Thousands of people are dealing with debt collectors. Some run and hide, some ignore them as much as they can, and some just don’t care.

Here are some tips when it comes to dealing with debt collectors

#1 Don’t Ignore It

It’s common sense not to brush off debt, but people still do it. However, debts should NOT be ignored because things will only get worse. Doing nothing will only make matters worse than they already are. If you are hoping that they will stop contacting you, you’re wrong.
Yes, it is true that they cannot do anything to you or take anything from you, BUT that is until they take it to court and get a “Default Judgement” and this is when you should be worried. So it is best to NOT ignore your debts and pay up. Telling them the truth that you don’t have money to pay may be hard, but at least you can negotiate with them about how you can deal with your situation.

#2 Know Your RIGHTS

Every consumer should know their rights when it comes to debts. In every country there are certain laws about this matter so wherever you are from, you must know your rights as a consumer.
In the United States, there’s the Fair Debt Collection Practices Act, which protects consumers and their rights, which includes the fact that debt collectors cannot contact the consumers by the phone outside the hours of 8:00 AM to 9:00 PM.

Also, if you are being harassed or threatened in any way by the debt collector, you may file a complaint because this is one of the things they are not allowed to do to anyone. These are just a few examples of the consumer’s right, so as a consumer it is your duty to know all of this so that you can be protected and you can defend yourself when needed.

#3 Can You Afford To Pay?

This is one of the biggest problems of the consumers, but it is actually pretty simple, you must not spend what you can’t pay. If you can’t help it then you should be aware that there is a debt to be paid and before the debt collector contacts you, you must be ready to pay.

You must know your limit expenses, you also should be aware of where you are spending your money and look at your bank and credit statements. For each debt you should know your balance and interest rate and then try to make a record just to be sure you’re paying the right amount.

#4 Debt Collector Agreement

Instead of running and hiding from the debt collector, try negotiating because the more you borrow from them, the more persistent they get in making you pay RIGHT AWAY. Once they are sure you are not going to run and hide, you can negotiate with them and probably arrange for a more realistic payment plan that allows you to pay your debt over time.

If they accept and you make a deal with them, then good for you BUT make sure you have an agreement form as a writing stating that you had an agreement. And once it is settled you can pay, just follow the agreement and you will have no more problems with your debt. However, if they cannot agree with your terms and you cannot agree on theirs, they might take it to court.

#5 Here are a couple of things to remember when talking to the debt collector:

•  Stay Calm; getting emotional and angry wouldn’t help the situation. Neither does begging.
• DON’T reveal any personal information to your debt collector, even if they say it is needed. They surely have enough information about you and if they just want to confirm it, then ask them to read the information to you and you can confirm its accuracy.
•  Record your conversations with the debt collector since this might help in your situation, especially if your situation reaches a court hearing.