Thursday, December 6, 2012

How to Use Debt Management to Keep Collectors from Bothering You

One of the things that make debts so stressful is the collectors that bother you day and night. They call you every waking moment to remind you that you owe them money and you should pay them off. They are the constant reminder that you are not as wealthy as you thought you were and that all your expenses have finally caught up to you. As much as you want to tune them out - they will not go away.

Or will they?

There are ways for you to effectively cut them off but before we teach you how, you need to think about one thing first. Your debts are your own doing and you should know that it is your responsibility to pay them off. Despite the external factors affecting your ability to commit to your credit payments, this does not erase that responsibility. The creditors and collectors have every right to call and remind you of what you owe them.

If there is anything that would lead you to stop collectors from bothering you, that is to help you focus on your debt relief plans. Do not stop their calls and ignore that whole situation. Not confronting your debt problems will make things worse.

That being said, let us discuss how debt management can help you deal with all these collector calls.

When you are enrolled in a debt management program, that usually means you have gotten in touch with a credit counseling agency. Once enrolled, you will be assigned a credit counselor who will take over your creditors. They will help you come up with a DMP or debt management plan that involves monthly payments that you can afford. You can use this program to tell collectors to stop calling you as you are evidently trying to do something about all your debts. Some agencies will even take over taking the calls for you and will help negotiate for a lower interest rates on your behalf.

When you enrol in this program, you need to qualify for it by having a steady income to support the payments stated on your DMP. If you cannot afford the minimum of your debts and your finances are in the worst situation possible, you may have to resort to another form of debt relief like debt settlement or bankruptcy.

Your credit counselor can help educate you about your rights as state on the Fair Debt Collection Practices Act or FDCPA. Click here to read more about it.

You should know that you are protected from any abusive methods of collection. You cannot be threatened with jail time, property confiscation, wage garnishment and anything similar to that. Collectors are not allowed to tell you they filed a legal action against you just to get you to pay them. Unless of course they have filed a case in court but then you will be notified officially for that. They cannot use abusive languages nor can they call you during wee hours.

It is your every right to ask them to stop calling you so you can concentrate on managing your debt payments. When you do, they are required by the FDCPA to honor your wishes. The only time they are allowed to contact you again is to tell you that they will stop the communication but a legal action will follow suit.

What you do after that is up to you. National Debt Relief is a debt relief company who have aided thousands of debtors get out of debt. Find out the different debt solutions that you are qualified for.

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