consistent calls can push you over the edge.
Keep your cool (yes, it can be hard) because if you do have a legitimate debt, collection agencies do have a right to call. Let’s take a look at some of the options available to you to try and stop these collection calls.
1. Send A Registered Letter
You can send a registered letter to the collection agency if you find the calls getting aggressive or harassing. This is known as a ‘cease and desist’ letter. You can state that you do not want to receive phone calls but instead, receive written communication. Make sure to keep a copy of this letter for your own records if needed. This method can work, depending on how you have worded it.
The collection agency can start legal proceedings against you to get the money, or, they could just allow the account to charge-off. However, this will hurt your credit score badly for many years. Be careful how you write this letter so that you don’t rub them the wrong way.
2. Try Paying It Off
Though this can be hard, but if you can somehow come up with a way to pay off your debt, you can stop collection calls. This is of course the most ideal scenario and the least hurtful to you in the long run. You can actually speak with the collection agency and arrange a payment method. It will most likely be difficult to pay it in full.
After all, you will probably have other debts and living expenses to also worry about. Make the arrangement only with the collection agency. Make sure everything is in writing and that you get receipts. Never send cash. You can also seek help with a debt consolidation loan.
3. Debt Management
You can get help, assuming all else fails, from a debt management program. Be careful and do your research because not everyone is legitimate. However, if you use a legitimate, professional service, it can help to lower your payments as well as lower the interest. The idea is to help you pay your debts and this is based on your ability to pay. The creditors are contacted on your behalf and the plan for a payment schedule is discussed.
Once it has been agreed, the collection agency may actually lower your interest or possibly even stop for the duration of the payment process. A client such as yourself will only pay one single monthly amount to the debt management service. This payment is then spread out to the creditors. This way, it can stop those nagging and depressing telephone calls.
Think seriously though; the thing is, you need to pay off your debts and avoid bankruptcy. The phone calls are just a nuisance. You have options to help you pay off your debts systematically if you use debt management or debt consolidation services.