There are so many allures while you are working with the debt settlement firm and one of that is a promise that collection calls will take a break from not calling you. All those consumers who have fallen behind on just paying for the current credit card bills are mostly troubled by the onslaught of the calls and even letters, which demand some of the timely payments than they are with anything else over here for sure. Unfortunately, just for settling the debts on own or with the help of debt settlement firm, you might want to keep lines of all the communications open with you for sure. Unless you do that, it will be difficult for you to get along with the best debt settlement help that you have asked for.
In case you end up researching the websites for some of the best and a handful of the debt settlement companies, you are always likely to find one, which can market the ability well in order to reduce or even for eliminating the collection calls for sure. The services are mainly coupled with the promise of just eliminating debt for a fraction of what you actually owe, which might seem to be a dream solution for so many people out there.
The truth behind it
There is real truth behind the communication and collection calls from lenders. When you opt for a debt settlement firm to help you, they are the one interacting with the lenders for the sake of lowering the price. But, they don’t have the right to as lenders actually to stop calling you or bothering you. If the settlement agency has made some choice and came to a conclusion with the lender, then the lender might lower the number of calls they used to make to the borrower, but won’t stop it completely. You might get to the debt settlement feedback to learn more about that now.
With time they might stop, but there is no surety on that. It all depends on the type of lenders, borrows and the amount of money they are talking about now. So, if any debt settlement comes forward to you and claims to prevent the lenders from calling you at all, then they are just lying as it is not possible. It can also help you to distinguish between the real and best companies and the fake scammed ones. Just make sure to keep your eyes open and catch these small points, which can dictate the actual level of that firm for you.
Why they actually call
Once you are entirely late on payments or just have stopped paying altogether, you might start receiving calls right from the creditors. They are actually looking for the immediate payments over here. In some of the cases, the hardship is well involved. They might have to even place you on any special repayment program for getting caught up in this regard.
After several months, the debt is going to be charged off typically and then assigned to the present collection agency. It is always the goal of the collection agency that they might recoup s much amount as what they have owed originally to match with the source as always. The compensation over here is mainly tied to what is ever recovered, so there is going to be a financial incentive for convincing you in paying as quickly as you can and as much as possible. This is primarily that stage where the calls might become a bit more aggressive and frequent at the same time.
When you need to stop the calls
There are so many debt settlement firms which promise to prevent requests from the collection agencies. They mainly end up sending a “cease and desist” letter right to the collection agency as their part of the plan. Then the current Fair Debt Collection Practices Act or the FDCPA will allow the consumers to request all communication as associated with the collection of debt by any of the third party based debt collector to stop the calls.
This is no doubt often stated to be a risky strategy, where the debt collectors might choose even to involve courts in the case. Their main aim over here is to sue and also collect on the said debts. As they can actually no longer call or also write to you for the negotiation options, or get any status on intent for payment, they might even feel that this is the only option left over here.
Have to keep talking to them
There are some steps for you to follow, which can prevent you from spending time and money while taking the matter to court. For that, you have to keep the communication lines open always. Not only that but you have to let the collection agency know more of your intentions in settling the debt. Open communication, in so many instances, can help you in addressing the matter in a smooth manner like never before.
- It is always easier said than actually done, mainly when you have several different debt collectors, willing to contact you multiple times in a day.
- It is still helpful if you actually let most of these calls end up going to the voicemail and then return them right on the schedule.
- Drafting any piece of script for you to use when calling them right back, can always help you to stay right on track. It can further prevent you from just being pulled into some of the games, as mostly played by these agencies.
There are so many debt settlement firms available, which can often encourage you to keep in direct contact with creditors. It will further teach you to say some things and how you can respond to specific questions. They can also help in advising you of the current rights and then refer you to an attorney, in case the debt collector ends up acting outside the boundary of FDCPA.