Debt Help - How to Stop Debt Collector

Avoid Bankruptcy and Free Your Debt . Get Refinance Loans , Secured Debt Consolidation or Debt Settlement Advices.

Debt Help - How to Stop Debt Collector

If you send a letter to a debt collector asking them to stop contacting you, they must stop. But it won’t stop them from taking legal action to collect the debt. You can still be sued for collection of the debt. It may make sense to write a “cease and desist” letter (just a fancy name for a letter telling them to leave you alone) if:

You believe the statue of limitations has expired (point that out in your letter)
You truly don’t have the money to pay it (include a succinct description of your hardship situation)
The debt collector is pressuring you to the point of creating unhealthy stress or physical side effects
You really don’t believe you owe the debt and figure a judge would side with you if it ends up in court (describe why you believe you don’t owe the debt)

Negotiating with Debt Collector
Collection accounts can often be negotiated for pennies on the dollar, especially if you can come up with a lump sum payment quickly. Most people are uncomfortable with negotiating but it’s one of the most important skills you can learn and hone. I recommend you start your negotiations about 25 cents on the dollar. The debt collector may insist that there is a minimum amount they can accept, and that may or may not be true. You don’t know. So you have to negotiate just as hard as they do.

It’s much easier for debt collectors to try to get you to pay more than for you to pressure them to take less because:

The more they collect, the more they are likely to be paid, so it affects their bottom line
It’s not as emotional for them as it if for you
They negotiate debts every day, you don’t

Two others thing to keep in mind:

Don’t agree to something you can’t afford. If you can’t afford what they are proposing, tell the debt collector you can’t and state that you’ll call back when you’ve pulled some more money together. If they start threatening you, keep written notes and tell them you’ll call back at another time.
Always try to get them to agree to remove any negative items from your credit report in exchange for payment. If they agree, you must get that in writing first, before you pay. Note that just listing a collection account as |paid” on your credit report is unlikely to raise your score.

There are companies that will do this negotiating for you if you’re too uncomfortable.

Source: The ABC’s of getting out of debt - Sutton, Garrett

Debt Help - How to Stop Debt Collector

Avoid Bankruptcy and Free Your Debt . Get Refinance Loans , Secured Debt Consolidation or Debt Settlement Advices.